doubles reserves, page-7

While it may be commercialised on paper, it may yield a different result in reality. Hence the requirement for a big margin.

Have a look at PRU's feasibility study for Edikan (formerly called Ashanti)

http://www.perseusmining.com.au/aurora/assets/user_content/File/ASX%20300709%20(Ayanfuri%20DFS).pdf

They forecasted 494$/oz using a grade of 1.2g/t. We know now they are near unprofitable at current gold prices.

If a financier wanted to stump up 130m+ for PXG why not just buy into PRU who IS already producing at 1000$/ounce. Their market cap is only roughly 115m atm.