bring back 2009 ?, page-28

Hi Sushi,

Granted, 5% is low, but I used this rate solely because I see upside in recovery, upside in g/t and upside in the price of gold. it is easier for me to tweak one number than 3, but you are correct. I could also change it to 15% and change other parameters to reach the same result as the value of the project itself will change, and thus, so will any prevailing discount.

I cannot for sure say what the final wash up will be for FY12/13, however, I have made my own estimates and that is what I came up with. This is not a precise art unfortunately, and if 10 people did the same activity, they would likely all yield different valuations.