only 2 outcomes, page-23

The bigger the deposit the more it is worth up to a point. You have economy of scale and mine life but with a big resource it can be decades before you utilise it all. I would say at a guess that it would be reasonable to assume 100 to 150mlb now with more potential discovery. If the management of AGS have an idea of the resource and the value of its share then making the size of the resource public wont be a worry for Heathgate. There may be potential competing buyers around, Itchou for example. They will get information on the resource from AGS and other sources and know as much as any one (except may be Heathgate) But Heathgate will always have a competitive advantage in bidding for AGSs share, they know the property intimately, own the processing plant and infrastructure next door and control the management of the joint venture. The bad business reputation they have may work to their advantage, would another company think owning a 25% share in a JV with the Blues as valuable as figures suggest?