Gold on Hand Worth MORE than Mkt Cap!, page-16

It's hard to say what the real LOM is. What we know is that they have been mining for 16 years and they have in recent times announced new finds at Raleigh and most importantly they have recently said that the Pegasus, Rubicon and Hornet deposits are starting to join up at depth. That's why they are building a very long drill-drive underground so they can explore the deposits at depth. http://hotcopper.com.au/threads/nst-kundana-update.2743063/page-2?post_id=17443236#.WBkqTmfyXtQ

If we go on the EKJV published resources the JV has

5,264,096tonnes at 10.8g/t for 1,825,067ozs at June 30, 2016

this includes reserves of 3,452,008tonnes at 7.5g/t for 832,985ozs

Tribune is entitled to 682,783ozs of the resource (317,157ozs of reserves).

Last year the JV won 47,302ozs (TBR's share 17,738ozs) from Raleigh and 178,931ozs (TBR's share 65,757ozs) from Rubicon/Hornet/Pegasus.

So going on these numbers (and assuming constant production at 2016 levels) LOM based on reserves is 317,157ozs/83,495ozs = 3.8 years

LOM based on the same assumptions but also assuming 100% of resources are conbverted to reserves is 682,783ozs/83,495ozs = 8.2 years

and these numbers are even before they have put one hole down from the new drill-drive that is being built.

I believe the LOM is somewhere between 5 and 10 years.

You also have to bare in mind the TBR held/holds 190,766.725 ounces (worth $321 million before tax) of refined gold at the Perth Mint (at June 30, 2016) and $11.476 million in cash (as at Sept 2016). The company also owns land and builds in Australia and Ghana valued by the last annual report at $6,825,344.

Remembering also that there are only 50,003,023 shares issued in this company.

Best gold company on ASX IMO, best value company on ASX IMO.

You need patience for this one and a long term view but it should still reward IMO.

Eshmun