Was looking at the Independent Expert report that came out with...

Was looking at the Independent Expert report that came out with the documents regarding the Chinese enter into the stock.

If you look at Fig 9.2

For GDO at a Gold price of 1500 USD/Ounce only for the Modder East Project (Acquisition of Rand Uranium will increase gold production as well) - though there will be a share dilution issue which is not factored...

2012 "Peak earnings" 1216m Zar (current exchange rate 1USD = 8 Zar) = 1216m/8 = $152 million USD. Free Cash Flow = 1042/8 = $130 million USD.

Earnings $152 million USD in 2012, roughly 17 US cents per share. P/E would be 3 at 55 cents per share stock price assuming 1AUD = 1USD