Ann: Patersons research note, page-16

I agree with all your points - that's why my investment in AYC is less than 1/5 that of WPG.

Looking at hotcopper forums and the stock chart, AYC has the smell of death, but if PYBAR can get the gold out with a profit of even just $8m by this time next year, the stock will more than double. And they can do better than that at $1400.

Yes I made up that figure because I don't trust managements numbers. I'll pick an arbitrary worse one and use that.

AYC is about to get into production and we are entering the stage of the Australian gold equities market where gold companies about to enter production will have the greatest performance, only because profitable sure bet gold companies like NST and EVN and RMS are so expensive already.