Arthur,Yes, it staggers me just how high the sp was a few months...

Arthur,

Yes, it staggers me just how high the sp was a few months ago. Excellent value anywhere south of 0.75c even in current climate. :-)

Excerpt from last week's AGM address:

"I also wish to re-assure shareholders that Sphere is in a strong financial position. The company has $23 million in cash and no debt. All work on the Guelb el Aouj DFS and drilling at Lebtheinia has been completed and we are taking stringent budget measures on operational and administrative expenditures in order to preserve cash during this period of economic and financial uncertainty. We will now focus attention on introducing partners to assist in the
development of our projects"

The key points IMO are:

1. SPH has no current cash drain since exploration on Lebtheinia is complete.

2. Lebtheinia Centre -potential to support a 30 Mt/a blast furnace pellet operation for over 25 years.

3.The JORC Code compliant statement for Lebtheinia Centre is due early this month and should give the sp a boost.

4. Guelb el Aouj Project - 28 Million Tonnes/Annum world class magnetite resource with 30 year life.

5. New partners being sized up to support projects at Guelb el Aouj and Lebtheinia.

A favourable JORC release coupled with a new partner would see SPH heading back north of $1 very soon IMHO.

I'm also thinking that cashed up giants such as BHP may look at this period as an opportune time to snap up small companies.

SPH is sitting on huge mountains of iron ore with a market cap of just $44.3 Million. (@147,000,000 shares issued)
http://www.sphereinvestments.com.au/Investor/capital-structure.html

Could be a very interesting Xmas.....