market cap, shareprice etc, page-19

SBL,

A 40cents bid prices us at $41.50 E/V an ounce. Less than HALF of what AAG themselves say is average for in situ resource in their presos ($90) in the market. TOO LOW for me.

I think a fair price would be valuing our gold at around $60 in ground (2/3 average) as we are still a year and a bit away from production, hence some sort of discount is appropriate as we're effectively eliminating risk by realising value now. At $60 in ground for an ounce our SP would be trading at roughly 52 cents.

To me 50 cents is a fair value, 65 cents upper range (before Xmas valuation).

JT