1. Zara JV with Dragon Mining: A 69% stake in the Koka project in Eritrea. It has a 1Moz resource at an attractive grade of 6.3g/t, and the orebody is still open.
2. Nyanzaga JV with Barrick Gold:The Tusker gold deposit remains at the indicated/ inferred level with resources totalling 4.5Moz of gold grading 1.15g/t from 123Mt of ore. SBS has a free-carried stake of 30% to the point of feasibility study. This is a very low grade gold resource but the large size of the deposit will likely justify development at a higher gold price.
3. Lake Victoria JV with Currie Rose Resources: Targeting a 1Moz deposit.
4. Nyakufuru JV with Resolute Mining (<70%):>Resolute is earning up to 70% stake in this project. So far they have identified a 200x800m gold anomaly.
The company has 501 million shares at 7c worth $35million. It has $2.3mil in cash as well as equity interest in Sunridge Gold Corp worth $A12.4million. The market appears to be attaching little value on the company's gold interests. I do not however believe these values are out of place with the generally subdued pricing for junior gold stocks. The Zara gold project is a very attractive project and there is exploration upside here. This season SBS added to 250,000 oz of resources to this project. There are some very high grade zones.
For further info on this stock see Google Finance or my discussion forum.
Andrew Sheldon www.sheldonthinks.com