Tyhee (Toronto Stock Exchange) Message Board

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Gold/Mining/Energy : Tyhee (Toronto Stock Exchange)

TDC 27.60

-2.5%

Nov 7 4:00 PM EST

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To: geo in vancouver who wrote (168)	7/19/2001 9:43:05 PM
From: Dave R. Webb	Read Replies (2) of 695

You are correct "geo in denver". I should have said resources (measured and indicated) could be purchased for under US$10. Reserves have always been more expensive. The low resource price is really an anomaly because except for the last half decade, valuations were much higher. It's kind of like gold has been on sale (half price or better). I don't think these prices will last much longer. Drilled off reserves and resources are a finite resource, and eventually the price is going to have to move towards the finding costs. New technologies and better models will only reduce finding costs so much. The extremely reduced exploration budgets we've seen for exploration in general and gold exploration in particular will eventually lead to reduced reserves which in turn will lead to reduced production. I think we're seeing the inverted "j" curve effect now, but who knows the timing. Dave

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