ann.out, page-14

re: 1st gold pour 2007 Plough,
take a look at the 30 Nov powerpoint presentation on the companys website. States "indicative net cash flow $6 - $7M @ A$750/oz by end 2007".

You are right that with a current market cap of $7m at par is a PE of 1. Given that all this cash flow will be reinvested in the project(s) the PE of most startups is distorted significantly. What it does suggest though is that if the company can finance its expansion and projects from free cash flow without the need to go to the market and dilute current holders then the price should be significantly higher in due course.

Cheers,

Mike.