*** $25 billion resources ***, page-95

***315,000 ozs annual gold/e @ us$142/ounce!!*** We can also look at TYC's "Starter" project this way.

The BFS is currently in progress and due for completion by about mid year.

TYC have indicated in their 4th. February release to the ASX they are looking at producing around 42,000 tonnes of copper per year for 15 years.

At US$3,200 per tonne copper and using a gold price of US$425 that is equivalent to gold production of about 315,000 ounces per year.

In an open briefing released on 21st. September TYC's Managing Director David Moore indicated likely cash operating costs of $US 48 cents/lb, rising to $US 50 cents/lb by the end of the project.

Putting this in gold equivalent terms, that is equivalent to a cash operating cost of about $US 142/ounce!

So what we get in gold equivalent terms is:

Annual production 315,000 ounces
Cost: $142/ounce

That shows you how robust their initial "Starter" project is.

Now can you imagine a gold company with a BFS in place for an operation like the above - just a small part of their resources - to be trading with a market cap around AUD$50 million - AUD$60 million?

That puts into perspective what a bargain TYC appears to be.