Thanks Fisho.Yeah, realise that EV/ Oz not the only basis (and...

Thanks Fisho.

Yeah, realise that EV/ Oz not the only basis (and should not be seen as the only basis) for comparison but seems to work better as a quick measure than most other measures I've come across. But as you say, one of a suite of evaluation tools.

I think we both agree that, relative to the majority of its peers, it is undervalued.

As an aside, I'd be interested in your thoughts as to:

1. How the West African gold stocks as a batch might track if China and/ or the European financial system goes pear-shaped for a while. This I believe to be an uncertainty relevant to all materials stocks at the minute.

2. WHY YOU believe it's undervalued (as distinct from what has been set down in the reports). I've got my own reasons but interested on hearing yours.

3. And where do YOU believe the greatest upside lies: AZM or AMX (and why again). Again, I've got my own views (the rationale of which have been posted already).

4. Why you believe the market has been slow in a relative sense to tweak to the value locked up in AZM.

Not having a crack (and I genuinely mean that) by any means but all the reports come to nothing unless the person reading them can synthesise and build them into a story that that person is comfortable with. The reasoning is ultimately what's important.

Hope you are well.

Cheers.

BUSH

PS. Will go back and check Patersons coverage of ADU. Thanks.