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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.
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To: Richnorth who wrote (22249)5/4/1997 11:55:00 AM
From: clifford atkin   of 28369
 
Richnorth, your assumptions give brex 100% of the project, when in fact they only have at most 45%. secondly, as you rounded up, rounding down is also a possibility. thirdly, your costs of production are low based on the secluded environment. so take in the best case 8mm ozs and divide this into a 600mm market cap. your answer is $75 per ozs. that says it all providing that 17mm ozs are there. i doubt it based on the preliminary leaks. Strathcona results are only an analysis of 6 drill holes, two twinned brex holes, two twinned fcx holes and 2 independently strathcona drill holes. how thay are going to forecast a reserve result based on 6 holes is beyond me. maybe they will be diplomatic and say that the prior 71mm ozs was grossly overstated based on these holes and therefore the reserves in their estimation are 17mm ozs or there abouts base on these 6 holes. and more work is need to give a final estimate
clif
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