Saucepan: I think this is a good review and I have little to add. I have been quite confident all along that further resources would be found at Asacha. Indeed, the Rodnikova resources are substantial but are not included at present for reasons I do not fully understand. (Cannot presently be confirmed to JORC standards I believe. Assume some or all presumably should eventually.)
The cost movement has and will be adverse. The rouble may well apreciate in line with the Euro and other hard currencies but one would hope most of that will be offset through a higher dollar gold price.
On the negattive front, the political risk of investing in Russia is likely to be a factor as relations with Russia seem set to deteriortae over the medium term. That is likely to affect the valuations foreigners will place on Riussian assets.
But all in all, if TSG's plans are only delayed by a few months then old projections of TSG's eventual value remain essentially valid, if delayed slightly. On a technical front, a lot of damage has been done to the chart formations and it will take time to repair. But it is always thus after shocks. This is when the intrepid step in.
Gold shares in general have been a real bummer over 2004 after good years from 2001-3. They got ahead of the metal, which did its catching up last year. Gold shares in general are cheap, especially if you believe like me gold is going up this year as the dollar becomes the lire.
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