annual report 2009, page-10

Yeah Rogues, I gotta account for the proforma final share cap hey ... shouldave said EV and not market cap.

Rule of thumb tho, at point of project funding market cap usually refelcts the funding level ...... if so in such case, USD 70 mill = abt 15 cps on proforma diluted basis.

How far away ? 9 - 12 months ?

Then on approach to start -up, peer group average market cap say around 130 mill reflects abt 25 cps on F/D basis ..... 18+ months ?

Thereafter we look at PERs / project size etc, and at cash costs 450 /oz say, should be a NICE cash generator at current spot gold ........ and double that at 1500 / oz gold.

I love the likely TIMING of production start for this cos it falls into my GORM optimal price / timing targets for POG, so happy to wait with the core whilst trading the pivots meantime.

And thats without the Uranium .... IMO one phone call to PDN say, recently cashed up and on the M+A trail is all the shareholder value-add they need to do I. I just HOPE they dont give it away but instead retain a free-carry 50% for JV partner's commitment to fund exploration. I have sussed out market interest re their 18 radiometric anomalies in one area in Malawi and gotta say its considerable ... so lets not give it away boyz. Now that the boyz own proforma 60% of ORP, doubt they will be giving anything away pray Zeus !

Cant get a feel for the diamonds tho. Never been one of my interests. Anyone have a feel ?

Perception is as important as reality in any evolution and usually leads it and its gotta be a mega win for the drivers for it to be a super win for the passengers !

In a hot Au or U boom ... coming up mid term IMO ... reckon in due course we may even sight the old time highs, even on proforma dilution basis, if all the assets are retained in the mothership. Intend holding a decent core parcel out of sight to test that theory too Bunny.

Sensational value with multiples upside midterm from here for mine if the macro vision realises. Plenty in the SMSF now. And plenty of fun along the way thru the pivots.

Lets see how market reacts tomorrow to this report released after close of Friday trading. Nice bedtime reading haha.

IMBOOC