However, keep in mind that the average grade being mined by the top 10 mining companies is 1.7g/t. This number has been decreasing for years and is one of the fundamental basis for gold's ascent. Processing costs for gold projects of this type range from $30 to $50 per ton so there is lots of room for profits here. If we do indeed have 2M ounces of gold at T1/2 alone grading 2.5-3g/t, then we will be in good shape. I am very happy the company is concentrating on resource definition in this area as that will get a solid floor under our share price from where we can explore the rest of our very large holdings, some 25k hectares!

Glorieux