good ann out, gold costs of $us142, page-10

re: oh baby you are so hot! Re: valuation - not to hard to come up with at least 70 cents per share (even allowing for some PNG discount), which compares well against other golds - many of which are trading at premiums that can only be justified if gold keeps going up.

Re: reserves - read the past reports - their is strong belief there is a lot more gold there. Have a think about the grade of gold we are talking here. This is no ordinary gold deposit...and there are other lodes nearby that have already been discovered.

Certainly management's intention was to get enough reserves proven to get the mine happening, pump out some cash, and then do some serious exploring.

Then toss in a world class copper resource that Noranda is exploring, and a world class nickel resource being shopped around for a JV partner.

I simply can't see anything in gold stocks close to this value per share... (please let me know if you are aware of others trading at a serious discount). Even after allowing for png discount, and questions over management's ability discount....

I guess the biggest question I've got is at what stage are the insto's satisfied, and start to move in to the share register in a big way. Still seems a bit early to me. Views of others appreciated.

I hold, and yes "Oh baby you are so hot!"

Rosco