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Gold/Mining/Energy : Gold Reserves Limited GLR - TSE

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To: Valuepro who wrote (359)	5/24/2002 3:28:47 PM
From: The Vet	Read Replies (2) of 406

Let's put it this way. With open pit mines bigger is almost always better. Stripping ratios are better and you don't have to quarantine the adjoining lease areas you don't control (brias in this case). I assume you have seen these documents. I know it is short on detail, but is there anything in it which you can logically object to. I really would like to know; I'm not just being argumentive. goldreserveinc.com and from goldreserveinc.com (click on current news) "CVG’s intention is to unify the ore bodies of Las Brisas and Las Cristinas and carry out a macro-mining project that will allow the generation of sustainable employment and development in this zone; " same site 2001 Annual report The Brisas and Cristinas properties are one continuous ore body and, as a result, should be exploited as one mining operation. The ore body is a large low-grade gold copper deposit where maximum economies of scale need to be achieved through innovative technology and design. Barrick’s Pasqua/Veladero, is an excellent example of the most rational way to exploit a large ore body with one single mine, providing maximum benefits to all participants. The Brisas-Cristinas project has the potential to be the second largest mine in Latin America and the sixth largest in the world. The combined project is estimated to contain a world-class reserve of at least 21 million ounces of gold and 2.2 billion pounds of copper. There is also excellent potential to expand reserves to 25 to 30 million ounces, due to additional mineralization at depth, down dip, along strike and elsewhere on the properties. The project would utilize one of the largest gold processing plants in the world with a capacity of 150,000 tonnes per day or 54 million tonnes of ore per year, producing approximately 1.4 million ounces of gold and 137 million pounds of copper per year. The operating cost would be among the lowest in the world, especially for a mine of this large size. Initial construction and ongoing capital costs are estimated at US$818 million and US$154 million, respectively.

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