new base, page-17

Righto,
Based on current JORC resource of 1,756,000, gold in ground @ a very reasonable $45AUD, shares on issue of 202,000,000 AAG E/V $0.39. Cash 3 cents. 2 cents for other assets (which is low) mid range target $0.44.

AAG think average is $90 in ground for gold. On that basis E/V $0.78, target $0.83.

This includes no exploration upside. AAG target is 2.25m ounces. On that basis inground @:

$45 - $0.50, $0.55 target
$90 - $0.99, $1.04 target

Assuming a placement of 50m shares @ 30cents

$45 - $0.40, target $0.49
$90 - $0.79, target $0.88

So even if AAG is just average ($90) amongst its peers it will do me very, very nicely.

JT