Manhattan Minerals (MAN.T) Message Board

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Gold/Mining/Energy : Manhattan Minerals (MAN.T)

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To: teevee who wrote (2831)	7/5/1999 3:01:00 PM
From: Claude Cormier	of 4504

<<.all in, after metallurgical evaluation, underground VMS deposits must have the equivelent of at least 8% copper equivelent, and at least 10 million tonnes or they won't make it>> First, TG-1 is open pit.. not underground. Their costs will be much below those of underground mines. Second there are many VMS with much less than 8% copper equivalent operating today at positive cash flows with current prices. It doesn't mean that TG will have a IRR high enough to justify production with current prices. The feasibility study will say. But given the fact that metal prices are their lowest prices of the cycle, I say MAN is developing at the right time. <<.the big problem with the young VMS deposits in Central and South America is that they are fine grained which makes for poor metallurgy >> Fine grained pyrictic bodies are not necessarily a problem if you do it right. Look at the deposit in the Iberian belt of Portugal and Spain they all have more thn 50% pyrite. Eurozinc is 75%+ find grained pyrite and is already achieving more than 83% recoveries in tests. There are still unknown in this play. But it remains valid. In that regard, a very similar situation to your favorite stock.

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