Ann: COMPANY UPDATE - MANAGEMENT Q&A, page-68

And that is just the medium term target from Cascaval.
Add in Antena, which they said today could be producing by the end of the year, funded from Cascaval sales,
Sertao (average of 29gpt, open-pit),
and Elisio.

Worst case scenario the proposed JV goes ahead with the original JV terms - 30% Orinoco - but it should be noted that the JV has never been executed, discussions are ongoing and today management said "we think a potential strategic alliance with AngloGold could be a win-win for both companies, but we must ensure shareholder value is maximised first and foremost".

Obviously they wont release details while the negotiations are ongoing but when they are finalised it could be a massive SP catalyst.