Ann: AGM Presentation, page-32

It was interesting to see how PNR did the development at Nicholson near Halls Creek - bought into BNR's holding by refurbishing existing plant. They didn't do a JORC but got the CommBank to fund it by promising to pay back in gold - saved a lot of time and got into production very quickly.

But they had an earlier JORC which gave a level of comfort.

Has turned into a ripper. Wherever they are digging they are finding gold.

You can waste millions doing JORC.

Prof Ian Plimer should be able to organise it cheaply though.