Value Microcaps Motherboard

[Growth And Value]

GLE : I think it's a great buy!

With the price of gold continuing to go up (Currently $660.50 per ounce), GLE makes about $290.00 net profit per ounce. Profit per ounce will also increase as the new mines are more efficient than the 1 older mine.

With the 2nd new mine now in operation, (total of 3 producing mines) gold production in 2006, should be 100,000 to 120,000 ounces.

If we use 110,000 ounces as a reasonable estimate then,
110,000 * $290 = $31,900,000 net profit
divided by / 240,301,000 shares outstanding = $0.13 EPS

Current price $0.63 / $0.13 = 4.8 P.E.

Sales growth was 121% for 03/31/2006 qtr vs 03/31/2005.

The growth in gold production will continue as they are beginning to work on a 4th mine in Panama that they will own 60% of and that could add an additional 36,000 ounces per year.

A new institutional investor now controls 23.141 Million, or 9.63% of the oustanding shares as of the 13G filed on 07/06/2006.
11-3694007
QVT Financial LP

527 Madison Avenue, 8th Floor

New York, New York 10022

Delaware Limited Partnership
http://www.sec.gov/Archives/edgar/data/1290162/000119312506146032/dsc13g.htm

Institutional investors now own 47.34 Million shares, or about 20% of the outstanding shares.

http://moneycentral.msn.com/investor/invsub/ownership/ownership.asp?Symbol=gle