RE: EEB and othersI think you are right. Compare Semafo to IAMGold which is trading over $10. IAM has twice the number of shares and produces 300K oz/year.
Semofo will be producing 300K oz/yearly by 2005 (according to their news) and has a small fraction of their market cap.
Semafo did hedge some gold to open their first operations but this was a much better option than share dilution for financing. Haywood has been accumulating Semafo for months now at $1, obviously with better expectations in mind.
We should know better when Semafo releases their quarterly update, due any day now.