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Major gold mineralising system shows continuity over one kilometre.

• Public Private Partnership with African countries whereby SMA has really aligned its interests with that of the African people and the plan is to roll out this concept beyond Guinea where operations are currently focused.

• Cracking drilling results coming from the flagship Mandiana-Magana gold project where a large bulk-mineable potential economic resource could be delineated.

• The management is made up of proven mine finders including John Prochnau, the founder CEO of Brancote Holdings and Hidefield Gold; and Exploration Director John Barry who has had a key role in a series on multi-million ounce gold deposits in Ghana, Tanzania and Mali.

• Peer group analysis of gold explorers in West Africa has revealed that on discovering the target JORC resource, SMA could attract an Enterprise Value £16.3 million which equates to 8.4p per share

Speculative Buy
Target price     8.4p

Key data
Price     4.63p
52 week high/low     10.25p / 4.50p
Primary exchange     AIM
EPIC     SMA
Shares in issue     195 m
Market Cap     £9.0m
Sector     Mining

Valuation
NAV / Share     1.51p
TNAV / Share     0.60p