ann out high grade santa area intercepts, page-8

From there 8/2/11 presentation:-

Phase 1 Feasibility Study* vital stats (at $A1250/oz) :
# Pre-Tax Operating Profit of A$192M
# Net Pre-Tax Profit after Capital of A$128M
# Capital Cost $64M
# IRR 71%
# Initial production of 90,000oz pa
# December quarter cash cost A$529/oz and expected to reduce on full production


I have serious doubts about these numbers??

How can they have a pre tax operating profit of 192 million when even at the highest production rate at 140,000/oz they can at best make a pre tax profit of 126 million???

Sure beats me???