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Gold/Mining/Energy : Gold Price Monitor

GDXJ 98.59

-2.8%

Nov 13 4:00 PM EST

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To: goldsheet who wrote (48627)	2/9/2000 1:37:00 PM
From: JungleInvestor	Read Replies (2) of 116761

Bob, you classify FCX is a copper stock since it credits gold sales against its costs to mine copper, even though it is one of the largest gold mining companies in the world. How then would you rate Bema as a gold stock (see below) since it will credit copper sales against its costs to mine gold resulting in a net cost of $98/oz of gold. (TVX has a similar situation with its Greek mine and Taseko with its prosperity mine.) Shouldn't investors view these supplemental sales a huge advantage in reducing mining costs? VANCOUVER, Feb. 8 /CNW-PRN/ - Cia Minera Casale owned by Placer Dome Inc. - 51% (''Placer Dome''), Bema Gold Corporation - 24% (''Bema'') and Arizona Star Resource Corp. - 25% (''Arizona Star'') is pleased to release results of the Final Feasibility Study completed by Placer Dome on the Cerro Casale Deposit, Aldebaran Property, Chile. The Study confirms that Casale is technically feasible as one of the world's largest gold copper mines. (Note: TVX has a similar situation with their Greek mine.) "The feasibility study contemplates a large scale open pit gold copper mine with mineable proven and probable reserves containing 23 million ounces of gold and 6 billion pounds of copper from 1.035 billion tonnes grading .69 g/tonne gold and 0.26% copper at a cut off grade of 0.4g/tonne using a gold price of $350/oz and a copper price of $0.95 per pound. The study concludes the optimal processing rate would range from 150,000 to 170,000 tonnes per day to produce an average of 975,000 ounces of gold and 287 million pounds of copper annually over an 18 year mine life. Operating costs net of copper credits at $0.95 per pound are projected at $98 per ounce of gold, while total costs per ounce including operating costs and initial and ongoing capital are $203 per ounce of gold. Initial capital costs are estimated at $1.43 billion. "

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