Ann: 2009 Ore Reserves and Mineral Resources Stat, page-13

re: Ann: 2009 Ore Reserves and Mineral Resour... CMB

I think you are right - in fact the open pit should be gone or close to it.

I got the 700 - perhaps it should be 757 from the June quarterly. The $850 was for the June half - which included the loss making pit and maintenance.

In fact you have me thinking now. If I assume the June quarter costs for production and look at it as two separate operations I get the following.

Leonora had an average of $542 per Oz cost

Reserves 7,053,000 ozs
Profit per Oz $308.00
Total Value $2,172,324,000
Shares on Issue 1,500,000,000
Per Share Value 1.44

Southern cross $937 cost per Oz....Which includes the lossy open pit

Reserves 2,401,000 ozs
Profit per Oz -$87.00
Total Value -$208,887,000
Shares on Issue 1,500,000,000
Per Share Value -0.13

Which tells me its worth $1.30 per share

Looks too good to be true, but can't see the glitch.

Anyone?