The better question is why not include a gold price of US $1,700oz? Any way you slice it, this company may be a cash cow! I remember Morgan Hart stating in a conference presentation that the company may acquire an Australian operation from which they can pay a dividend. He also noted that the company will drill below current levels to further explore the tenement. If you look at the long schematic, there is plenty of potential to drill to the south of the current limits and including this into reserves down the track.
The company has great potential to surprise over the next 15 months.
The company will likely be turning on the mill in May. Hartley's proffered an 11,000oz production level for this FY! Given the usual ramp up in run rate, that suggests about 2 months of milling. One can hardly expect an annualized 9,000oz per month production rate from the commencement.
GLTAH
EMR Price at posting:
81.0¢ Sentiment: Buy Disclosure: Held
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