Is this the pits...or what!

Just PASSing some time

About 130,000 oz of gold were retrieved from the Nagambie pits in the 90s for an estimated average POG of about $750 of which about $500 would have been the cost and $250 per oz the profit

These are not actual figures - just my estimates - please feel free to adjust accordingly

That equals about $32-33 million profit over 5 years or $6-7 million per year

These pits will now be able to take about 6.2 million tonnes of PASS over the next few years. With estimated PASS net income at about $100 per tonne - that equals about $620 mill

Even if we stretch this over 10 years - that's still over $60 million per year just for PASS

That's almost double what they made out of gold in the 90s - just thanks to those two pits


Is this the pits or what

GLTA