FYI if we lose 45% in the IO contract price then its simply back...

FYI if we lose 45% in the IO contract price then its simply back to 2007 levels. Take a look at the 2007 BFS which was based on "2007 IO CONTRACT PRICE". You will see GBG remains very attractive, espicially at these levels.

Our greatest risk is EPA approvals. Hopefully we get an update next week once the placement is voted upon.