They have a high grade resource of circa 10 Mt at 55% Fe which...

They have a high grade resource of circa 10 Mt at 55% Fe which will give a mine life of say 5 - 6 years at 1.5 Mtpa. With a payback time of around 12 months at current prices (maybe less, maybe a little more). There are a lot of lower grade resources at the site which is why the larger plant has to be factored in to keep operating costs per tonne of product as low as possible with the better economy of scale.

When I first started work for Sons of Gwalia many years ago they were on a great deposit and had no 5 year mine plan - didn't even know how much gold they were going to produce next quarter! If they hadn't hedged themselves into a corner they might still be afloat.

The point is that it is in the interest of RHM to make the announcement to get the share price up. And I don't believe it is a pre-feasibility study. They don't take this long to complete. They will be producing a document to obtain financing or an end use partner to fund the project (my preferred option to minimise risk) or a combination of partnering and equity injection. Either way a higher share price, smaller capital raisings and reduced risk are beneficial to us all. Gently, gently catchee monkey (in this case a gorilla financially).