Ann: Maiden Ore Reserve - Al Hadeetha Copper-Gold Project, page-2

"Commenting on the maiden Ore Reserve, Managing Director, Justin Richard said: “Following the upgrade of the Washihi copper-gold resource statement in September, and in light of recent feedback from the Mining Authority, Alara are pleased to confirm an Ore Reserve for the Al Hadeetha Copper-Gold Project, underpinning a 1 Mtpa copper concentration plant over an initial 10-year mine life.”

"Regulatory - Alara is currently compliant with all legal and regulatory requirements. All government permits, licenses and statutory approvals are either granted or in the process of being granted. "

Operating costs of $26.95/t are underpinned by local costs, local operators and test work showing good recoveries with minimal quantities of reagents. A Copper price and Gold price of US$5,593/t and US$1,200/oz respectively were adopted as the base case for the financial modelling, which showed t"hat the Project will deliver a Net Present Value (NPV9%) of US$39 million (AUD$52m)and an Internal Rate of Return (IRR) of 26%. Total preproduction capital cost is estimated at approximately US$50 million, including mining, processing, surface infrastructure and working capital"

I havent got time right now to get my head around the numbers, but a pity there was no mention around mine commencement timing ....