One last comparison which I think is a perfect blue print for...

One last comparison which I think is a perfect blue print for Saturn's Apollo Hill mining project. About a year ago Orla Mining acquired Gold Standard Resources for about US$187m. Their principle asset was the South Railroad heap leach project in Nevada which was at a DFS level. The size and specifications of both these projects are so similar, right down to the Capital Expenditure in US dollar terms. Apollo Hill has an SARG of 0.16 g/t v 0.10 g/t for South Railroad. On paper at least it looks to be a better project, with more drilling required to prove up the Inferred resource.

If Saturn can progress this project to a DFS and Ian can start convincing the investment community here in Australia that a heap leach mine is workable, then I can't see why a valuation similar to Gold Standard Resources wouldn't be possible in 12-18 months.