CAPEX of $175 million (Aud) minimum I would say and that is only...

CAPEX of $175 million (Aud) minimum I would say and that is only developing 1 deposit first. 2 mine developments would likely take that up to $200 million minimum and there are some additional costs that are a bit uncertain such as water delivery. Precious metals credits are going to be small and that is an issue. PEX needs to factor in a period of mining and trucking to fund a stand alone plant with cash flow. The realities of the Cobar Basin are that base metal only operations are marginal unless you have high grades or a cheap mining option. Mallee Bull and in particular Southern Nights-Wagga Tank are not high grade when taking into account the resource estimate, however Southern Nights is shallow and that could get us over the line. The Hera plant may have considerable spare capacity to treat PEX ore in as little as 2 years time and we need to talk o Aurelia Metals.