Ann: September 2009 Quarterly Report , page-11

yeah....and cbh dropped under 10c on the back of it all. it's a bit of a joke really.

cbh is a current producer with significant opportunity to increase revenue and add production on brownfield sites.

add to that the possible whoosh from panorama j/v opportunities and there is serious value here.

i topped up today as I was expecting to see a couple of bites at 10.5 once the market woke up to the metals breakout.....too wrong!!!

current metals prices add 20-30% to earnings based on costs from last quarterly--roughly 2cps...so now trading on p/e of about 5 based on stripped down endeavour production--no value assigned for rasp, panorama, endeavour expansion, sipa drilling program....etc.

someone please correct me if i'm wrong...all back on envelope figures, but i think they're pretty close.