valuation

This company is valued at only A$13.00 /oz which is very cheap compared to North American companies that can be valued up to US$50.00.Great option on gold and can only go alot higher as gold heads north.
Just do the maths
Below the company est. of resourse at 6mill oz is conservative

Our estimated 6Mozs has been identified by using only those resource
mined historically which could be mined using modern mining equipment.
From the historically mined part of Ballarat evaluated, 1.3Mozs was
mined in total with just under 1Mill of these ounces used as the basis
for our estimates.

BGF subsequently looked at the geology throughout the Ballarat Field,
under the high grade surface gold workings to identify areas that appear
to have the same structural environment to the areas that were mined
historically.

Using a potential of 1Mozs mineable for each possible line BGF's
original portfolio of exploration targets was in excess of 40Mozs.
However, given that in many cases there is limited information for some
of the possible lines of mineralisation, BGF undertook to factor down
this number until it could be proven that the right structural elements
for gold mineralisation did in fact exist in each area it has
identified. The factored down number of 6Mozs is in BGF's view a
conservative estimate of what remains in a mineable form within BGF's
mining licences over Ballarat.

As exploration proceeds over the Ballarat area, each piece of
information which confirms that the right structural elements exist for
economic gold mineralisation will help to increase our original estimate
of 6Mozs.

Any further factoring down of this estimate in BGF's view is
unnecessary, and not directly comparable to other estimates which have
not been properly factored down in the first place.

I hope this helps to explain how we derived the 6Moz figure and what it
in fact represents.

Steven Olsen
Geology Manager
Ballarat Goldfields NL