Hi Captain,IDC Mt Kare is 15 KM from Porgera (Barrick) 28Moz...

Hi Captain,

IDC Mt Kare is 15 KM from Porgera (Barrick) 28Moz Deposit Gold Mine (One of the 10 Largest Gold Mines Globally).
Porgera 17Moz Produced (21 Years) at ~500,000 oz/yr
Established Infrastructure in Porgera Area.

And 7km of Road Required to Connect to Site (IDC)
not hundreds of km.

And this PFS is base case 1 million oz over 8 years
with 700k HighGrade resource... not bad as a start.
Still more to come w/ 58 additional diamond drill +
pending results on 45 drill holes.
Improved JORC resource update will be released
when all assay received, this will from basis for BFS.

Local community and Government support looks positive.

Agree with the long payback - updated Jorc and BFS
should be able to optimize the project economics.

Key opportunities exist to improve project economics and extend mine life through
a range of resource expansion, mine scheduling, grade optimisation, processing
flow-sheet optimisation and other initiatives to be undertaken in a Bankable
Feasibility Study (BFS) following PNG regulatory approvals of the PFS.

Cash Holding 11M - as 3 Aug 2012.

Sell off due to Capital Raising concern.

Just made entry at 0.125c - those pending drill results
will be interesting.