Ann: Westgold Restarts Tuckabianna Plant, page-29

WGX is the real cheapie if they meet target of operating around $1250-1280/ounce at 350-400k ounces pa. But if you look at the all in costs/ounce for the previous six months WGX is still expensive and dangerous.

At present we know that Cookie has had his hand outstretched looking for "donations", and has got around $140m in the last 6 months to keep feeding the dream as WGX operations/capex bleed money.

People buying WGX at current prices should be safe enough for the next 8 -12 months because WGX should have finished most of their major capex by then and hopefully the mines in the Murchison will be delivering better grades.

The drop in the share price to under $1.45 was a bit of a surprise to me. I bought some more shares but have not got the guts to go all in - currently am 3 cents/share underwater.

I expect gold higher towards the end of this year, so feeling relatively safe should it dip in the short term and take WGX down to Spec's $1.30/share.

Remember that SLR ran its operations at a significant loss ($2000/ounce cost) but I think the main problem was that they never achieved anywhere near the average grade that had been planned - milling grade was only around 1.3 g/t because they did not access the higher grade underground ore plus costs generally were high for a range of reasons, eg price of oil, labour).

GL punters.

loki