ml bulk commodity implied valuations, page-14

i think thats a good rule of thumb columbia.....but the way they have developed this project since 2006....i dont think it is unrealistic to expect a production start towards the end of 2009 and early 2010. its a tight time frame but we have truly outstanding management now....especially considering the demand for experience. The scoping study should get things moving and i presume its the start of the feasability study....as one report mentioned...20 mt would be enough to get into production...and we have 84 mt already and increasing. The hiring of a project manager has reinforced my opinion of early production, especially with his experience in the field. He wont be just collecting options in umc..he will be out to get this project up and running asap

pete