considering proper production started only in oct/04 the...

considering proper production started only in oct/04 the fabulous net profit of $6.5 mil means an anualised level of $25mil npat. at this profit eps will be about 15cents per share and 6.6 times at today's closing price of 99 cents.

profit growth going forward will be interesting on a/c of the fol:
- optimisation of production from the sally malay project
- additional production from lanfranchi
- further options to mine marginal resrves (depending on ni price)

on a rough measure SMY should be $1.50 at least on a per of 10.