From 2009 NI 43-101 report on Magino... IRR of 11.3% with gold at $350/oz... Now obviously much higher... almost $1,000/oz higher...

"A scoping study was performed to determine the economic viability of the project using the block model data and estimated costs for commissioning and operating a open-pit mine with a mill throughput of 7,500 Tons per day. The scoping study indicated that at a gold price of US $350 per oz and using a cut-off grade of 0.025 oz/t Au, the property had combined proven and probable reserves of 20.5 Mt at an overall average grade of 0.050 oz/t Au (18.6 Mt @ 1.7 g/t Au). Discounted cash flow indicators from that study showed a pre-tax internal rate of return of 11.3% and a net present value of CAN $32 million at a 5% discount rate. The decline in the price of gold to the US $265–275 level in the late 1990s obviously nullified these economic analyses."