For a scoping study essentially managed in house it is of a...

For a scoping study essentially managed in house it is of a high quality and should be commended. These guys are not here for a haircut it’s a legitimate ‘will be a mine’ study. Just look at the NPV sens, they used a very conservative NPV8 estimate (most studies still get away with using 5%), what should they have done an NPV5 calculation and inflated the NPV figure by a couple of hundred million. The swan/swift pits alone will pay off the capex in the early years. Yes there are multiple satellite pits but the next steps are to make it bigger and progress to a feasibility study. The underground ounces are not included which again is another opportunity. Whilst there is no ore reserve there is upside potential with a lot of infrastructure in place and as I & others have said before when will GML see some sense and just merge with HRN. In the meantime we can look forward to another year of drilling to improve the economics and the quality of the report looks good enough to form the basis of the eventual f/s.