Hi Hoov,

You said..." I think the most important aspect of this news is that gravity recovery is an inexpensive process...... So, ore could be..... stockpiled for future ... processing. There's no rush to move to the environmentally challenging process of developing leach pads and cyanide capture technology, so it could be delayed until there is sufficient processed ore to make it all cost effective."

Would it be unreasonable to assume that such a cheaply 'concentrated' ore could be sold to a mill/heap-leach processor with spare capacity? Of course you wouldnt get the same price as 95% refined ore, but the trade-off is that you dont have to incur the high Capex and Permitting cost of putting in your own plant. It is quite possible that the margins would be around the same since the cost of gravity refining is relatively cheap. i.e. low gravity refining cost and low $value/ton, vs. higher refining cost and higher $value/ton. The difference could well be comparable.

Of course, it all depends upon the tonnage. The greater the amount of reserves, the more sense it makes to build your own plant. But this could be a source of financing for future drilling. Sell the gravity concentrate from the open-pit T1+T2, and use the money to drill and finance the underground bulk mining.

Brgds - BW.

P.S. I enjoyed our chat at the GAX booth. Thanks and see you in the summer. (Or ealier if you're ever this way.)