dowling gave a presentation at the mining conference in florida. they are beginning the construction of copler, and expect it to take a year, becoming cash flow positive in the 2nd quarter of 2010. this company has overcome all kinds of obstacles, and yet it still sells for $2. they avoided the environmental problems that shut down el dorado gold, they didn't have any permitting problems with the turkish government, they managed to raise both debt and equity capital on good terms in the middle of the worst credit market in ages, and they lowered their estimates on both the construction of copler and the expected cash costs.

all of the risk issues have been overcome, except the construction of the copler mine itself (the primary crusher is the critical item) but the market doesn't seem to have noticed. this is a 6 million ounce deposit that is still open, and with a production cost of $260/oz copler is going to be a very profitable mine.

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