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Gold/Mining/Energy : BLACK HAWK (TSE:BHK)

BHK 9.730

-0.1%

Nov 7 4:00 PM EST

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To: baystock who wrote (418)	12/11/2001 2:42:09 PM
From: Claude Cormier	Read Replies (1) of 545

This is the latest available on Manantial: "PRELIMINARY PROJECT ECONOMICS Based on capital costs of less than US$45 million for a 500,000 tonne-per-year mining operation, US$6.00 per ounce of silver and US$325 per ounce of gold, Manantial Espejo would generate a return of greater than 20% on invested capital. At this mining rate, the mine would produce approximately 3.3 million ounces of silver annually and 75,000 ounces of gold. Under an aggressive development schedule, Manantial Espejo could be in production in late 2001." This is inline with what the company has been saying. They need $6+ to start thinking about commercial production.

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