Ann: Carosue Dam and Thunderbox only - Reserves rise to 3.7Moz, page-120

I'm surprised that the 1970's is being used as a case study for gold shares falling.

This is a very short term view that is based on a particular period in the 70's.

However when inflation really got moving the gold price went through the roof and gold shares
did likewise. Shares of SAR's quality rose into the $30's, $40's and $50's

I'm not necessarily predicting rises of that quantum but if inflation picks up the gold price will rise in response
as fiat money is debased no doubt,

At current prices SAR is already making $AUD 1300 per ounce profit on its unhedged production based
on an upper AISC of $ AUD1400.

A rise in USD gold to say $3000 will double that profit for SAR and a PE of 20 would take it to at least $30.

So some might think this is fantasy but look at the late 70's - it actually happened.

Good luck to all