Madison Enterprise, MNP/VSE Message Board

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Gold/Mining/Energy : Madison Enterprise, MNP/VSE

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To: Elizabeth Andrews who wrote (228)	6/28/2000 9:47:00 AM
From: russwinter	Read Replies (1) of 285

Actually the 2.24 million resource number is very conservative. This number is stated in the context of uncut grade with the rather substantial ounces above 30 grams/ton eliminated. By way of comparison PDG at Porgera 15 km away on the same structure, does not use a cut grade because there has been a high correlation between drilled and mined grade. Further, metuallurgical testing of gold recoveries at Mt. Kare can only be described as exceptional (90-95%). Finally MNP drilled 106 holes just in 1999 connecting and extending the known zones and confirming a pretty consistent grade even at depth. Therefore the quality of the known deposit is very good. I don't believe those following this story question the known deposit. Rather the question and challenge for MNP is 1. Finding super high grade mineralization a la Porgera style. 2. Confirming by drilling that the intrusive is Porgera size. That quest is what this year's drilling is about. Moreover I don't think it's just wishful thinking that the final product could be SUPERIOR to Porgera and the enterprise value of the stock right now is a mere US11 million.

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