PFS is scheduled for Q2 2013
See page 19 http://www.excelsiormining.com/images/Presentations/min_ppt.pdf
MIN is CUV in the making (two years behind).
If CUV does well so will (most likely) do MIN.
Both projects are very similar.
We need to do some kind of off take agreement similar to CUV to get to the next stage (feasibility/permitting). Hence the low SP of 20 cents. But this is a good thing. It lets you buy "CUV in the making" for 20 cents! :)
I think I will stick with MIN for another 2-3 years.