seriously underestimated and undervalued , page-4

In relation to expansion - its important for companies to avoid 'expansion for expansions sake'. Any takeover activity initiated by RMS needs to be carefully considered and based on achieving genuine and realisable value from the target assets. That being said I'd have no complaints if they dumped their DIO holding into the AVO takeover and turned around to have a tilt at Integra instead as I consider Integra to have a high quality resource with enormous profit potential as well as very good prospects for significant resource growth.

Organic growth for Ramelius shouldn't be written off either though.

Firstly as has been pointed out by others, the relatively small (circa 60-70k) JORC that was used as the starting point for underground mining has had top cuts applied to it, and as stated by RMS without top cuts the resource would be much higher - e.g. in the Jan 2008 quarterly report as follows:
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The total uncut estimated gold in Zones 3 and 18 is collectively 271,000 oz, which demonstrates the difficulty in estimating the ultimate production for the wattle dam project).
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Given there has already been a 3 times grade overcall in the development ore parcel, it seems reasonable to expect that the cut resource estimate will be exceeded significantly, possibly coming in closer to the uncut estimate.

The Jan 2008 quarterly also discusses the prospects for identifying additional high grade ore in and around the current upper JORC resource blocks:

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"The study also identifies areas adjacent to the existing resource outlines that hold potential for further high grade ore to be mined.".
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We also know that Ramelius has, through exploration drilling, already identified a pod of what appears to be further high grade material further down below the current JORC resource and they have also had minor gold shows and promising geological indicators even deeper still. We've seen how deep a good system can get in the WA gold fields so the depth of the Wattle Dam high grade ore is still unknown and open.

So the scope for wattle dam alone to expand significantly should not be ignored.

In addition to this Ramelius is also drilling and exploring on other prospective areas near to the wattle dam project that could also yield further discoveries and additional mining projects.

Thus regardless of goldfields consolidation, the prospects for Ramelius to expand organically should also be considered.