Disco StuBFS means that this is what they show to the banks to...

Disco Stu

BFS means that this is what they show to the banks to get them to loan funds. Not sure about FS. I assumed it was the Canadian equivalent term for BFS, as PVM is using it to get funds for the project.

The Canadians also have a PEA, preliminary economic assessment which they undertake prior to doing a FS. EVR did one recently for their Burkina Faso project.

GRY has around $64m in cash at end March. They already have a 4.9m ounce resource and are likely to find a heap more ore within trucking distance of the proposed plant site. The one 1 million ounces you refer to is just the defined reserve, enough for 6 years of production at 150k ounces pa.

I think GRY's project is fine and would get funding if the POG was now around USD1600. Obviously there would be a need to have a hedge, just like most other borrowers for new projects. At a gold price of USD1300 I doubt they will get the funding on reasonable terms, although the project is still net positive.

loki