Ann: Ballarat Exploration Update - Spectacular Go, page-49

re: Ann: Ballarat Exploration Update - Specta... Unclerik

Even though SBL is a virtual producer it is unlikely to highly profitable while processing ore of about 2 g/t typical of most of the above ground mines, which are usually unprofitable or only marginally profitable. Much better to be invested in underground mining with grades about 10 g/t and profit margins approaching or exceeding 100%

I think CGT cash costs per ounce will be about A$660 compared with a gold at about A$1400 and think you will find that SBL's cash costs will be about typical at much more than A$1000 to A$1500 per ounce.

Best not to compare these two companies actually as they are into quite different production economics.

My bias says buying into CGT you have probably made the best investment you will ever make. For me it's buy and hold waiting patiently for the picture to unfold. Patience required, most investors don't have that.