Dev Randhawa: We’re fine. We’re lucky, our PEA [Preliminary Economic Assessment – ed.] showed that we could potentially produce at $14 a pound including building a mill. Actually, that’s what got the Chinese so interested, was that our PEA showed better numbers than even Cigar Lake, better than Kazakhstan. They’re all on $19 a pound. Now mind you, ours is like a scoping study, so you can’t put a lot – but it tells you that this should be one of the lowest cost producers in the world, once we start to produce. And that’s why CGN insisted on having, they said. And it’s a good marriage, it’s the best undeveloped uranium project in the world, and we won the award at the London Mines and Money for the best exploration project in the world, including gold, silver, etc. We won that, and that’s pretty hard to do, especially for North America.
But it’s the best exploration project in the world, it’s the best undeveloped uranium deposit, and there’s nothing like it. The basin in the past, the last 40 years, there’s been discoveries, but they’re all deep; they start at 400, they go down. Look at Hathor; it was 400 meters down, and sure enough, it’s been shelved. It’s an exploration project. There’s not a single discovery of large size in the basin, even close to being 50 meters close to the surface.
You’ve seen NexGen’s great discovery, but again, it’s at 400 meters, and today’s announcement showed 700 meters down. When you start going down like that, your economics really change, and you have to start talking about freezing uranium walls, and that scares the cr*p out of people because it took 10 years for Cigar Lake to come back on-stream. It was supposed to be 2005; it didn’t come back on-stream 10 years later, and this is run by the best uranium company in the world.
So when we always talked about pounds, okay, that’s great; but what makes these pounds better than any other pounds in the world is that it’s high-grade, and it starts at 50 meters from surface, the high-grade. It’s also in basement rock. Basement rocks: much easier to mine than that slurry sandbox on the east side of the basin.