RE: RE: RE: More Offers Coming..Very UndervaluedIt does take a while to do your DD because of the many mines either producing, developing or coming into production.
Once done, the excellent value becomes obvious, as does the future potential.
Its also clear that the Luxor bid cannot be a serious bid as it is way too low.
In trying to estimate 2012 production , I note that the 2011 drilling program discovered significant stopes of higher-grade core that was not previously known .
This higher-grade mineralization immediately below and adjacent to the fault below the open pit was notrecognized by previous operators and subsequent drill programs.
This has resulted in a change in the mining method in 2012 to transverse which will increase Cosmos production and reduce cash costs.
However, using the historical information provided in the presentation, Cosmos will produce 105,000 oz per year once full production is achieved in Q2 of 2012.
The higher grades and transverse mining should increase this level of production, but such is beyond my level of skill.
To this one can add 65,000 oz from the Burnside open pits for a total production rate of 170,000 oz per year which should be achieved by Q2 of 2012.
From this , your estimate of 140,000 oz of produced gold in 2012 seems quite realistic.
It becomes obvious from this that the Luxor bid cannot be taken seriously and should be dismissed by management as totally inadequate.