RE:not much reaction?Personally Tom - I am a little more on the disappointed side based on the current sentiment in the junior mining space. I have said it many times - only certain projects will make it in this environment. If AU had been consistently trading around $1300-$1350 range then the base case looks much better. I don't like the low IRR and the payback period of 3.4-3.9 years is on the high side. Especially with an 8 year mine life. That being said, the lower cash costs are positive. It will be curious to hear what management will do next. Can they raise the funds they need to move to the next steps, lots of drilling and the pre-feas study? Southern Arc has no more money to give. It's really about Dundee now. Can they get another strategic investor? Based on these numbers, is this something an Agnico Eagle would want to invest in? If Paul-Henri Girard is on the call, I would direct that question to him. Other than AEM, Osisko Royalties might be an option. But they would want controling interest.