1.9 cent cap raising!, page-16

That'd be very nice. To be honest, I doubt very much that the MOYOBs will be in the money before it expires. I do have some of them for a leveraged pay, and perhaps a bit of wishful thinking.

Don't get me wrong, I think this placement will hurt the price short term, but in the medium to longer term it is definitely excellent news. I have redone my calcs and realised that I had made an error in one of my calcs. Despite this capital raising, I am valuing it at around 6cps on an DCF basis.

Remember, the grades that the company is getting is fairly low. It has only been made economical since the ascendancy of the gold price into the 1000+ range. If I were them, I would want to mine this as quickly as possible before there is any retracement of the gold price.

I'd expect gold price to remain at these level for at least another 2 years given what's happening in the US. It will also take a while for EU to sort its mess out. Even though a deal has been done with Greece, we are not out of the woods.

I'm certainly looking for a slow appreciation to June this year when they prepare to mine.