just because they have some gold, it does not make a development...

just because they have some gold, it does not make a development case compelling

i ran my ruler over it that day and at current gold prices the upside side is not compelling

in other words, based on my calculations, using 70:30 debt:equity financing, the current share price is fair enough

it may be profitable but the up side is currently limited

91,500ozpa x 1,100 - 731 - depreciation - interest x tax divided by 30% equity + shares on issue = do the math