what is npv., page-19

VIC,
I think the most recent quarterly implies that the Silver Hill mine train is leaving the station! Let me quote from the quarterly:

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The findings and recommendations from GRD Minproc were for a SIMPLER AND LESS CAPITAL INTENSIVE APPROACH than had previously been envisaged. This approach will only require a basic crushing, grinding and flotation process leading to the production of a concentrate and then bulk haulage to the port of Townsville for on-shipping to customers. In exploring the marketability of a concentrate we have engaged with certain interested parties, with our initial research showing that this concentrate will be highly saleable in a variety of markets and especially China, where strong interest has already been shown by a
number of smelter representatives. We have also had advice from experts in concentrate marketing who are confident that we will be able to close an off-take agreement as soon as we are in a position to confirm full feasibility and have authority to proceed to development of a mining and processing operation.

Other work concurrently being undertaken by our own internal team under the leadership of new COO, Jeff Innes, includes confirming estimates of technical performance, capital cost, staffing requirements, operating cost, product value and marketability, project profitability, environmental and social impact, project risks and managing these risks to ensure a sustainable and profitable project.

All of the work required to confirm the business case has been completed and there are early positive indications of the long term viability of the concentrate option. The Company believes that the approach being followed will help it to maintain a stable business that is lean and efficient, while accelerating the process of GETTING INTO PRODUCTION WITH THE MINIMUM OF CAPITAL INPUT.

More importantly, this approach would de-risk the Company against the predicted future volatility in the commodity market while providing VERY GOOD CASH FLOWS BASED ON A RELATIVELY MODEST COMMITMENT OF CAPITAL.
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The work described as 'being undertaken by our own internal team under the leadership of new COO, Jeff Innes' sounds a lot like a PFS, even though it doesn't mention PFS per se!