Feasibility Study for undergroundDue by end of quarter. Only 8 business days left in the month.
I would think that if this is about to be released and the numbers expected to be positive it could have brought in some buyers. I don't know what they used as the base price of gold but my guess is that it was based on a much lower number than today's price.
End of 2010 cash balance at $220 million. SMF has operated for another quarter so there should be another $25 million added to the $220 million. The CAPEX for the new underground can easily be funded internally through cash flow.
Should see lots of new drill results over the coming months as well. A couple of new gold zones would certainly help the overall value and add a nice takeover premium.
I think that when SMF traded at $14 it had a takeover premium priced in but it has since disappeared.
Wes