price, page-11

At this stage it would be worth their while selling any single asset they have to a keen bidder and retaining the others. Certainly selling either of the two well developed open cut prospects should cover any debts and any costs associated with closing down Smokey Hills. I'd imagine Smokey Hills is worth nothing as a mine, and has a rather serious legacy cost of paying out staff and decommissioning the mine so no-one would want that. The treatment plant would be usefully kept for development of which other prospect they manage to retain control of. After debts are covered, I'm optimistic we might end up with one remaining prospect, plus a processing plant that can be moved there, and modified at little extra cost to get it in operation on the new site. But that might have to await the final feasibility study on the Rooderland project that is due about now. I certainly hope the Administrators have had the sense to see that through to fruition, as it will, once accepted by the JV partner, lead to our interest in that project increasing from a minority to a majority holding. A much more salable prospect!