Gold Standard Ventures (GSV) released its much-awaited Pre-Feasibility Study ((PFS)) last week, and the economics of the project were mostly positive. The study envisions annual gold placement of over 150,000 ounces over the mine life at all-in sustaining cash costs of below $700/oz. While these metrics are impressive, the after-tax NPV (5%) of $241.5 million is a little underwhelming compared to the stock's current valuation. It's important to note that the study is done using only 40% of the existing resources, and economics can undoubtedly be improved in the future, given the company's exploration upside.