GEOMAQUE Message Board - Msg: 13733858

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Gold/Mining/Energy : GEOMAQUE

GEO 14.93

+0.6%

Nov 12 4:00 PM EST

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To: Ian McCartney who wrote (161)	5/18/2000 1:48:00 PM
From: Claude Cormier	Read Replies (2) of 260

Ian, Haven't heard of new numbers for gold $280... but the only thing this will do is possibly lower a litlle the IRR. Beside, since this study, they found some additional higher grade zone near surface. At this point in time, it make no sense on spending money for new reserves calculations. They now have the $$ they needed. As for Francisco, I think there is still betwene 12 and 18 months of gold that can be produced at a profit with gold $280. But there are several years of additional resources that will need $325+. So I don't think they face any closure or remediations costs anytime soon. IOW, the mine will likely go on care and maintenace in mid 2001 or so, if gold prices have not yet improved.

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