Ann: Production to commence at historic Victorian gold mines, page-140

Vert how can you possibly use the operation down the road , as an example. They have not ever even achieved a consistent 4.7 grams  , and according to the last 2 half yearly reports not  including the last 6 months have losses of 7.75 million for the periods.. The last 6 months also looks very likely to be losses as well if they survive. Imo Aul are going to need consistent head grades out the other end of the mill of 6.5 to 8 grams to be profitable. Based on historic  grade and allowing for the dilution from 10cm to 400 cm wide veins 7 grams is going to be a big ask. Imo if Morning star mine had not hand sorted and fed all there  ore through the mill head grade imo  would of been closer to 5-6 grams . With the flat orebodys and narrow veins ,limited hoisting capacity and small plant  Morningstar has , it’s imo going to be an expensive and difficult mine to get ore out.  If Aul happen to find a large bonanza reef with 200 000 oz grading in old figures 40 to 50 grams then yes it will make money. However I doubt the old timers missed to many of those in the upper levels. 40 to 50 grams without dilution is likely to get 10 -12 grams at the mill . People fail to realise just how big an impact hand sorting had on historic Morningstar head grade.