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05/06/02
13:58
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DIO announces feasibility study to commence.
Mining likely to commence this year. Eighteen months open pit mine plus eight years underground.
Gold price for calculation is AUD550 /oz. Estimated production and capital costs AUD270 /oz.
(Could well hedge at better than AUD 550. Financiers generally require hedging enough to cover the lending.)
That is a lot better cost per oz than SBM. Not a suprise SBM has shown so much interest.
Further ezploration to continue.
Hold DIOO