I think to the lay investor, the PFS did not have the appearance of being stellar. However the study actually demonstrated that even under conservative estimates, the project was still economic. I defer to Dr. Webb's answer to my question related to the PFS in the interview that I conducted with him in 2010.

1. In July of this year (2010), the company released the results of its pre-feasibility study (PFS). Please talk about the significance of that, its results, and the next steps that the company is going to take.

This is very significant as it demonstrates economics to a high degree of confidence. There are many other non-producing companies out there, many of these have resources (no economics considered). Not many are dominated by measured and indicated resources (the highest level of confidence), and less than half of the non-producing junior golds covered by Canaccord have reserves (demonstrated economic viability). Companies with reserves tend to trade at much higher multiples on a per ounce basis than those with only resources.

This is one step in advancing to production. The next steps would be to complete a Feasibility Study, permit, finance, construct and commission production.