Correct me if i am wrong

But I was looking at NDM's Pebble project info with regards to recent environmental problems....look at the cut off grades they are using...Pebble West 0.30 and 0.70 (compared to ARU's 2.3!)

The difference when using 0.30 (31.3 mm oz) and 0.70 (9.1 mm oz.)

Just shows you the potential we have when playing with the cut off numbers

Micon's report only used one mining method for the entire deposit (long-hole open stoping) and cut-off was based on that. According, there was quite a bit of mineralization left out to the South since it all had to conform to a mineable shape in order to be included. Per ARU's presentation, they currently expect that Phase 2 (southern portion) will be developed using a bulk mining scenario, which would likely have a lower cut-off. It is still early days and they have a lot of work to do to the south to figure out smartest, most economic way to develop. Doing Phase 1 (probably by long-hole open stoping) first will give ARU the luxury of time and money to carefully plan Phase 2.