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Gold/Mining/Energy : Canmine resources
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To: Ralph Kern who wrote ()1/27/2000 9:31:00 PM
From: Marshhawk  Read Replies (1) of 2769
 
If anybody has access to full text of The West Australian, please send to me, thanks

ABIX - AUSTRALASIAN BUSINESS INTELLIGENCE: THE WEST AUSTRALIAN: PRESTON ADMITS BULONG CLAIMS WERE TOO ROSY
99% match; The West Australian - ABIX ; 27-Jan-2000 12:00:00 am ; 91 words

Preston Resources has conceded it was optimistic in the financial projections used for a $A319m purchase. It was the Bulong laterite nickel project near Kalgoorlie. Chairman Colin Ikin made the comments on 26 January 2000 in response to a shareholder question, which was taken on notice at the company's annual meeting in November 1999. Ikin says the financial projections used in preparing the explanatory memorandum indicated the project was likely to generate a positive, ungeared, post-tax internal rate of return of 18%. It was based on a long-term nickel price of $US3.25/lb for nickel and a cobalt price of $US 10/lb.
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