Ann: Mining of First Ore Block at Granville Tin Project, page-202

I've got about 20+ reasons why I'm bullish on AMI, but this is the most solid reason:

- they bought Peak from New Gold for ~$54M AUD. New Gold spent ~$500M AUD developing the Peak mines. They mined Peak for ~4 months and paid off 100% of their purchase with what they mined from Peak. 

What does this mean? In effect, they bought a distressed asset at 1/10 the cost it took to develop it. It also means anything else they get from Peak goes straight to the bottom line, because it paid for itself. I wouldn't be surprised if Peak is a 20-bagger in 5 years. It's under-explored, well developed, and AMI would only need to spend nominal sums to tweak what already exists at Peak, to get a whole lot more $$$ in the long run. 

Now, if we put all of this into a holistic perspective and imagine how much it costs to develop a mine, you'll know why it's inappropriate to compare ANW with AMI. Buying Peak was like the classic Benjamin Graham 50 cent-dollar, except it's more like a 5 cent-dollar... I almost thought they we're taking the piss when they announced they bought a $500M+ asset for $54M, and paid itself off in 4 months!

Anyhow, this thread is about ANW, so let's leave this here and keep it to ANW.