Charters Towers leases are in a historically rich gold area, Citigold have a mine in the area that mines ore of a very high grade, from memory around 35-40 g per tonne. Cash costs are also reasonably low at somewhere around AUS$450 an ounce.
On TMR's leases are historical workings so there is clear evidence of gold there, increasing their value. They haven't put much effort into exploration there though which is interesting given the history there, this begs the question of why?
Putting a value on them wouldn't be that easy, they certainly do have some value though and i'm sure someone would be interested in buying them or taking a farm out agreement over them.
L
TMR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
