Looks like Doulis is slagging us again.

In his Nov 5th report he's valuing SGR at 1.0x NAV. In his NAV calculatiions he's using $19/oz on M&I only, no value for inferred, no value for mine infrastructure or equipment, building or anything else.

Seems the only thing that will shut him up is positive cash flow. Granted we've been waiting for that too.

http://www.stonecapsecurities.com/Reports/Reports_Viewer.aspx?ReportId=n5PsKSUXQJkyX1J^3WNC4w==&ClientId=oCGg9S5AKbWGhjyeNg1sLQ==