time for a comparision, page-7

The best comparison is to compare the EV(enterprise value) per oz of resource. For a simple calculation let us just use MC for EV. The companies for comparison are all junior with mine all in Ghana.

Noble Mineral Resources Limited(nmg), based on yesterday closing price of 46cts, MC is $175m, JORC of 1,980,000 oz. Value per oz of resource is $88..

Azumah Resources Limited(azm), based on yesterday closing price of 70cts, MC is $155m, JORC of 1,165,000. Value per oz of resource is $133

Now, SBL, based on yesterday closing of 2.9cts, MC is $54m. JORC of 1,470,000 oz. Value per oz of resource is $46.

As indicated in SBL presentation, we are undervalued. If we were to bring up our value close to NMG of $88 per oz, then our share value should be 4.8cts. But if we were to bring our value close to AZM of $133 per oz, then our present value should be 7.2cts.

Based on the above comparison, our SP should be between 4.8cts to 7.2cts.

For SBL, the SP driver is the oncoming aggressive drilling to discover 10Moz which is to start anytime now, just after the wet season over & soil harden to enable rig to move to site. As indicated by the company, the rig is already on standby to be moved anytime as soon as the soil harden.