good management, page-13

The Vicarage research showed a profit after tax of ~$25.5m for 2011 and ~$32m for 2012 when the Hellyer tailings are in full production.

However using the current metal prices there would be an additional ~$15m in metal value in the Fossey ore alone.Plus any extra production value if they lower the cut-off grade and cost benefits of having the mill operate on a continuous basis when the tailings commence.


Also it is encouraging to see that the Vicarage valuation of NPV $104m does not include many exploration targets such as Fossey east,Switchback,Mt Charter,Lake Margaret or the full value of the mill and more so when the mill is fully utilised.Not to mention the management team.

One other point is that if Bass's conservative resource estimates shown from Que river prevail (as I expect they will)we can expect some upside from the tonnage and grades.

Bass Metal is only warming up atm,we should see multiples of the current sp in the short/medium term....imo