First, what is it with ORT and dodgy audio?!

From the interview:

The milestones include HPA commissioning = imminent.

Commercial production announced = end Q1 2013

Finalze JVs for SGA = Q1 2013

Offtakes = Q1 2013

Revenues and operating costs determined = Q2 2013

Feasibility study for construction decision = Q2 2013

My "dovetailing" timeline (speculation):

PP convertible debentures providing financing until production = Q4 2012

Q2 2013 costs known, then incorporated into Feasibility Study = Q3 2013

Prior to, and in conjunction with this event two things happen:

a) prior to Q2 2013 "hard numbers," are speculated on based on Q1 2013 partial numbers then -- take a breath -- applied to the resource!!!!! I believe it's now valued at near zero, and b) sp sharply begins to reflect value and potential value. This validation, along with an accurate, conservative Feasibility Study provides ORT with several financing options, including, but not limited to: debt; pp; bonds; flow through shares; convertible debentures; etc. Further, ORT will be in a position to cherry pick the best Bay Street, Wall Street, The City, deal (or a deal elsewhere, eg. private money, aly (RIO) money, etc.

So I see a nice upward sp until Q2 2013, with the inflection point being the Q2 2013 revenues (July-August 2013). Then -- I sit back, cut all profit revenues by an arbitrary 50% with no negative bias put on any of the good work done here (yes, alumina1, always appreciated) -- and am still boggled, dizzied at the heights of the upside.

WM

PS Does any one know if there are Quebec-specific seasonal periods off for any workers on ORT, beyond the standard statutory holidays, as happened this past summer?