Golden Eagle Int. (MYNG) Message Board

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Gold/Mining/Energy : Golden Eagle Int. (MYNG)

MYNG 0.0700

+5.7%

Feb 21 4:00 PM EST

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To: Douglas Lapp who wrote (21433)	2/20/2000 12:28:00 PM
From: Claude Cormier	Read Replies (1) of 34075

<<and experienced mining men have said. Dr. Atwood says the only way to prove reserves is to actually produce, any calculation is JUST an estimate.>> Well in the Cangalli deposit case, that may be the only thing to do. BD confirmed the difficulty and complexity as well the expensive nature of exploration works at Cangalli. If that is the only choice that is left to MYNG (to start mining without sufficient knowledge of the gold distributions and grades), the the problems here are several: 1) You must start with low scale mining since nobody will finance large operations withouth being sure of the quantity of metals that can be mined economically. 2) Growth through progressive and scaled mining of this nature is extremely difficult to achieve as you are always face with uncertainties since you are never sure where the gold is. All you have are estimates. 3) No senior will get in these kind of operations as they are too impredictable. 4) Since one can never be sure of the presence of those millions ounces, nobody will be willing to give the stock a real value that could refelect the size of the reserves. In other words, the stock will only carry a speculative value. <<"The SEC expert witness "admitted that there was no uniform definition of "resources" or "reserves" even among U.S. government agencies." So i must ask you to lead me to these "U.S. Mining standards,">> I agree with you that several definitions are used. But wat I was referring to are the standards use by US and other companies when they classify to resources and reserves. The specs are clear and well known. <<Do they cover deposits that cannot be drill sampled?>> There are very few deposits that can't be drilled one way or another. And there are other means that include channel and bulk sampling that can be used in the sample collection process. No matter how you go, the goal is to collect enough samples to reach a conclusion. If you don't collect enough samples, you end up with JUST an estimate and risk facing the problems above.

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