Gilmar,

Thanks for posting this link to the new Roth report.

Their estimation of 23M tonnes ore @ 4% = ~1M tonnes graphite looks reasonable, and may be conservative assuming only the East pipe. Anything coming from the West pipe would be gravy on the top.

Roth's approach is a prudent way to do an estimate given the available data to date (rather than having a run-away prediction which may be detrimental to the SP if the NI-43-101 report could not meet the high expectation). My crystal ball says that the 101 report would come out with this kind of number.

Assuming that the production is 50,000 tonnes/yr (scaled down by a factor of 2; let start small first...to cut down the Capex requiremnt and to avoid flooding the market with graphite) and a profit margin of some $2000/tonne. Again, no run-away revenue prediction just to avoid potential disappointment; 50k x $2k = $100M/yr profit over 20 yrs (1M/50k/yr).

A profit of $100M/yr for 20 yrs is excellent for ZEN, and it's nothing to sneeze at, imo. Any improvements on the size of the deposit, the grade, the purity, the profit margin, and the market demand for our products (production can be scaled up to meet market demand) would bring the profit numbers up above this baseline of $100M/yr.

goldhunter