If Govt. legislation comes down favourably & they want just a slice of mining profits, & these facts are written in stone within next 9 months & a major offers $10. per sh. & it costs $300 mill to build a mine.

Cost $1,460 mill + $300 mill. mine = $1,760 mill for somewhere between 14 mill oz. to 19 mill oz. gold or $126. to $93. per oz.

Let's add on $200. per oz to mine = total cost of $326. to $293.

It's anyones guess what Govt. will take.

So the question, would this be an attractive proposition for a major at $800. per oz. or do you need $1,000.

I have not considered the silver.

Anyone care to refine the numbers?

IMO ARU a buy between $3. & $4.50 & a sell $5.50 to $7.