$20m uplift since 30th june 11

My estimates is that TBR/RND will have between 57000 to 60000 ounces as at 30/6/11. So as at that date with the gold price around A$1400 gave a realisable value of around $80m, but at today's price of A$1700 plus this goes to $100m plus---a A$20m uplift in 2 months.

Also campaign 19 should be finished by late August and expect somewhere between 20 to 25.000 ounces to be produced, but from looking at previous quarterlies may only sell around 10 to 12,000 ounces realising around $18m, leaving 12 to 13,000 back to inventories. So up to 70,000 ounces plus, some $120m at a spot price of A$1700.

Today;s market cap of TBR $120m RND $30m

Plus add value of EKJV-with total production of around 140,000 =(TBR/RND share around 70,000 ounces) Grade 13g/t Total Resource around 1.2m ounces-(TBR/RND around 600,000 ounces)
Plus add cross shareholdings
Plus add exploration upside
Plus add Ghana lease

Just cheap and a cash cow.

Cheers