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Gold/Mining/Energy : Holmer Gold Mines

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To: lorne who wrote (714)	10/12/1999 6:04:00 PM
From: Midas	Read Replies (2) of 739

Hello Lorne: When you take the total tonnes milled by St. Andrews in the first quarter (on the webpage your link is connected to) and divide it by 90 days in the first quarter, you will find that the company processed 807 tonnes/day, just slightly higher than the estimate in the scenario I outlined a couple of days ago. Updating that scenario with the new information, St. Andrews will realize a milling cost of $9.85/tonne if the mill is running at full capacity (1,300 tonnes/day). Because their own ore (800 tonnes/day) will be processed at only $9.85/tonne, the company will save $4,925/day or about $1.8 million per year. This amount of money is (1) sufficient to mount a reasonable exploration program to find future reserves or (2) probably a large portion of the $$$ required to expand the mill by 200 tonnes/day. I think this is a good indication that the Holmer property will see plenty of action over the next 6 months. Just my opinion for what its worth. Midas

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