Below is text from 604DD, in his report to the board, after talking to Elmer at the VIRC show on January 22, 2013:

"...They have been working closely with the provincial and federal government on an ongoing basis so any issues will have a recommended solution in the report. The 30 day review period is for the government to make sure that CUU has submitted and fufilled all the requirements for the EA report. After this it could take up to 180 days for the government to approve but according to Elmer's experience the government can also have delays. He expects the EA report to be submitted in the first quarter of this year. After receiving EA approval this would de-risk the project. They could actually lower the discount rate from 8% to 5% or even 4% which would make the IRR way higher. ..."

Elmer is quoted as saying "he expects the EA report to be submitted in the first quarter of this year". This quote is very recent (Jan. 22, 2013). End of Q1 is March 31, 2013. I hope the EA application is almost complete and ready to be filed in the next 2 weeks.

The earlier we file EA, the sooner we will get our certificate and have the SC project de-risked and our discount rate would go down substantially to 4-5%.