Some back of the envelope calculations for those that like them...

Some back of the envelope calculations for those that like them and while we wait on some definitive numbers on the Norton mine.

High grade gold concentrate from x-ray sorter is approx 3 ounces per tonne. Gold price at A$1600/ounce.

So, about $4,800 of gold value in every tonne of gold concentrate.

Now, if IK persists with the plan to ship out the concentrate via shipping container, then to calculate the gold value in each shipping container;

Each container measures approx: 2m x 2m x 6m for a total of 24cubic metres.

Assume a density of 3 tonnes per cubic metre.

Each shipping container will carry about 70 tonnes of concentrate. At $4,800 a tonne, the gold value in each shippping container would be over $300,000!

If IK can get Norton back into production for around the $1 million dollars that he claimed. Then 3 or 4 shipping containers would be an equivalent of capex. Gives an idea of the profit that could be made out of a small operation while gold prices are high.