re: Ann: Phoenix to stage development project... Estimated...

re: Ann: Phoenix to stage development project... Estimated ounces from toll treatment (using mid point figures)

45,000 ounces at 1350$ AUD with 27.5% margin = 16.7m$ per year. Minus the initial capex of 8-10m and you won't get much. Probably pays for admin and gives a little for development studies. Can't see it funding the whole operation.


How on earth do you get the idea that the heap leach is pre-plant construction?

The heap leach is AFTER stage one. Go read the heap leach operation on page 10 carefully. They need the stage one to be built first. Stockpile the low grade, THEN build the heap leach to process the low grade.

The staged approach just gives them some extra cashflow to minimize capex but it won't pay for much...unless they plan to toll treat for many years. All hinges on Norton and gold price.