Let's see- ((.75 oz/t x $1200) x .85)-$50 = $715 net/t. The .85 accounts for the 15% (.15) royalties to GHDC. And remember, you have to subtract $50 costs for each ton, not for each ounce. At .75 tons/oz, that's $67/oz costs.

So net $715/t x 50 t/day = $35750/day x 30 days = $1,072,500/mo x 12 = $12,870,000/yr.

Subtract $1M for lease payments, and you have a net of almost $12M/year. That's AFTER processing costs, after lease payments, after the 15% royalty.

Ramp up to 100 tpd yields 2 x $12,870,000 = $25,740,000/yr - $1M = ~$25M/yr AFTER costs.

200 tpd = $50M/year

300 tpd = $75M/year

400 tpd = $100M/year

And this is the "low grade" stuff?

And the market value of this company is $50M?