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Float will be interesting,

Hill 50 revisited,
Mr Newton and a group of investors bought the mothballed Gidgee project, between Leinster and Meekatharra, in late 1999 from the receiver of Australian Resources.

According to the prospectus, Gidgee produced 123,896oz of gold from February 2000 to December 2001 at an average cash cost of $367/oz.

In the same period the mine generated an operating cash surplus of $16.7 million and net profits before tax of $3.7 million. For the six month to December mine produced a net profit before tax of $1.8 million.

Only couple years production left for this mine , but with the cash from the float & profit from that production it's a nice exploration budget.

Some highly thought of people involved from the buzz.


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