Sort of ...both actually.It's undervalued IMO based on what's in...

Sort of ...both actually.

It's undervalued IMO based on what's in the ground relative to peers. Mining studies are due out in a couple of weeks, so let's wait for those results. I anticipate costs in the region of $800AUD an ounce, using RMS Mt Magnet costs, which is a somewhat similar project in location, scale etc... Although they are only targeting I think a 5-7 year mine life presently. If the numbers at CMGP are similar/slightly less it will be interesting to see how the market reacts.

As for the timing of Eley's disposal - perhaps it's an indication that nothing is in the pipeline? Although you never know the specific financial arrangements around these types of transactions. Like option, top-up clauses etc..etc...

JT