TITANIUM CORPORATION INC.- The Next Major Mining Play Message Board

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Gold/Mining/Energy : TITANIUM CORPORATION INC.- The Next Major Mining Play

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To: bullferd who wrote (62)	9/13/1999 11:50:00 AM
From: chevalier	Read Replies (2) of 343

Richards Bay at its inception was roughly 1 billion tonnes running about 4% heavy minerals. It has been in production since circa 1976 and is almost 2/3rds mined out I believe. There are differences in the deposits. Firstly Richards Bay has to flood the sands before the dredges can go to work. Also they have to do reclamation. The costs for NRL should be cheaper to mine than RBM. As far as size of the NRL deposit goes it is too early to know for sure. There is a rough estimate at the moment of 300 million tonnes but that is only to a depth of 15 feet. One thing for sure is that the sands run deeper than 15 feet but to what depth is unknown. A deeper drill program is going to begin in the near term to assess the situation but it is not unreasonable to guesstimate a depth of 40 feet or more. Therefore based on limited information to this point it is possible to gun for 1 billion tonnes as well. RBM's was discounted by Morgan Stanley in 1997 at $2 billion U.S. This was at a time when over 1/2 of the deposit was mined out as well. So for arguement sake let's say that all goes well with the metallurgical work being conducted at Lakefield and deeper drilling adds significant tonnage(this is a near certainty as all the 300+ holes drilled to 15 feet so far have ended in mineralization)then it should be possible to get a $1 billion Canadian market capitalization on the property. When NRL merges with Titanium Corporation there will be 27 million shares out, lets say 30 million as there will be some sort of financing. That would indicate a share price of $35 Canadian. NRL is expecting initial metallurgical work from Lakefield any day now. If early indications show promise then the largest uncertainty of the play so far will be erased. Hope this helps

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