RE:GO UP !!!!Pretty interesting news release - lots of quality content. It's now not so much a "phased-in" approach starting with 50k ounces per annum (pa) and building up to a 100k ounces pa operation they are planning, but rather a " phased-out" approach where they start at 100,000 ounces pa for the first five years and then drop down to on average slightly less than 60,000 ounces pa for the balance of the 4.4 year mine life, based on the newly establish reserve of 750,000 ounces. They say they will stop mining altogether at year 5, and use lower grade ore (that was mined and stockpiled during the first 5 years) to mill during years 6 to 9.4. Now, nobody is going to build a plant with a 100,000 oz pa capability and only use it to produce 60,000 oz pa if they can help it, nor would they expend an additional USD80MM in capex to build the new plant over and above the USD 45MM 2016 Feasability Study capex, only to derive an additional $74MM in after-tax NPV benefit over an above the 2016 Feasability Study after-tax NPV of USD 152MM (at $1530 pog) if they can help it. So what they are really saying, and they do say quite explicitly, is that in their view it is going to be relatively easy to find an additional 250k oz of reserves from the 1.15MM oz (and in particular the 575k oz in the oxides) from the Inferred Category. They engage in great pains to discuss how with a little extra drilling they can add Reserve ounces ( and also based upon what they are call a high "resource to reserve" conversion rate of 84%, which I have no idea what it means, other than I take it to be a good thing). The most recent example was the recent Phase 1 and Phase 2 drilling campaign, where over a relatively short period of time, months literally, and relatively low cost per reserve ounce, they added another 250,000 Reserve ounces taking the reserve from 500k ounces in the 2016 Feasability Study to 750k ounces in today's Feasability Study. So if they can upgrade or convert Inferred ounces to another 250k of Reserve ounces, which they say they plan to achieve by restarting of drilling in H2 of this year, then we get to our 1MM of Reserve ounces and get to 100,000 ounces per annum over a 10 year mine life and probably pushed out even longer....Anyway, as it now stands even without the extra 250k ounces of Reserve, we currently stand at 750k Reserve ounces and an after-tax NPV of USD 226MM or ~ CAD 300MM, which is pretty impressive for now. At a 1MM ounces of Reserves and 100,000 ounces per annum over a 10 year mine life, the after-tax NPV starts to become very, very impressive ! And if this Kobada concession really starts to deliver ounces through further exploration over time, then it really starts to explode ! Nice to read this detailed, professional news release, no hype, just facts from expert mine builders.