While we're waitingA lot of you know this, but for those that don't:
HISTORY
Discovered in 1987, the Tuvatu gold deposit was “fast-tracked” to development in the late 1990’s by the Emperor Gold Mining Company as an additional source of high-grade feed for its mill at its nearby Vatukoula Mine. Over US$20 million in expenditures were incurred in the initial exploration and development of the deposit. By mid-2000, work completed included over 80,000 meters of drilling (60,000 meters of core and over 20,000 meters of reverse circulation), completion of a 1,630 meter decline, bulk sampling and test mining, metallurgical testing, reserve and resource estimation, mine design and optimization, and completion of a feasibility study (FS or historical feasibility study) in conjunction with Bateman Engineering. A preliminary mine plan was developed based upon production of 80,000 oz. Au per annum at a rate of 400,000 tonnes per annum, with overall operating cost estimates of A$67.81 (US$37.47) per tonne or A$317.91 (US$185.02) per oz. (based on year 2000 average conversion rates of US$0.582 to A$1.00 and average gold prices of US$279.11 or A$480.06). The FS concluded that the project was profitable, even at what was then a challenging economic environment for commodities. Further deterioration of gold prices however, led to the project being placed into care and maintenance in late 2000."
______________________________
Of course a lot has changed since this 'ancient' history of 15 years ago, including the resource estimate going way up. The US dollar has gone up 50% from inflation since then so that would put their operating cost at $300 US per ounce (which would be unbelievably cheap-$600 would be cheap. They were basing their 80,000 oz per year on milling twice the tonnage than the mill LIO is ordering can handle, but it doesn't mean Lion can't pick up another modular mill (or 2) as needs be.
Lets all hope this 20 year "old" non compliant 43-101 feasability study is even partially 'compliant'.
I still can't believe the cheapness and low trading of LION. Guess I'll have to buy more tomorrow. Somebody may as well do it.