The feasibility study is expected to be completed in the 1st quarter of 2012. The feasibility study will include an updated geological model, resource estimate, reserve estimate, revised capital cost and operating costs estimates and other technical, socio-economic and financial aspects related to the feasibility study.

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Interesting eh. As far as the RE this will be the 2011 RE. But new model and reserve estimate is what I'm interested in.

What people still don't undertsand is that in the 2011 RE, has yes less resource, but more reserves.

The cost can't be the same because Elmer excluded the lower grade 2008 Liard resource from the 2011 RE. (in reality it's all still there). The new RE was geared toward maximising the economic return/benefit of the Schaft CReek deposit over the life of the mine.

The new revised RE due BY Q2 will only make it that much better.

Payback
Stewart’s approach is how best to maximize short term returns by maximizing the cash flow from the mine over the first ten year period. Doing it this way and by concentrating on selected zones where much higher grades (essentially a starter pit) of 0.7 to 0.8 percent copper equivalent have been found, a much shorter payback period appears feasible.