per of 1?, page-4

1.0x PER is a bit of an oversimplification.

I understand the tolling arrangement is worth about $500/oz at A$1700 gold price and it is expected to produce net $7.5m over the next 12 months until own mill operating.

They have a ball mill but much of the plant has not yet been paid for. Unclear where this money (how much?) will come from - company says "debt" but that will have to be paid back.

Also unclear when the milling will be operating. In two stages apparently. But no definite time-line. "June quarter" 2012 for first stage company says, but it's not clear.

A lot also depends on confirming significant JORC upgrades taht management expects "by Dec 11".

Company is drilling its Snowbird nickel prospect in over the northern winter. Not clear what the budget is. This could provide a major boost if drilling successful, but will be a negative if it proves disappointing like their other prospect Mid-Continent. Plenty of US Nickel investors still on register for the nickel.