The study refered to below is a few years old, but the cost of a FS for an open pit mine is approx 4.6% of the projected cost. $162 million x 0.046 = $ 7.5 million + HST? ;) Had to throw that in for you Cdns. The recent PP if fully subscribed would come very close to covering this. Not sure of their cash position prior the PP or their fixed monthly burnrate.

If warrants are exercised early, they could have enough cash to carry them through to permitting and financing. Would not rule out another PP right after the FS though. A BFS could even attract a suitor in the form of a JV or even a buyout at a premium.

We can only hope that we are dragged along as respected shareholders to the mine stage.

During mine construction the shareprice may stagnate.

www.infomine.com/.../docs/InternationalMining/Harper2008a.pdf