5.6moz at konongo... , page-15

Hi Padhai

A much better gauge of a mineral company's value than the number of shares on issue is the market cap relative to the EV of its resource, in my opinion. By those measures, at $40 / ounce, SBL is tracing at approximately one third of the AVERAGE for the sector. Some junior goldies trade at an EV of $300 / osz!

I don't like the large numbers of shares on issue any more than anyone else, but a consolidation down the track would see a return to more respectable numbers.

Regards

Gupper