Transcribed image text: Nero Mines paid 427,000 for the right to extract ore from a 300,000ton mineral deposit. In addition to the purchase price, Nero Mines also paid a 125 filing fee a 2, 200 license fee to the state of Colorado, and 65, 675 for a geologic survey of the property.
Gold reserves are finite, and pulling new gold out of the ground can be very expensive. In fact, it is common to hear industry insiders cite 1,200 as the allin cost for mining a single ounce of gold. Cost Reporting Debate—Does It Really Cost 1,200 to Mine One Ounce? The 1,200 price tag is still questioned by investors and industry insiders.