1q09 results, page-9

Checking the Canadian listing overnight OGC finished at $CAN0.80 which converts to around $A0.92 on volume of above 500,000.

When you consider this stock had a range of $4.00 to $0.15 and is now recovering on fundamentals it has to regain cred in the market as an investment grade play.

The notes that were provided for the conference call reveal that OGC produced 84,000 ounces at a cash cost of $US279. Sino Gold who has the same chairman produced 51,000 ounces at $US403 an ounce.

The market cap of OGC is less than $A150 milliom and the market cap of Sino is over $A1.5 billion. There are issues such as hedging, balance sheet and reserves to consider but on an operating cash flow basis a multiple of ten times in market cap seems a big factor.