EG,  if the tax structure is the same for Liard, I agree it shoud be similar.  I had forgotten that Liard might pay taxes.

However, dont you think that the stream of cash flow coming from Liard is less risk?  Why discount it 8%?  

I think this stream of cash flow should be calculated with a lower discount rate which would increase the total npv of the project.

IMO

MoneyK