Exactly the forward expectation of 2011 170K oz and 2012 200K oz production are in the evaluation of the sgr. As Brent Cook commented, he thought sgr is fully priced, but he would not sell neither.

My take is that the current $1B market cap is only 10 times of net profit of 2012, $100M, so this evaluation doesn't include all poentials from other parts of rice lake area sgr owns and the JV. Any new 007 alike news will boost the SP from the current level.