Not exactly small cap, but has had a huge SP decline, remeber...

Not exactly small cap, but has had a huge SP decline, remeber Andean (AND) ? Check out this announcement.

Current SP $0.47

Andean Resources Ltd.: Release of Cerro Negro Pre-Feasibility Study Results
FREMANTLE, WESTERN AUSTRALIA--(Marketwire - Oct. 28, 2008) - Andean Resources Limited ("Andean" or "the Company") (TSX:AND)(ASX:AND) has completed its Pre-Feasibility Study ("PFS") of its 100% owned Cerro Negro high-grade gold and silver project in Santa Cruz Province, Argentina. The PFS was completed based on the previously released gold and silver mineral resource estimates at the Vein Zone and Eureka West deposits. Ausenco Services Pty Ltd ("Ausenco") compiled the overall report and supervised the metallurgical testwork and process plant design; Micon International Limited ("Micon") was responsible for the mineral resource estimates; and Mine Development Associates ("MDA") was responsible for the mineral reserves and the mining study. Highlights of the PFS include (all currency in United States dollars):

- Probable reserves of 7.2 million tonnes at 6.4 g/t gold and 75 g/t silver for 1.5 million ounces oz of gold and 17.3 million oz of silver and the PFS excludes the additional inferred resource of 0.7 million oz of gold and 4.9 million oz of silver (based on NI 43-101 and JORC compliant resources announced in October 2007 and April 2008)

- Projected annual production of up to 350,000 ounces of gold per year

- Expected low average cash cost of production of $198 per ounce (after by-product silver credits), making Cerro Negro one of the lowest cost undeveloped gold deposits globally

- Robust internal rate of return ("IRR") of 40% (post tax) on initial capital investment estimated at $281 million with a projected payback of capital in the first two years of production

- Net present value ("NPV") of $246 million

- For the first three years of production, net free cash flow of $170 million per year (post-tax)

- Significant upside remains;

-- to convert 336,000 ounces of inferred gold resources to indicated resources at Eureka to improve potential overall project economics;

-- to optimize gold and silver recoveries from the Eureka ores through additional testwork;

-- to use more cost effective mining methods such as sub-level stoping supported with an improved geotechnical model;

-- further exploration potential at Cerro Negro

Probable reserves of 1.5 million ounces of gold and 17.3 million ounces of silver