Using George's 2011 projections, 80k ounces at $1400 with a cash cost of $825 will generate $112 million of revenue and $46 million in profit. That's an eps of 15 cents.

Based on the above, SGR is currently trading at about 17x earnings.

20x - $3.00

25x - $3.75

30x - $4.50

Getting costs down and ounces up would significantly improve the share price. Rocket science. The good thing is 1/4 of the year has already happend.