Ann: Appendix 3B Conversion of Listed Options , page-13

Im not ruling out 6 months, just that it is going to be tough. On doing the maths it is possible

I would certainly like more information on the processing plant options/timelines.

The profit estimate of 1.5 should be revised up in accordance with the POG increase but time is running out to get 2000 oz by november.


Assuming 90% recovery they will need to process ore containing approx 2200 oz gold. Assuming grades of 12gpt (another important factor) this represents around 5600 tonnes of ore processed. Going on 3 hours/ton 1860 hours from when the plant is up and operating.

plant runs 24/ 77 days
plant uns 18/7 100 days
plant runs 12/7 155 days


While I imagine setup of a plant this size will not be a significant time factor September delivery is cutting it fine to reach their november goals.

The biggest unknowns are still a consistent average grade of gold, the actual rating of the trial plant and how soon they upgrade to a larger plant. Running a 3t/hour 24/7 may be just sufficient to cover TNR estimated expenditure if they maintain 12 gpt ore.

Big ask but the ball is in there court.

I still would like to see a signifcant raising now to give them some free air so they can concentrate their effort on mining not scraping together pennies to keep the operation going.

In regards to the finance of the project
Cluff?s contribution is 75% of the first US$3.4 million (being US$2.55 million) to be invested in the ground.

From then on its 50/50