Ann: Corporate Presentation , page-2

This is a very impressive and thorough presentation, well worth the read.
I believe that Phil has been faily conservative with his forcasts which will make it much easier to meet or exceed predicted earnings. There is also plenty of room for extending mine life by increasing reserves.
I was particularly impressed with the forcast EBITDA of $41.9m in 2013 and $46.6m in 2014.This will produce a very impressive PE for a company with a market capital of approximately $130m