Ann: Extensive Base Metal System Beneath Bowdens Silver Deposit, page-11

I can't see how it can possibly work at this silver price, even with the previous opex estimate. By my rough calculation it needs somewhere in the vicinity of $20-25 to pay off its capital costs.

But let's wait and see what the feasibility study comes up with. If they're currently saying early 2018 then expect it sometime around mid-year!

G&A costs are high because they've got about 30 people on site from all the resource drilling they did. I don't mind drilling for resource extensions, particularly chasing a porphyry, but my personal irritant is the large amount of money spent basically re-drilling the same deposit for minimal increase in silver. The only real increase in AgEq was due to changing the constants in the AgEq calculation due to changed metal prices. It's a lot of money spent to basically just confirm the previous companies' geological modelling work.