Ann: Positive Urucum Underground Pre-Feasibility Study, page-17

"How do you go UG for 18 mil ?? I suspect that this figure even the LOM 7-8 Years Cap ex of 34 mil is very low"

The plan shows they are using the pit road instead of having to put in a box cut to get down to the portal , so say 75 meters depth * $6000 a m * 8/1 grade = say a saving of $3.6M in drive cost or guessing $2 M if a box cut had been put in .

250 metres vertical depth to the high grade ore 250 * $6000 * 8 grade = $12M
$12M + $3.6M = $16M

just guesstimates of course