AXG - Antipodes Gold [formerly GEL - Glass Earth]

[elZorro]

I have missed something in the press release for the last private placement:

The proceeds of this private placement will primarily be used to provide for exploration and acquisition activities.

This was pointed out to me in an email from Simon Henderson. Some kind of a deal is in the wings perhaps.

Another comment was about placer recovery rates:

The alluvial mining has been going well for the last two months, both plants are working smoothly and producing 30-40 oz each per week, i.e. cumulatively 70-80 oz/week. Our best week to date is 97oz.

All this puts a new, more positive complexion on the press release. I'll have a look at my placer spreadsheet to see how that looks, but the placer operation could well be turning a profit, not too bad at this stage of the proceedings.

Strenuous efforts are also being made to get prompt assay results from drill WKP35.

The spreadsheet results were that the average grade could be about twice the cutoff value, and at the moment, annual gross profit after Dunstan Mining and the placer team are paid, would be approx $4mill p.a. assuming no great maintenance overheads. Some of the return will go to the landowners. But there could be about $75,000 a week spare cashflow.