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Gold/Mining/Energy : Crystallex (KRY)

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To: John Dally who wrote (10162)	10/31/1999 10:44:00 AM
From: Syncrude	Read Replies (1) of 10836

John, Crystallex has a history of using outdated figures, both for reserves and the historical accounting cost of SG for previous owner. It is my understanding that expectations by the company are that additional reserves will be uncovered beneath the current zones of production. Until this is confirmed and a new reserve calculation done, the market will be ho-hum about San Gregorio. The $50USD figure I used was generous given the short mine life. To justify a higher price a longer mine life and history of successful operation is needed.

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