total resource grow to 1.4 million ounces, page-11

Reading GRY resource upgrade today im really not seeing many significant differances between SIH & GRY gold projects, except the obvious they own 100% of there project & have 600,000oz more, apart from that we have better grade, majority of our resource is indicated where GRY is all inferred, we have 1.4mil oz in 2 deposits that will be joined as 1 they have 2mil in 3 deposits, SIH more advanced with DFS almost complete & production targeted for mid/late 2012, GRY no scopying study/DFS or producing timeline, both companies have potential for multi mil oz discoveries.

SIH: 75% Owned
Share Price: $0.23
Market cap: $141mil
Resource: 15.7Mt at 2.8g/t Au for 1,402,000 oz
Country: Indonesia


GRY: 100% Owned
Share Price: $2.00
Market Cap: $600mil
Resource: 29Mt @ 2.1g/t Au for 2 Mil oz
Country: West Africa

For obvious reasons GRY demands a higher market cap but SIH really does come accross as undervalued when compared & should have a market cap of atleast $200-$300mil (.30 - .45) atm if the market was to look ahead, GRY is targeting 3mil oz+ over the next year as they agressively drill reason why the market is pricing GRY so high, SIH sihayo resource resource remains open to the north, east and south so a future upgrade to 1.5mil to 2mil oz is not an over the top expectation, drilling at Tambang has commenced with directors expecting it to be SIH second resource so on that lets estimate 500,000oz-1mil oz over time, Hutabargot Julu drilling comences shortly potential for another discovery & close enough to be trucked to sihayo plant lets estimate 500,000 oz, so on sihayo, tambang & hutabargot julu we could get to 3miloz+ over time if drilling is succesful, still we are only scratching the surface tarutung another high grade target to be drilled 2nd/3rd qtr this year & numerous more untested targets on SIH leases, I have pulled my numbers out of thin air but they are reasonable estimates with the potential SIH leases have, sum it up the market is not looking ahead with SIH as they do with most companies & is only pricing in what SIH have now, which is disappointing & hopefully will change in the near term..


From presentation:

Tarutung Prospect

Bonanza grade epithermal vein mineralisation

Historical sample results
�X Bonanza grade trenching result: 5m @ 57.7 g/t Au, 312 g/t Ag
�X Quartz vein float and outcrop assayed up to 167 g/t Au and 384 g/t Ag
�X Vuggy silica float assayed up to 452 g/t Au and 2,460 g/t Ag
�X 1.2km long, NNW trending clay-pyrite alteration zone
Proposed new work program
�X Geological mapping and sampling
�X IP survey
Drilling program target Q2/Q3 2011