latest crs anouncement, page-2

EBITDA came in at $25m for the half year.

Free cash flows on a continuing basis for the half year stand at approx $15m, and $30m for the full year.

CRS's market cap is now approaching $300M --- placing it on a multiple of approx 10x free cash flows atm. This is expensive based on their current reserves --- although the odds are very high that reserves will be substantially increased in the near future. Even then, CRS at 90c does not represent the same value it did at 60c, or 40c --- it's roughtly at fair value at 90c now, imho --- perhaps even slight over valued.


The cash cost per an ounce --- in the high $300's was more than i expected --- and production was also down on what i expected.

Both of these variables probably came in at below market expectations.


I hold no position in CRS --- it's a very good gold stock, but no longer represents the great value it did at lower prices.

I'm happier holding emerging producers --- such as HIG, and RBK. The risks are slightly higher --- but then so are the potential rewards.


Good luck to all CRS share holders.