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Gold/Mining/Energy : Precious and Base Metal Investing

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To: peter snowdon who wrote (3494)	5/3/2002 4:36:24 PM
From: Elizabeth Andrews	Read Replies (1) of 39344

Peter, I think there are two things to fix in your NGX calculation. Fully diluted there are 144 million issued. On the reserve/resource side if you convert the copper content of the north and south zones at 445 to one (US$312Au/US$0.70 Cu), the deposits have an excellent shot of exceeding 15 million ounces gold equivalent of which 9.5 million ounces are actually gold. So it's even cheaper and bigger than your excellent analysis suggests. In addition, the immediate area has significant exploration potential as this type of setting usually has clusters of mineralized intrusions. The property consists of 100 square miles. Also, it is important to know that the NGX hedge book has sold forward 200,000 oz for 2002 delivery at US$294 per ounce. They also bought call options on 300,000 oz at US$295 per ounce so they are more than onside. (Note 17)

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