$1 an ounce, page-5

Good point Pete and fair question - I like someone to play devil's advocate and keep all in check. However, I'd argue that is the sole reason why pxg is trading where it is. If there weren't fears over china, the stock would not be trading at 10-12c - more likely high teens to 20c if not more. Plus there has been a large seller desperate to get out but everyone has their reasons. If gold hovers around 1100-1200, there should still be no problems getting funding. Compared to some African miners, capex is very low ($100m) and c3 costs less than $1000. Makes a compelling business case. Plus it is in AUS and infrastructure already in place.

If sht hits the fan, this is in a very good position to ride it out. If they manage to get 4m oz by years end, and we're still trading at the same price (assuming all else stays equal), I think we're a chance to be taken out (which I never say). Apparently there are some big chinese mills nearby that don't have enough ore to process - we can only hope.

PS I like your posts juk, makes a lot of sense.