SBM, tightens share base, providing value
With SBM commencing a buyback of approx 55.5 million of its own shares, the management, consider that their shares are better value than anything else in the market. They have already sold approx. $6 million of SED and NMC shares they owned to put the money into their own company shares. Thats a hint of what they think of their own product.
They are tightening the share base, its the opposite of a lot of other companies that keep diluting their share base placing millions of shares and burning money. Most companies in the USA + ASX i can remember doing this, their share price has gone up afterwards.
Being 71 years of age myself, and traded half my life i cannot recall a company of this small capitilisation around 13 cents ever been involved with a buyback. Please correc me if i am wrong
They have $28 mill in cash, and performance bonds
A resource base of 9 mill ozs of gold.
Millions of dollars worth of SGW plant to either use, or sell off, increasing cash reserves
Steadily increasing gold removal, with forecast gold production of 150,000 ozs for 2005/6 at Southern Cross. Their medium term objective, at Southern Cross, Meekatharra, and Tarmoola, which is dependant upon exploration success is aprox 550,000 ozs per annum.
Huge ground area [approx 10,000 square kilometers] purchased from SGW,with significant exploration potential for the future.
SBM Directors Colin Wise and Ed Eshuys buying SBM shares.
Top ceo-geologist Ed Eshuys now in charge,[ Well respected by the market], he helped make Joseph Gutnick most of his money, in Joe`s gold mining companies.
And its all politicaly risk free, in australia.