Ann: Operations Update - Brazil Site Visit Completed, page-17

I think that for Cascavel make money it would require a new mining method concept considering the current average grades, due to Brazil low mining costs a marginal profit could be possible, but it is almost marginal for Underground gold Mines. With a new mining method and also Leaching process being incorporated to the treatment plant, the recovery can get high, I would expect something between 90% to 95%, in this case, it can be marginally profitable.
Looking at the historical performance and also the capital required to make it happen I would say that IMO it is very unlikely to make Cascavel profitable unless the operation is completely stopped so expenses go near zero while a proper Scope study and also a PFS is done for the project, although I believe that OGX tenements have potential but management should act fast before they lose it as debt repayments.