Takeover bid, page-7

I'm sorry, but you're completely full of sh1t.

In recent years gold resources (i.e. JORC compliant resources, not reserves) have been selling for $10 to $20 per ounce. The SAR deal values Bundarra at $19.95 per resource ounce, which is at the upper end of that range and on that basis it's an excellent deal. That's point 1.

Point 2: In evaluating resource value you have to consider where it is, like how deep and what sort of grades are there. In the case of Bundarra a lot of it is beneath old pits, which means cutbacks (or underground mining) and high strip ratios. One of those pits is right next to the highway, like metres away (have a look on Google Earth) so for that one to get bigger it would have to support the cost of moving the highway. That's one drawback. The other two pits are away from the road but still require cutbacks, which are expensive and mean payback time is delayed while you dig down to the remnant ore at the bottom.

Point 3: At face value to resource grade is moderate so underground mining might be tough unless there are higher-grade zones within that.

So considering all of the above, SAR are unlikely to mine any ounces there without doing a considerable amount of drilling and study work beforehand. It's not just Paddy Hannan with a wheelbarrow and a shovel. Bligh have done a great job getting the SAR deal but I don't think they expect to get a better one. Yes, Peter Cook has a great track record of success and you could do a lot worse than to follow his investments, but I doubt he'd disagree with any of the points above.
Your $20m+ number is complete fantasy. Get over it.

DYOR but feel free to question my assumptions.