Cannacord price target of 50 cents, page-3

more from our Cannacord friend’s comprehensive report

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Further conversion of Resources into Reserves limited only by drilling density. Riverina’s maiden UG Reserve represents just 51% of the current M+I UG Resource and 24% of the total UG Resource with further conversion of Resources into Reserves only limited by drill density. Results, released early April from underground diamond drilling at Riverina, continue to demonstrate the consistent and high-grade nature of the ore lodes. Significant results are shown in Figure 22 and include: 4.0m at 83.8g/t 2.9m at 103.5g/t 2.8m at 58.5g/t 8.9m at 10.0g/t 4.4m at 18.9g/t 12.0m at 4.1g/t  1.8m at 26.0g/t  1.1m at 34.0g/t  4.7m at 7.9g/t  5.0m at 7.3g/t

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“please take special note of their comment below” … as I’ve been saying this like a broken record over last 12 months …

We note that the average gold grades of these reasonably wide intercepts (minimum stoping widths 2.2m) are 23g/t, more than five times the current Reserve grade.