This figure is not off the mark by much. At 1200.00 an oz. Cedar Bay alone would cover this debt.

Jim Sinclair's numbers jsmineset.com
It is my feeling that gold is headed on this move to $1650 with its normal drama.

Let’s think about what this means to gold producers.

With gold valued at $1650 per ounce:

- 500,000 ounces = $825,000,000 less the cost of mining.
- 1,000,000 ounces = 1,650,000,000 less the cost of mining.
- 2,000,000 ounces = 3,300,000,000 less the cost of mining.

Costs:

- Underground average costs are approximately $500-$600 (assuming no derivatives or derivatives covered as international and Canadian GAAP requires derivative losses be expensed to the specific property).
- Open cut average costs are approximately $300 (again, assuming no derivatives or derivatives covered).
- On surface average costs are approximately $22-$75 (again, assuming no derivatives or derivatives covered).