new name for croesus, page-5

At this point it is anyone’s guess.
If they confirm or improve upon the current reserve/resource ---
If they can/have re-established profitable production ---
If Macquarie sign off on relaxation of hedge commitment ---

We are talking 2 mil oz resource -- 500K oz reserve.
The mine is still operating –albeit very poorly.
If they can/have addressed production problems –
If they confirm/improve reserve
The hedge position could well be easily addressed.

Allowing for MBL option conversion – 396 mil shares on issue
@ 27.5c give a market Cap of $108 million – that is very cheap.

The 27.5c price a suspension may well have factored in all negatives.
There are a lot of “ifs” in there I know – but that the way it is.
It has a 70 year + history --- most of it quite profitable.