Interestingly, the fact that the EA / permit process is based on an old number in terms of metric tonnes of ore to process and pilt in tailings, the fact that the resource continues to grow becomes irrelevant on one sense. That is to say that if the EA process is based on a particular number, then mine life based on permitted tonnes is a huge understatement.

I expect that the Ful Feas will be based on teh full resource at the time of publication. This means that mine life and tonnage will be larger / longer than what is being permitted. This is not a problem, as Tyhee will make applications for more tonnage once the mine is up and running, and Tyhee can stuff some tialings into empty shafts after ore has been removed. But in the end, we must keep clear that the mine life based on tonnage under the EA process may be as short as 7 or 8 years.

I expect that Tyhee will change from 3,000 tpd to more like 5,000 tpd, and use an annual figure of 182,000 tonnes. At 3 gpt, that would be 176,000 oz/year. However, if gold prices are higher, then Tyhee would be wise to blend in more of the 0.5gpt bulk ore from open pits and save the higher grading underground ore (>3pgt) for times when gold prices fall. This would result in less oz/year but longer mine life and more gold produced overall.

I think that the tonnes per day figure (3,000 or 5,000) is key, as the higher number gives Tyhee more flexibility to process more of the "waste rock" which contains gold down in the 0.5 g/t range.

SKELLIG