Ann: Conquest to Progress Towards Production at S, page-16

re: Ann: Conquest to Progress Towards Product... Surf,
Your estimate of earnings of 5.4cents per share would equate to profits of only $14.5mil p.a.

Going by the PFS the costs on 135kpa at $400oz= $54mil
Sales at US$800 at 70c round off at $1100oz=$148.5mill
This profits to about $94.5mil or 35c per share.

Out of this depending on if we get fully funded with debt or equity or a mixture, the earnings will be used as they say to payback debt in less than 2 years.

This is all conservative as we know that the 800k oz is the measured status not the potential of all of Silver Hill, let alone the thousands of sq km surrounding this area.

You will always find sellers on good news, but it was quite encouraging that 2mill bought today in a controlled manner which indicates long termers, not traders jumping on.

The above per share figures alone show how cheap 45c really is.