Ann: Apollo Hill Preliminary Economic Assessment, page-3

This wasn't what I was expecting at all. I don't think I have ever see an economic study from a gold junior with an AISC of A$1,852! You just never see that. Hence the AISC which is usually a key piece of information is missing from the financial highlights section at the start of the announcement along with the head grade which is not exactly a selling point either!

If my assessment is right this is an honest warts and all appraisal of Apollo Hill. I get a strong sense if the company were to go out tomorrow and get the funding required, they could execute this plan without too many nasty surprises. It appears to be a conservative assessment. You rarely see this from companies these days.

I am not expecting fireworks from the market as there is very little wow factor in this announcement (would be happy to be proven wrong). I am more interested in what a Norton Goldfields (subsidiary of Zijin Mining) thinks. Are they prepared to take another heap leach project on with similar if not better characteristics to the one they are presently mining (Binduli)? They are one of the few companies out there with the necessary experience and confidence to make a bid. I guess only time will tell.

What I like about this story is they are attempting something different (heap leaching). Ok it might end up a total flop but at least they are having a go.