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Gold/Mining/Energy : Pangea Goldfields T.PGD
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To: timbouctou who wrote (459)11/8/1999 9:02:00 AM
From: timbouctou   of 1178
 
On Ashanti's Geita project : An excerpt from Canacord's daily news letter regarding their recommendation for a speculative buy of ASL:

..."But Geita is Looking even Better.

However, offsetting this is the great increase in the esource at Geita. Although still largely in the inferred category, Ashanti now claims that the Geita project resource stands at 12.1M ounces. With the major part of the increased resource underlying the present pit shell at Nyankanga, the resource now includes 91.56M t at a grade of 4.1 g/t, but 45% of this is still inferred. In the near future, the company expects to be able to increase the open pit reserve to around 5.6M ounces. The construction schedule at Geita is still on target and on budget for a Q3/2000 startup, to a 500,000 ounce per annum production level, but if the resource continues to expand this may be conservative."
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