price target - 6 months, page-16

Hi sf120

I agree with sydney6791's NTA value. I have it as about 10% higher.

But if you consider that the cost of building Panton has gone up by x3times then the replacement cost of Smokey Hills would be a lot higher now (something a predator might consider).

I have Smokey as costing $89,781,409 (including: overburden removal costs $8,070,809 which were written off as part of cost of sales during the period half year Dec 2009).

Purchase into Rooderand $2,025,536 (half year Dec 2009).

I also have $24,650,898 down as exploration expenditure between Dec 2007 - Dec 2011.

The company's policy in regard to exploration properties is to write off all amounts relating to the purchase and exploration of properties until such time as there is a positive Definitive Feasibility Study in relation to the area in question - at which time I believe it is capitalized and then amortized over the economic life of the mine.

If anyone has another assets worth noting, please let me know.

Cheers

Gus