Ann: 2014 AGM Update from Managing Director & CEO, page-2

AGM report and address looks pretty good, IMO
- cash on hand $11.9M (=market cap at 1.0c)
- Henty getting better production at lower cost (admittedly heading to "care and maintenance" without any additional reserves in H2CY15) and cash should build
- significant staff reductions (paid out) and cost reductions
- Dargues looking at on-site ore treatment (it could be financeable if treatment sorted)
- Bendigo available for sale (but no offers at fair price)
- plus prospects near Henty
- GoldStone could yield some $ in due course (who knows? I am not holding expectations!)

And it looks like board and mgt is being honest with us.

So let me do a look-forward to (say) mid 2015 (putting aside all that is not key):
- Dargues ready to start (needs $70M capital to produce 50koz gold pa at <$700/oz; at current gold price of AUD$1340/oz this produces $32M free cash flow pa) (5 year current reserves to be sure, but lots of nearby very good grades and lots of potential to signify extend mine life)
- Cash in bank (>$10-15M ???)
- Henty processing available if nearby reserves can be identified.

So, ask yourself if this company is worth more than $11M now.
IMO Yes!
DYOR