first gold pour., page-42

re: placements They own 80% Lichvaz targeting initially 80000 oz per annum. This year 7 mths production, reasonable to assume 40,000 production (as may be teething problems). Conservative cost per oz 300 US (estimate 200-300 per oz). Gold at 600 US have 32000 oz x 400 Aus (300 US). So 12.8 mill Aus less overheads + costs of exploration etc. Real kicker comes in with ramp up to 150,000 oz per annum over next 12-24 mths. Should have 120,000 oz per annum, at 400 Aus= 48 million Aus revenue (conservative).