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Gold/Mining/Energy : Canmine resources

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To: Marshhawk who wrote (1783)	8/26/1999 9:30:00 PM
From: Ralph Kern	Read Replies (1) of 2769

If we adopt the purist approach VB hasn't proven the tonnage yet. They paid for the deposit before the tonnage was drilled off in a feasibility study. That's not to say it isn't a good deposit. The ovoid is likely in the 30 million tonne range and all the rest is currently hype and yet to be proven. Maskwa probably contains 6-10 million tonnes to my estimate, but hasn't been developed yet. Sure it could be viewed as a Falco giveaway, give us 3-4 more deposits like that with good metallurgy, mined by open ramp and infrastructure in place and power at 0.02$/kw and we are looking at a 20$ stock. So we should be careful in our analysis. VB would be nice on anyones plate. Whether or not it is worth 4.3 billion remains to be determined. As DB states Canmine is nowhere near making any comments on BINCO, and I view it as pure speculation, albeit in the right neighborhood. Unfortunately 'close-ology' does not an economic deposit make. I think we should know more on BINCO's potential soon.

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