Ann: Ironbark Presentation , page-5

According to the feasibility study, costs are 90clb operating cost 68c and smelter fees 22c i would rather believe the study. They would be losing money now, not making it as they have stated. the study has smelter fees at 22c which contrast with the ones you have presented at 12c

Highlights of the Citronen Feasibility Study are:
? NPV US$609 Million (US$354M post tax)
? IRR 32.0% (22.2% post tax)
? Equity Return 37.9% (Geared NPV after tax)
? Capital Cost US$429.3 Millionin contingency (US$484.8M with First Fills)
? Operating Cost US$0.68/lb Zn (Payable, Net of by-product credits, Years 1-5,
Smelter fees additional US$0.22/lb Zn)
? Mine Life 14 years
? Life of Mine Revenue US$5.65 Billion
? Life of Mine Operating Costs US$3.42 Billion