Ann: Korbel Gold Project Starter Pit Scoping Study, page-315

@GMoney79

Replying to your peer for the IRR post:

I won't be as condescending as tj109.

These metrics seem to be all Post Tax IRR in your above examples. I wonder what the post tax IRR would be for this deposit if the pre tax is 20%?

For such a large deposit, to produce 122ktpa seems a little disappointing. While Estelle may be viable and much more profitable long term, it will also cost more for capex and opex to achieve these multiple deposits vs a single large deposit. I can understand a very large deposit having a lower IRR, since post payback you'll have substantial revenues to offset the long capex payback.

With Korbel as it stands, post payback, the annual production looks very disappointing.I won't say Nova is dead in the water, but management spent a lot of money on Korbel for little return, IMO.

I don't feel confident that they will use my money more wisely than another company in a similar position(pre production). I hope they realise their errors, but I looking at their correspondence posted here, I doubt it. I'm still interested to see where Estelle goes, but not the current Korbel deposit, or management.