Gold production for 2005/06 is forecast at 170,000 to 180,000...

Gold production for 2005/06 is forecast at 170,000 to 180,000 ounces at a cash cost of $375 per ounce.
Total cost of $475/oz – clear $100/oz @ A$575
Clear $18 mil – allowing for 180000 oz. production

Issued 330 mil shares
36 mil opt to cover $15 mil raised through MBL
366 mil shares (effectively) on issue

$18 mil / 366 mil shares; EPS: 5c

* If you couldn’t laugh you would cry. A prospective PE. of 7 @ 35c, which I suppose is pretty cheap – but what a record the management have got.

I presume with the new management have really taken stock and made the big decisions. Closed mines, written down assets to realistic values, and hopefully set achievable production and cost goals. You would think most of the previous management would resign.

I have sort of written my investment off for the time being and have got on with others. To late to sell and better shares to buy. If SBM can resurrect themselves, anyone can.
Gerard Anderson is supposed to be good.