Hey Long,

don't forget to calculate the Goldcorp debts into your figures. Also, I think a 10PE might be pretty low for a growth co like sfmi. Check out this chart (ex, Kinross is at 27).

http://gold.prime-tass.com/bulletin/analytics/show.asp?id=8872

NOTE 3 – LEASE OF MINING PROPERTIES

On October 11, 2007, Goldcorp leased its mineral rights on War Eagle Mountain to us. The mineral rights consist of 174.82 acres of land on War Eagle Mountain in Idaho, consisting of a 100% interest in 103 acres, and a 29.166% interest in 71.82 acres, plus an additional 44 lease claims obtained from the U.S. Bureau of Land Management. Under the lease, we are responsible for all mining activities on War Eagle Mountain, and we are obligated to pay Goldcorp annual lease payments of $1,000,000, payable on a monthly basis, a monthly non-accountable expense reimbursement of $10,000 during any month in which ore is mined from the leased premises, and a royalty of 15% of all amounts we receive from the processing of ore mined from the properties. The lease provides that lease payments must commence April 1, 2008, but that we may extend the commencement date to July 1, 2009, in which event the lease term will be extended by an equal amount of time. We currently expect to begin actual operations in October 2009.