our major gold punt
re-opening the historic Charters Towers goldfield with an announced resource of 10 million oz of gold contained within 23 million tonnes of ore with the relatively high grade of 14gm/tonne. Although production from the re-opened lodes is still at an early stage, the appealing reasons for holding this stock as our major gold punt are:
* A $35 million commitment of cash from Dubai Ventures Group, which will have an 18% equity in the company, through funding expansion to a targeted 310,000oz a year by the end of 2012, and
* A low cash cost of production targeted at $350/oz, leaving a wide surplus margin with a current $A gold price of close to $1200/oz.
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