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Gold/Mining/Energy : GEOMAQUE
GEO 14.93+0.6%Nov 12 4:00 PM EST
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To: Claude Cormier who wrote (210)3/7/2001 5:25:39 PM
From: ogi  Read Replies (1) of 260
 
They are currently doing a 3000 meter drill program that started the end of January or begining of Feb. Don't know when results are due. They have stated they hope to have a prefeasibility study completed on Marathon by the end of March. My only concern is that there may be investors who are regarding this drilling with too much optimism for results that would exceed the known grades from previous work. The drill program is intended as I understand it to partially explore outside the known deposit limits and to gain greater certainty of results from within the known deposit. The majority of holes I think are planned within the deposit.Nonetheless their is too much well informed money in this to have the drill results produce gross exagerations.

Recent visits to their Vueltas mine (analysts tour Feb 22) indicate that the first ore is now on the pads and the first pour should be in a matter of weeks. Their models were conservative and according to one report they are mining 12,000 tons a day with crusher at 4,000 tpd
( designed for 4,200tpd) with results indicating 25% fewer tons than projected but at 85% higher grade and a 39%higher overall content. All construction of the mine should be complete this month.

Meanwhile Francisco mine is moving to shut down but should produce 18,000 ozs this year as the pads continue to leach. This is off the top of my head from my dd so I encourage you to do your own. All in All I am happy that we are moving positively with Geo.

Regards, Ogi
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