Those indicative numbers are actually quite...

Those indicative numbers are actually quite conservative.

Estimates have started to suggest that Tropicana has more than 3 million ounces of gold.

So lets take a conservative gold price of US$500 an ounce. Assume conservatively an AUD at US85c

= A$588 per ounce.

588 x 3 million

= in ground value of 1.7 billion.

Now yes there are costs so 'in ground value' is not a figure that ever gets used but it indicates that $200m is not enough to buy Tropicana.

You're welcome to tear apart my analysis.

But heck Ango have estimated project costs at "somewhere between $100m and $1b - probably closer to $100m". It would have to be worth well in excess of project costs.

I can't believe the market hasn't twigged to how big Tropicana could be....they have 50 PERSON camp working out there just for drilling. If you read between the lines of company announcements and the actions of IGO and Anglo it suggests Tropicana is HUGE.