"Feel free to add to the comparisons as I may have missed some...

"Feel free to add to the comparisons as I may have missed some points..."

Thanks for the invite RogueTrader.
Wow the spin is never-ending, Lol>

"
*SIH Indonesian Based Gold Project 75% owned.
*GRY Africa Based Gold Project 100% owned."

-->Don't forget to add : FOR EVERY dollar that SIH spends Antam (the JV partner) gets 25 cents FREE RIDE

AND did you ever consider that IF the project ever did get to true BFS standards that SIH HAS TO PAY 100% of the capex for the project to get 75% of the output!


"
*SIH 1.01mil oz (with resource upgrage may 2010).
*GRY 1.1mil oz (with resource upgrade first half 2010)."

SIH = 75% of 1.01 mil ozs actually
ie SIH --> 0.75 mil oz INFERRED, NOT 1 million ozs

If they get a resource estimate done by May 2010, knowing they are still yet to complete the drilling, will be the first indication if they have any hope of achieving the overall schedule. I personally doubt they will get an Indicated Resource estimate out by May.

"
*SIH Cash in Bank $5mil (rough amount fully diluted).
*GRY Cash in Bank $25mil."

SIH actually has only $1.5 million cash in bank at present!
Until the options (or placement) is made its not a done deal!

*SIH production target late 2011 with work aggresively underway., DFS underway...
*GRY no target for production.

Do you seriously believe what SIH has stated as the development schedule is achievable? IMO they are out by 12 months at the earliest, and it demonstrates to me their lack of credibility! ie IMO it would be more like commencing Jan 2013 IF it is actually viable, which I have my doubts about.

Just take a backwards view on timing for a moment:

IF SIH seriously have a production target for late 2011 then it will take no less than 10 months to develop a mine and plant. Being on top of a mountain probably means it will be longer than 10 months, maybe 12 months.

At the very least though, that means commencing development end of 2010!

There are no approvals in place naturally, since there is no BFS yet!!! The approvals process with take months AFTER a BFS is completed. Do you understand the approvals process in Indonesia - even the approval sought for access to the western porphyry has been in train for how many months now?

And of course there is no debt finance approval, as there is no BFS yet either, the approval of debt finance will take many months, say 3 months at the very least.
(AND SIH has to foot the whole bill on the capex of the project despite only getting 75% of the production - is that arrangement even bankable in the eyes of banks, I wonder?).

SIH has publicly stated its seeking to find another 500,000 - 1 million INFERRED ozs to make it possible as financially viable! Thats just as a starting point, it will need to upgrade that to Indicated Resource to get a BFS, if it gets the extra ounces.

And it hasn't even got an Indicated Resource yet for its first 1 million ounces of currently Inferred Resource, so how can they have a completed BFS within the next 11 months to start, for a project that will still require bank finance and Indonesian government approval, including environmental clearance?

The SIH development schedule is totally rubbish if they are stating production commencing late 2011. Is it the blind leading the blind?

"
*SIH scopying study completed 2008 targets US$442 cost to produce with $US40 - US$70mil to develop (directors beleive it will be towards the lower range)"

The total capex is the responsibilty of SIH, not the joint venture partners. The scoping study was based on 1 mtpa, now they are trying to increase the resource, if they manage to do that will the plant be bigger for the new resource? If so then the capex will definitely not be towards the bottom end.

Which of the SIH directors believe the capex will be at the lower end of the range, and on what basis do they have for saying it - there is NO director of SIH that has any project development experience, each of them is an accountant or has a financial background! Nice words, but no credibility!

In summary, I wonder if SIH will ever complete a BFS on the project. It may never get enough Indicated Resource to make it viable, unless they get ore from somewhere other than the places they are drilling now (and there is no intention to drill anywhere else in the coming quarter from my reading of the last report).

And all the while the share issues will be mounting as costs for large drilling and testing programs continues - its lucky that the backers are wealthy Asians that probably like the idea and prestige of developing and owning a gold mine, but with no reality of return on investment. If it were hard-nosed experienced australian mining investors then SIH would have to try a lot harder to convince the market than the rubbish they are putting out at present.

Once again I suggest you watch the SPIN!