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Gold/Mining/Energy : Int'l Freegold Mineral Development Inc./ITF/VSE
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To: TrueScouse who wrote (62)5/13/1997 5:06:00 PM
From: Robert Douglas Hickey   of 298
 
Re Almaden Feasibility Study.

I'm not free to comment on any conclusions reached by the study until it is complete. As a general rule, though, such studies are done with highly conservative valuations, using the "worst-case" scenario, so that a positive conclusion will have greater veracity.

As an example, Amax Gold's Fort Knox project in Alaska (next door to Freegold's!) has returned greater than projected recoveries since beginning mine operations earlier this year. Thus, despite some considerable cost overruns during construction, the facility is providing a better internal rate of return than anticipated.

I'm always wary of valuations based on blue-sky projections, ie a higher gold price, enhanced reserves, better rate of return. All of these factors can occur, but iron-clad fact they are not. And iron-clad is the only way I want to see the Almaden study receive a positive conclusion.

Best Regards,
Robert Douglas Hickey
Manager, IR
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