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Gold/Mining/Energy : Manhattan Minerals (MAN.T)
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To: charred who wrote (2994)7/10/1999 1:48:00 PM
From: Claude Cormier  Read Replies (2) of 4504
 
<<The deposit looks great however has there been any discussion about the town. This could kill the project in my opinion. Moving 10,000 people is not easy. >>

You are right Charred.. It is a problem. But not one that can't be overcome. The costs of moving the town is anywhere between $25-$50 millions and will certainly impact on the economics of the project.

But the recent announcement of a gold cap with 1M ounces gold on top of TG-1 will help. Beside, the local community is favorable to mining and needs better housing. There are possibly some pocket of resistance, but there is still 3 years ahead to try to reach an agreement.

The new discovery at TG-3 may possibly make of this issue a non-issue. TG-3 could be a lot bigger than TG-1. Time will tell. But if it is, the $25-$50 millions need to move the town will be a small expense in a much bigger project.

Then there is TG-7....and... etc.

In the end, we might end up with much more than a VMS deposit. We are thinking here of a new mining camp. If this materialize, the town will be a non-issue.

That is what is exciting about this deal... but again, you know as much as I do that potential can vanished very rapidly. So for now, we can't call it a sure thing... but we may be very close to.

CC
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