I think your numbers are close to the mark,the hedging is far...

I think your numbers are close to the mark,the hedging is far less than you state and there will be bank debt to repay,say $10m over the initial mine life.
We now have,in GTM, a 100%controlled emerging producer in an environment where gold is at a 5 year high,looking explosive as the $U.S.weakens under appalling trade deficits and unaffodable war efforts,which produce zilch for America.
There will probably be more dilution as this takeout funding is secured.Then I would like to see a consolidation,say 1:3,to tighten the stock up ,just pre-production,so that it establishes a 20c plus pricing,which I feel sure it will conservatively warrant.
Not only is this old PEKO country controlled by GTM,BHP are after a 70/30 jumbo,spending millions,free carried to GTM.
The Warrego plant is BIG,so plenty of add-on capacity,when they discover surrounding ore in this high grade district,surrounded by juicy targets.There are just a handful of Aussie producers left,so GTM,will stand out as a great regional exploration play,supported by cash flow for many future years as they progressively add to reserves.Starting off with a plus 1/2 oz. orebody is going to tempt some gold suitors,in early 2003, who see most of the hard lead work done,particularly if undervaluation persists....SEARAY