MJS, I believe the current SP reflects a multiple of less than 3...

MJS, I believe the current SP reflects a multiple of less than 3 times maintainable net cash flow. Ridiculous, and you are right...$2 should be a starting point in terms of valuation! Also, bear in mind the exploration program which highlights 40c/annum cash flow with a 25% success rate, does not include other new drilling projects which they have announced since the AGM. This company certainly holds some value promise. I happen to think given the hermes success and the pending schwing #2 success, and the good quarterly result, that this stock would be nicely over $1 and heading up, but for the recent routing caused by margin lending selling...at least, that's what it has looked like to me.