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Gold/Mining/Energy : Gold and Silver Mining Stocks

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To: baystock who wrote (1510)	7/2/2001 5:07:58 PM
From: russwinter	Read Replies (1) of 4051

Here's an example of how tough economic reserves are going to be to find even in a superlative location like Crescent Valley, Nevada, the site of PDG's Cortez (Pipeline) mine. There's 8.3 million ounces left at year end 2000, and they are producing 1,150,000 oz a year, so it's good to go at low cost to the end of the decade. Then what? I use this example because this is one of the best mines in the world. There's a lot worse situations. Exploration is very challenging and expensive even here. PDG drilled 90,000 meters at the South Pipeline extension (called the Crossroads target), and it is estimated came up with another million ounces. At $75 a meter (standard, unless someone has PDG's cost), that's $68 million to find a million ounces. Meanwhile up in the North Pipeline (Robertson) area JVed with Coral Gold, PDG drilled 38,000 feet/46 holes over the last few years including a number of deep holes. For those who still think economic gold falls from heaven look at these results. There aren't more than a handful that will work at 270 POG or even 325. Go to assay results which are expressed in oz/ton. One gram is about 0.0325 oz. coralgold.com

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