Ann: Becoming a substantial holder , page-11

No wonder someone is willing to bet the ranch on this one when you do the sums for Torrecillas.

Only $34m capital outlay to bring online a 100,000 ounce per annum producer with an operating cost of $400 per ounce!!!!!

That has to be the best prospect in the world of gold mining at the moment. Most similarly producing assets are looking at an outlay of over $100m to bring such an asset into production. And most of those would have a higher production cost as well.

I ran the numbers through a spreadsheet and it means Torrecillas should have a NPBT of about $78m per annum @ $1250 gold. That means a payback of under six months - quite incredible when you think about it.

If they can pull this one off (and that is a rather large IF going on previous management experience) then the share price should be $2 odds at least once Torrecillas is fully producing.