Hi Drugo, are you saying that using a reserve price of $2650...

Hi Drugo, are you saying that using a reserve price of $2650 makes a business more profitable, because it is just hoping that the gold price is actually that price when they 'finally ramp up' over the next 9 months?

What other business have you seen that actually moves into development and production based on a price for their product, that is above the spot price??? There is a reason gold producers use conservative numbers for their reserves, its because POG flucuates... plus, as you mention, cost pressures can quickly change what is actually commercially produceable.

Good luck with WMC. The upside is always impressive on paper, but... until they actually start making money, its just the same old Blackham.