A pre-feasibility study for 's gold project inWestern Australia indicated a net present value of A$193 million, at an 8%discount rate, and an internal rate of return of 90%.

Pre-production CapEx stood at A$75 million, including a 15%contingency. Payback was estimated at 11.1 months.

The study outlined a "technically and financiallyrobust" project with an initial life of mine undiscounted pre-taxoperating cash surplus of A$360 million from revenue of A$832 million, thecompany said March 31.

The project's development is based on two open cut mines,and a new conventional semi-autogenous grinding milling circuit, gravity andcarbon in leach processing plant with a throughput of 2.5 million tonnes perannum.

Gold production was forecast at 520,000 ounces over theinitial mine life of six years, excluding nearby organic growth potential.All-in sustaining cost stands at A$913 per ounce.

The study is based on a gold price of A$1,600 per ounce andassumes the current joint venture partner elects to convert its 20% interestinto a 2% net smelter return royalty at the completion of the feasibility study.

The material in the mine plan, comprised of proved andprobable ore reserves as well as inferred resource, totals 12.1 million tonnesat 1.4 g/t of gold for 547,000 ounces. Total resource estimate is 23.7 milliontonnes at 1.4 g/t of gold for 1.05 million ounces of gold.