You are right Moxam. Sensitivity analysis is done towards the end of the BFS excercise once the base scenario (pit design, mining plan, main equipment and processing) is finalized. The sensitivity would test each scenario by tweeking metal prices, tax rates, energy costs and other variables.

But we are getting ahead of ourselves. The NR said that the info would be used in Sensitivity Analysis; it didn't say that the SA was going on right now or even the mine plan was complete. We aren't really given any clues that BFS is farther along than mid to late summer.

However, the loan and the rather small PP seems to say that something will be happening a little sooner since that cash will burn up pretty quick with drills turning, Mira, Aerials, and Titan + BFS.

GLTA

Feasibility Study
During the quarter, Tetra Tech advised that, due to manpower shortages and scheduling difficulties of staff, the March 31st timeline for completion of the Feasibility Study would not be achieved. The delay in completing the Mine Plan, a critical component in the Feasibility Study, has delayed the completion of the Feasibility Study until mid-late summer, 2012. The detailed mine plan is required to complete the economic analysis and sensitivity of the Schaft Creek project for the Feasibility Study. The results of the updated Resource Estimate will be incorporated into the Feasibility Study. The other portions of the work required to complete the Feasibility Study have either been completed or are nearing completion.