questions and answers, page-6

ivPaul - just checked the initial CRC DFS announcement from 30 Nov 2010 and it quite clearly states that the NPV is a pre-tax NPV.

Now your post-tax NPV calcs may well show the NPV to be near zero, but that's OK in my view so long as the pre-tax NPV is positive it means that the company will not lose money on it.

Any small project like this you just need to show that you won't lose money so you can get up and running and then grow your resources as you go and extend your mine-life etc - that is where the NPV upside is and that is the nature of gold mining.