susceptible to takeover, page-15

Have not made a comment for a while due to work obligations but I cannot resist this one.

You cannot value these gold companies off their resources when they have not been fully drilled.

For those with experience, think back to Sons of Gwalia. That mine produced for 15 years + and never had a mine life drilled beyond 3 years. They just drilled it as they went along.

You need to cash flow out the proven, a weighting for the implied and a guess as to the undiscovered based on their drill experience.

You can only value and compare oz in the ground if you are comparing fully drilled leases.

And there are none that I can think of.

While I am at it.

PE ratios are not used for mining unless you are looking at very long lived assets. If you don't know why that is the case, put you cash in the bank or the poker machine at you local club. You have an equal chance of success with that type of analysis.