lets go, page-8

SLR - thanks for the tip.

SLR was culled from my analysis of the top 13, but, on review was well into the top 25 ... so I missed them.

The reason was the stated cost of production was given at $670 per oz. However, once I look harder, C.O.P. is projected to reduce to $450-$490 this year on projected production of 40k oz/yr. I missed this, and it's a good example of the limitations of my analysis (and time/effort).

But looking at it now - when you buy an SLR share (at 16 cents), you're paying $ 18.5 for an ounce of resource, or $633 for an ounce of production, c/f GBM at $38 and $292 respectively.

Liabilities of $7mill against cash of $3mill would need further analysis, but, at a guess, this should be fine as long as production revenue (say $ 35 mill without looking) is secure.

I'd like to put some effort into studying the safety of SLR's resource (1.4 mill oz) and "potential" (now target resource? - a new JORC category) of 3.6 mill oz.

By comparison with GBM, in which, when you buy a share at today's market cap, you are paying $ 38 per oz of their 156k oz resource, but given that there resource statement covers only one of nine tenements, and that then appears way conservative, I'd expect at least their 500,000 oz "potential" to move into the resource category - which would make the price $8 per oz of resource.

So by the goldnerds maths SLR has to be worth a long look, and would have to be in the top five.

I'd better get back to work now. haha.