Found my answer to the Dargues question I had, from the...

Found my answer to the Dargues question I had, from the presentation just put out- or even a better answer- when it starts producing:

http://www.asx.com.au/asxpdf/20130716/pdf/42h2kjx8mv8c30.pdf

"Production to commence 13 months are construction" (p. 11)
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The above doesn't seem so bad- if they have to slow down due to rain, they can always speed up again when it's sunny. Construction started mid-February, 2013, so mid-March 2014 is the target.

That page also says:

"Pre-production capital and other costs of ~$80 million"
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Good to know how much a mine costs to build. $37m Deutsche Bank loan, plus UML has some cash, and possibly still some gold to sell, although they may have sold. It should be fine re finances, although it is unhedged. I note from the last financial report that the NTA of UML was 16c. One would think with the new cortona asset, NTA qould rise, although there is now some debt, so that could even things out.

I can't help but see some similarities between UML and TRY- not in a scale way, but in a situational way: both have made takeovers, both have not received a share price boost from the takeover; and both will be building a new mine. One can only hope that UML can earn the reputation that TRY has earned as an time accelerated builder of mines, and as a fast repayer of debt. UML has never had debt, so it is untested there, but it would be great if it could repay early. Then perhaps dividends reinstated, once everything has settled, and capex has eased. Hopefully, UML can stay independent, and not have corporate interest, over the short-term, at least, because I think it will be one of our successful gold companies next year. Be a shame to see it go for a low-ball offer now.