"using spot prices = 58 cents per share target."Which is...

"using spot prices = 58 cents per share target."

Which is certainly one of the conservative elements of the 34-37c target, especially as futures have gold going (mildly) higher.

Also, they estimate sales commencing in 2013 of 23,000oz.

Managemnt thinks gold prodution will start in late-2012.

Either the first year will be VERY slow, of this is another 'safe' assumption, which (due to time-discounting) would have a very significant effect.