only way is up, page-8

caliente

thanks for yr number crunching! i'll be smiling if yr january target sp of 7.8c is close to the mark!

this may be a silly question but where do you get the "18.2" (presumably earnings) figure from? have sbl stated their estimated annual production figures from start-up?

also, re yr integra comparison, are you aware that igr have a (hopefully) major resource/reserve upgrade due before year-end? and some of the expected upgrade (but imo not enough!) is factored into current igr sp. i note the comment that sbl also have an imminent upgrade ann but i suspect it will not be as significant (relative to each company's respective current resources) as igr. also igr have operations based in australia (rather than ghana). (on the other hand sbl costs should be less than igr for the initial tailings.) maybe there's another west african goldie that could be used for more relevant comparison?

thanks again for yr effort.

k