Canuc Resources Inc. Message Board

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Gold/Mining/Energy : Canuc Resources Inc.

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To: Joseph C. Goldenberg who wrote (98)	5/6/1997 10:39:00 PM
From: Winzer	of 176

Hub Indicated This Week; But Monday Should Be A Good Rain Date. Please feel free to Correct the Following: I was surfing around a site called NewsAlert and I ran into a company called Northfield. They claim that their property surrounds Canuc's 69 ha. What was noteworthy was that the Canuc reserve calculation appeared to be a "nobrainer". 2,250,000 ozs removed since 1982 from "Co-op" mining at 50% extraction. Now the JV plans to mine this 60/40, so here is the poor mans math. Say of the remaining 50% only 40% is recoverable by open pit methods (no clue what the pit slope at 350 m or feet and impact of "high grading"). i.e. Thus resourse is 1,800,000 of which Canuc's share is 40% (720,000 ozs). Say 180,000 ozs per year for the mine (assuming 10 yearlife). Say 72,000 ozs per year to Canuc. Sell at $340/oz Selling Price - ($200/sh production cost)= $140CF/oz of ~10mm. @13mm shares???= $0.75/share of CF. And 6x CF = $4.50/share. And so something must be wrong because this is where it was on the run up last summer. I'm more inclined to believe the $8.00 to $10 I saw in our earlier discussions. Cheers Winzer

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