virgil - it's totally underwhelming and the market has spoken
am i alone here or has anyone else noticed that there is an elephant in the room?
this is from the Mineral Resources And Ore Reserves Explanatory Notes http://imagesignal.comsec.com.au/asxdata/20091130/pdf/01017071.pdf
Summary The Prominent Hill June 2009 Mineral Resource has been estimated to be 189.7Mt of copper-gold mineralisation grading 1.32% Cu, 0.5g/t Au and 3.1g/t Ag and 78.8Mt of gold-only mineralisation grading 1.4g/t Au and 0.9g/t Ag. Since June 2008 the Global Copper Mineral Resource increased slightly, more than offsetting mining depletion. The Global Gold Mineral Resource has decreased by 14.7% (1.1 Moz) of contained gold due to an increase in the cut-off grade applied. If the 2008 cut-off grades were applied to the 2009 Mineral Resource, contained copper would have increased by 3.5% and contained gold would have decreased by 2.8%.
Gold has seriously shrunk - now don't get me wrong i love PH and i'm certain there's lots more gold in them thar prominent hills but this is quite alarming. do the arithmetic 1.1Moz x $AUD1,295 .....well that's quite a bit.
OZL Price at posting:
$11.95 Sentiment: None Disclosure: Not Held
