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Gold/Mining/Energy : MXR MAXIMUM RESOURCES INC. (VSE:MXR) UP?

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To: Tom McIlwain who wrote (458)	5/25/1997 10:55:00 AM
From: James Berg	of 751

To ALL: I just finished reading the book The Conquest of Copper Mountain by Forbes Wilson, a geologist at Freeport Minerals during the 1960's. It contains some good background info both about copper mining and about Indonesia, and should be recommended reading. The book details his expedition to the Erstberg, then the largest above-ground deposit of copper ore known. Average copper grades from surface sampling were 3.5%, while deeper drilling put the 33 million tons of ore at an average grade of 2.5%. Despite extremely rugged terrain and many other obstacles, Freeport undertook the project and negotiated the first Contract Of Work (COW) with the Indonesian government in the process. The copper ore was ground up and concentrated at the mine and then pumped as a slurry down a pipeline to a coastal port facility where it was taken by ship to Japanese and German smelters. How does this tie in with what NPEC, MXR, and FIRE are doing? The Mina Claudia property (a bulk sample returned 2.13%) compares favorably the ore content of the Erstberg. Early estimates of ore content by P. Santos pegs the Mina Claudia at "definitely greater than 200 million tons", while more conservative estimates by NPEC geologists have estimated greater than 50 million tons. Clearly by either standard we have a world-class property, possibly the largest above-ground deposit of copper ore in the world. Only drilling will tell for sure what surprises are in store for all of us... --James

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