Tonogold Resources Inc (TNGL)

[surebob]

On page 16 of the TNGL power point “Annual Shareholders Meeting June 23rd 2014”. www.tonogold.com/i/pdf/AGM-June-23-2014.pdf Mark Ashley states:
• Simple beneficiation process (crush/dry mag separation)
• Producing a 58% Fe product which is high in Sulfer (~0.7%)
• 18% penalty on spot price
• Current Spot price for 58% Fe is ~$75/t ($61/t after
penalty)
• Cost $60/t (incl. shipping)
• Expect to increase production, improve quality of product
and reduce impurities.
• Targeting a 61% Fe (spot price around $81/t)
• reduce penalties to ~12% (revenue of $71/t).

How is the current spot price of 58% higher than the current spot price of 62% FE?
58% fe is now selling for ....wait...61 per mt ...and that is....wait, before the 18% discount for....wait, high sulphur...
do the math and let me know how much profit that is.