Re:Research Report is 4 months old and needs to be revised. Cash flows will be well of this estimate. That's why the stock is down over 75% year todate. Since this report, these experienced miners say they need another 15 million, have hedged more gold, if you are to believe it, in developing the EVBC in Spain. Even after April, they will only be at grades of 3.5%, thus the reason for only 60 000 ounces in calendar 2012. A far cry from the 100 000 ounces that initially said they would produce in Spain for 2012. Almost every single target or forecast that these experienced miners have set out to do in the last year and a half, have come up empty.