SgtOneill:
just a quick question, i dont recognize that component on R1, the arrow pointing at a resistor? How's that suppose to be implemented?
Well, that's a variable resistor, the arrow pointing on R1 represents the third connection of a variable resistor (they have three pins; ref. The PIC Tutorial - Resistors Tutorial), the one that moves along the resistant material and makes it change its value.
This circuit is an example of a "variable" current regulator; R1 is the variable resistor (could be a slider, a trimmer or whatever); by changing its value you change the result of the formula Iout=Vref/R1 and you get various currents.
In your case, you need a specific current value, so you don't need a variable resistor; you have to calculate R1 in order to get the needed Iout and use that R1 in your circuit.