HT,I didn't really expect you to've done a Dec Q analysis yet,...

HT,

I didn't really expect you to've done a Dec Q analysis yet, and I haven't either, but perhaps a stab at it wouldn't be too hard and might close the PNA/OZL apparent value gap a bit. For PNA 16kt of Cu and at least 15 kt of gold credits might not be a bad start, we also know what was hedged at 30 Sept etc.

Comparisons such as you've done are good fodder for thought, but as in this case they do not always reveal good horsetrading ideas - sorry.

My recollection is the BH gold targeted for end of 2011 CY.

Underground at PH could be a whole lot more interesting, but another 2 years, and by then we "might" have Puthep copper.

EL