Question for those that may have more insight to $/lb:

Aura Minerals released a feasibility study today. However, they used $3.00/lb vs our NR stating $2.5/lb.

AURA

The open pit design developed for calculating reserves is based on $3.00/lb copper and $1,250/oz gold prices, 84% recovery for copper and 65% gold recovery. Although the Company believes the magnetite asset has potential economic value, it is not included in the reserve calculations. The reserves shown below are calculated based on industry standard pit optimization techniques, allowance for pit slope criteria, ramps and detailed pit designs

http://www.auraminerals.com/Theme/Aura/files/15%20-%20Press%20Release%20-%20Serrote%20Feasibility%20Study%20-%20September%204,%202012%20-%20FINAL_v001_g81tvb.pdf

Today's CUU NR:

Recoverable copper equivalent calculations are based on 88% of the copper content plus 81% of the gold content, 72% of the molybdenum content and 71% of the silver content. Metal prices are copper $US2.50/pound, gold $US1,075/ounce, molybdenum $US17.00/pound and silver $US16.10/ounce.

And the CUU RE2 States:

The calculation of the copper equivalent is based on Tetra Tech long-range metal prices.

Cu1 = (cu_ok*2.97*22.0462) where Cu metal = $US 2.97 per pound
Cu2 = (mo_ok*0.609*16.80*22.0462) where Mo metal = $US 16.80 per pound
Cu3 = (au_ok*0.706/31.1035*1256.00) where Au metal = $US 1,256.00 per ounce
Cu4 = (ag_ok*0.434/31.1035*20.38) where Ag metal = $US 20.38 per ounce

Galore Creek

As a reference, Galore Creek's PFS uses:

Base Price Case metal prices are US$2.65/lb Cu, US$1,100/oz Au and US$18.50 Ag and foreign exchange rate of 1.11 CAD/USD.

The mineral resources are contained within a conceptual measured, indicated and inferred pit using metal prices for copper, gold, and silver of US$2.50/lb, US$1,050/oz and US$16.85/ozrespectively.

Appropriate mining costs, processing costs, metal recoveries and pit slope angles developed during prefeasibility were used to generate the conceptual pit. Tonnages are assigned based on proportion of the block below topography. The overburden/bedrock boundary has been assigned on a whole block basis.

http://www.novagold.com/section.asp?pageid=19049

For the conceptual method, it makes sense to use the latter numbers. But the Base Price Case is where I'm looking for clarification? Especially when looking at our $/lb for our RE2?