Random 22, I think you based profit estimations on a mixture of...

Random 22, I think you based profit estimations on a mixture of $US and $AUS prices for gold, basing estimations contained in the overview Sabretooth posted earlier.

Based on current costs $AU819 (average price achieved for 2006) - $AU480 = $AU339 profit.

At forecast cash costs of $AU350: $AU819 - $AU350 = $AU469 profit.

@$AU339 x 70,000 oz forecast = $AU23.7 million

@$AU469 x 70,000 oz forecast = $AU32.8 million

200 million shares / $AU32.8 million (forecast profit) = 16.4 cents per share.

PE 8 = $1.31 valuation