My concern with the BMO cash cost estimate is that their annual production numbers seem way off. Our 2008 preliminary feasibility study estimated production of 212M lbs per year with a 100,000 tpd operation. How can BMO think we will only be producing 203M lbs with the feasibility study? This also conflicts with Copper Fox stating annual production of 600,000 tonnes of concentrate per year. No way 600,000 tonnes of concentrate only contains 203M lbs of copper.

My hope is that Elmer wanted to show these numbers because he knows he can improve on them. I'm just having trouble believing the cash cost number when the annual production number seems so far off.