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Gold/Mining/Energy : Micro-Fine Gold Plays - Franklin Lake, etc.
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To: Richard Mazzarella who wrote (3)11/17/1996 8:11:00 PM
From: Zeev Hed   of 615
 
Richard: I think thata followers of Microfine-Gold companies have not discovered yet that the all these deposit differ quite a lot from eack other. Groves thiosulphate leaching method is capable of leaching something (and I am not sure how much of the total) since his deposits are friables and the mcro-metals are leachable. IPMCF should also be able to leach something, but from the nature of their ore it seem that normal leaching will extract a small portion only (just as GPGI's leaching extracts only 20% of the total metal value).

It will be important in order to value these companies to know the total precious metal content (by X-Ray scattering or neutron activation analysis for instance) and what percentage of this is extractable.

Without this ratio, it will be very difficult to put a value on these plays. If these plays are successful, the market will be flooded with the PGM and until price decline markedly, new uses for the much larger production expected will not emerge. Therefore, valuations based on PGM should take into account much lower future precious metal prices.

Personally, I do not think that large instituion are going to replace their majors with minors from the micro fine group until few years of successful extraction have proven the validity and cost effectivness of extraction.

Zeev
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