Gold on Hand Worth MORE than Mkt Cap!, page-18

Catch is the liquidity. So few shares so not easy to trade or get in and out.

If you're willing to suffer this problem there is no other catch. Fundemetally TBR/RND are 50% partners in one of the longest lasting, highest grade and best set of mines in Western Australia. The future of Pegasus/Rubicon/Hornet is set for at least 5 more years (at minimum) IMO and discoveries at Raleigh are breathing new life there as well.

TBR/RND don't report AISC, only mining costs but their administration costs are relatively low given their size and in theory they shouldn't have any financing costs. Most of their post production margin just goes straight to their gold holdings and hence the bottom line of their balance sheet and this will go on for at least another 5 years IMO. None of their production is hedged and the hoard of gold's value will also fluctuate with the movement in the POG. For anyone who is long gold the company is the perfect storm. Potential for already good margins to rise further and the value of the $320 million in gold can also rise. Esh