A couple of things stick out with your numbers that may be incorrect when doing the math.

The first is the grams per ton figure of 1.13. That figure relates to $550 gold. The number listed for $800 gold is .90. I would have to assume that the number for $1200 gold would be even lower.

The other thing I noticed was that you only use a 20 year mine life when calculating 17 million ounces. The $800 gold price uses 22.5 million ounces. Again I would have to assume that $1200 gold would raise the reserves accordingly.

Fung has said the mine life would be around 20 years. How would $1200 gold at at rate of less than .90 for 25 or more million put us?

One thing I haven't seen mentioned is that KRY and CRRC are working on the most tax effient structure for the JV. Kry currently has over $300 million in losses to offset taxes.

The new cost analysis should be done before any deal is closed so we will have a real number to go by.

JJ