You are correct. The April 6/10 news release said they analysis/decision should be complete by the end of May. If the decision is positive, construction in spring/summer 2010. If they are on schedule, we should hear news soon.

Given that the private placement is oversubscribed (they have money), and gold is now $1200/oz, I would hope the economics are clearly positive. At 250 tpd, that would equate to approximately $1.5 million in revenue per month. I would assume costs would be low, since it is a pile of ore sitting on the surface. Just speculating, but maybe $1 million net free cash flow?

I guess the question is how much will it cost to finish the CIL circuit. Probably not too much, since they have stated all the equipment is purchased and on site.

Spencer