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Gold/Mining/Energy : Colossal Resources - CLPZF - Colbalt in Zambia
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To: Francis Scavo who wrote (289)6/21/1997 7:32:00 PM
From: Tom McIlwain   of 501
 
Francis & all:

Let me just add something to Kevin's post. Both AMF and Colossal are producing cobalt and copper from existing slag heaps. In terms of stated grades of "deposits".

AMF - 1.34% Cu, 0.26% Co

CLPZF - 1.15% Cu, 0.75% Co

So Colossal slag has 3X the concentration of cobalt as AMF, and yet I am sure that their processing costs will not turn out to be anywhere near as low as $2.00/lb which AMF is stating. Colossal results will soon be based on actual performance, while AMF are using who knows what basis for their claims.

The question this really raises with me is, what sort of magical process will AMF possess to allow them to remove cobalt from a lower grade, but otherwise same type of source at such a much lower cost than Colossal? I really think AMF claims must be taken with a grain of salt at this point.

By the way, I talked to Tom Corcoran briefly on Friday and he stated that detailed information about all aspects of the Colossal information (production costs, updated shares outstanding, updated cashflow and earnings projections etc.) would be out by no later than Wednesday of next week. I would not count on the Wednesday, but they should be out soon. Then we will all be able to arrive at a more realistic valuation for this stock and so will the market!

Tom McIlwain
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