Ann: Company Update , page-4

By the way HR65, came across this when reading through some of your older posts. I hadn't realised you had put together a rough valuation of the company - very interesting! Certainly looks like Middle Arm will be the major money spinner!!!

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HotRods65 wrote on 6/7/12:

i recon someone is just going to come along soon, t/o and get a free mill throw in.

this is what we know atm, potential upside from more ore sources.
rough figures, no pipedreaming imo. cost might be a bit higher for golconda tailings dams maybe $800-900 max but still close and should be able to be pumped to mill. all waste and tailings/ore process from now on to be pumped underground. gold price of 1600aud used below.

10.4 cash
3.0 over par royalites inc interest
1.0 from 1200oz in july
3.0 total underground asset sales
4.1 5200oz recovered from lefroy/costs $800/oz 80% recovery
4.8 reprocess goloconda tailings dams, 200kt at 1g/t, 80% recovery, $700/oz costs.
43.4 middle arm at 850kt at 2g/t min(low ball) imo, cost $700/oz, 85% recovery.
-3.5 rehabiliotatio/closure
-5.0 middle arm startup, dam+dredge+drilling etc.
10 mill sold cheap
4 copper project/deposit sold cheap
=72.2mill, 7cents/share.

cash cow :), happy to hold.