I think it is worth noting that SBM was last sold down into the...

I think it is worth noting that SBM was last sold down into the low 20c's range when in late October 2008 gold took a dive to $U.S. 720 p.oz., it has since rallied 27% to a current price,almost $U.S.200 p.oz.higher.
SBM completed a successful $75m. capital raising, just 9 weeks ago at 41c. This current March quarterly was in a period of changing over the Managing Director, so his more disciplined influence will get it's first test in the coming June quarter.
I expect highly volatile costs from the small list of Aussie gold producers in the period ahead and SBM as a fallen mid cap. is still of a scale that it can rebound with a vengeance in a more confident market. Remember they also hold 10% of BDG and can move that into gear if BDG get their costs under control and work out how to pull the next million oz. out of the underground.
If SBM can bank another $50-$70m.,as per forecast, before 31.12.09, then by then, they will probably be closer to 72c than 27c.
SEARAY