http://imagesignal.comsec.com.au/asxdata/20091007/pdf/00996094.pdf
http://imagesignal.comsec.com.au/asxdata/20090217/pdf/00927859.pdf
If u put these two together (and am VERY SURPRISED the boyz did NOT give the whole pix in one hit), it kinda indicates we are working toward a possible 300,000 ozs pa gold + palladium production model from 6 mill ozs golden core zone ... within which a coupla mill ozs higher grade at 4+ g/t Au+Pa combo is expected to reside (?)
If u look at the earlier scoping study figures and throw in spot POG, probably talking about a project NPV of 5 - 10 bucks a share fair value.
Of course need to complete DFS by end 2011 etc and hope/expect to see coincident higher POG etc ... BUT the jigsaw puzzle pieces are being drip fed us without any song and dance and we are thanked for our "interest" haha.
I have never expected any production intent by PGM at the toy factory cos its just too big, but can certainly see how the DFS, if coincident with gold BULL mood, can deliver 5+ bucks a share cap return to shareholders in a sell-out to a gold major, share dilution aside.
Hence remain comfortable with my core holding whilst meanwhile trying to also trade the pivotal levels ... emphasis on "trying" given the current underperformance cf peer group.
IMO PGM remains the DEFINITIVE hedge against paper burn in progress and likely to accelerate as we move on.
More than just a GOLD play tho, one needs to remember the 40 mill ozs PALLADIUM inventory it controls and hence look forward to the evolving BULL in PALLADIUM over the mid term ... u gotta think thats why a global major Palladium player, Kaplan's Panthera Palladium, wanted a 20% stake at 55 cps last year !!!
I am patiently waiting for the day when sp goes 45+ so can seriously start "trading" it again.
BORING stock ... for now tho ... I sound like a broken record haha
IMBOOC
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