ZEN has never released the IRR. However, using the data ZEN provided, Takenotes has put together a DCF model and being conservative, the IRR is still over 100%.

Exactly. The numbers were provided in the 43-101 and the same Company is doing the PEA. AE has stated that nothing has been found that would chnage the model that this is a high purity low cost project. Given the staggering IRR Takenotes model provided there is actually a lot of room for lower sales price and higher costs and it would STILL be one of, if not THEY, best operating mine margins in the world. And all indications are the $8500 assumption price to date is conservative.

The Company has done the same calculations as Takenotes model (more detailed obviously); they KNOW what they have. Which is why we don't see a pump and dump here, they can afford to be patient and get all the players to the table so to speak.