"We know from Fung that the plan is to have a mine life of 15-20 years."

If he was talking 22M oz then qty 7- 20kt/d modules will be required. Extrapolating SNC Lavalin's expansion numbers from the report Sept 26, 2005 - "Crystallex Announces Capital and Operating Costs for Expansion of Las Cristinas to a 40,000 tpd Operation", Kry's share of the mine cost will be $490M.

IMO, here is the NPV/sh for Kry, for a buyer, based on these assumptions:

1) 514M O/S...included in this number is 100M shares representing 19.9% KRY that CRRC should acquire as a hedge for assuminmg 100% of the risk of mine construction
2) $34M net note facility debt after CRRC 100M share acquisition credit and KRY existing equipment credit
3) construction cost $300M initial 20kt/d module plus $25M equipment: KRY prorata cost 1/3
4) construction cost $150M each additional 20kt/d module plus $25M equipment: KRY prorata cost 1/3
5) 8% discount rate
6) production start in 2 years
7) $1150/oz spot gold
8) $340/oz mine cost
9) mine cost to be repaid in equal payments from production proceeds over the first 5 years of production at the discount rate

Regards