$450/oz or even $500/oz is well below industry average cash...

$450/oz or even $500/oz is well below industry average cash costs, which the Gold Yearbook estimates is now well above $700/oz. Total costs industry-wide were above $900/oz in late 2012. see:
http://www.kitco.com/reports/KitcoNews20130326AS_cpmCash.html

As Steve N. said a couple of months ago: "I think we have recognition in the market as owning a differentiated asset with low cash cost potential and much unfinished work in near mine site exploration."

Also, RED earlier estimated steady state cash costs of $340/oz, but these were revised upward. I think the new estimate was $450/oz.