Before you read the below comments, I just want to make it ckear...

Before you read the below comments, I just want to make it ckear that my LT Buy sentiment does not really convey it well enough. There was no SCREAMING BUY option so I had to settle for what was on offer. And yes, I am VERY LONG SBL.

So by my calculations the following is where we are at:

Production p.a. for next 12 months: 50,000oz
Gross Revenues (@PoG of $1,600/oz): $80m
Operating costs ($1,000/oz): $50m
Other costs: $1m (refer June 2011 Cash Report)
Cash profit: $29m
Mkt cap (@1.6c/share): $38m
P/e: 1.3x
Exploration potential: $Nil
Ramp up to 100,000oz p.a.: $Nil value

Hopefully I have not got calculations and/or assumption incorrect.

So, aside from the fact that SBL have not yet confirmed production and operating costs, surely I'm not a lone voice in the wilderness, saying that SBL is cheap.