G.

There is nothing wrong with your argument. As a conservative person I would

- stick with 50,000 tonnes/yr production (even though management said they would aim for 100k/year). This would reduce the required Capex and get the kinks out of the system. Also, you don't really want to flood the market with the stuff with an over-production. If there is a demand then this could be ramped up quite quickly. I am assuming no contribution from the West pipe (ya, kind of vconservative). This is what I would keep in the back pocket and pull it out as required. 50k tonnes per year would stretch the 13 years to 26 years of operation. So, there would be no need to even talk about the West pipe (still in my back pocket).

- I would also reduce the $10,000/tonne profit to $5000/tonne (conserrvative again!).

With the above conseravative assumptions the profit would still be 1/4 of a $Billion (still a very nice number indeed). I would be prepared to hit the sell button for 1/2 of my holdings @ $20/s; turn off the computers; take a 4-month vacation in the Caymans and let the other half ride to whatever SP...this "freak of nature" wants to get to. Right now it's at $4.71/s.

BTW, this deposit can be developed by aiming at the top layer (say to about 300-400m deep) leaving the deeper layers until later. In other words, do the lateral development first for both East and West pipes and let the universe unfold itself at depth (underground mining, ...block caving?)

Cheers,

gold hunter