200 day moving average smashe, page-5

just speculating a bit - and if one thinks in terms of a cash margin of $300 per oz, and a production of 500,000 oz per annum - then that is a cash margin of $170m. of course, taxes, royalties etc etc etc have to be paid, and capital costs recouped etc etc - but given the resource base (but from 10m oz - not all of that will be mined) - and maybe some exploration success - then the present market cap of about $500m could be a very conservative valuation.

from the presentation

cash costs syama US$370
ravenswood au$340
golden pride US$400

all up, that leaves a cash margin in the order of au$470 per oz (based on current gold price) *watso has excluded production from sarsfield, which seems to run out, in 18 months

syama is expected to be in productiobefore the end of june 2008. my guess would be, that once production has commenced, and all goes to plan (ie no problems that the previous operators had to contend with) - then that might be the time, that the stock will really take off