36c Rights Issue, page-19

Hi Roy 

Interesting observation re the base metals and after a quick calculation I amused myself with numbers on our share of Saturn’s gold ergo even without a resource upgrade the 36% of 500,000 Oz = about 37c per share to Peel in gold alone, using a $300 per oz margin after all costs!!

So you could argue all other Peel project are a plus and free to add capital value, notwithstanding there’s due soon a resource upgrade from Saturn, to add again to our enterprise value. It’s times like these that make me pleased we’ve got very good gold credits at most of our Cobar projects!! 

I am absolutely sure Peel is currently way under true asset value and IMO rightly sits well north of a dollar..a decision to mine will see an immediate powerful positive 

re-rating! 

Cheers mate

Sarg