Ann: GROUND POSITION SIGNIFICANTLY INCREASED BY OVER 3000%, page-9

DCN is a better comparison. The difference being that most of their discoveries were made in a severe bear market so ignored for a while. Like DCN this project likely to be a combination of open pit and underground mines.

These guys have the advantage of discovery in a young bull market so the market reaction is fast and robust.

There is a question as to what will be the next significant discovery in WA, with DCN, GCY & GOR the next into production. But after that there seems to be a gap in the development pipeline.

Smaller players all fighting it out to be the next, but most are around the 50 - 100k oz area.

KIN, CMM, EAR, EGA, CAI, BRB to name a few. And I'm ignoring the Pilbara conglomerate plays.

The beauty of high-grade narrow vein deposits is that they tend to persist with depth and the cost of a processing plant is low as you only need something small.

Bellevue was able to produce just over 100k oz from a 250kt plant at its peak. A 250kt plant is probably too small for this project now, but you could have one up and running for around $30mill capex.

Not inconceivable to think this could be a 200k oz + p.a project with low AISC around $1000. Too early to tell of course, the the evidence from limited drilling is good. With a serious drill campaign they are likely to find a lot more gold.

If that did happen, a MC around $500mill (like DCN) would be plausible. More if POG ticks higher.