Have a look at MOY and its resources, all sitting close to surface so if one does their in depth research, having a small reserve base is not daunting (it might affect their ability to get a good rate on borrowing). Don't get too caught up in reserves (I'm not saying its the way to go as I'm an advocate in doing things by the book) as MOY can spend the cash and drill loads to prove up reserves but they have decided to save the cash and mine to get cash flows and it seems to be working. Look at the latest announcement, nice production figures and margins of AUD$400/oz. Not bad for a ~$90M MC company. Fundamentally this is a good bet for a ride.
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