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Gold/Mining/Energy : Aquiline Resources

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To: 3bar who wrote (121)	7/3/2003 10:17:00 AM
From: Claude Cormier	Read Replies (3) of 276

<Is this totally out of wack ? > Yes. The value of a deposit is not simply the number of ounces times the price per ounces. There are other factors. A gold resource (not yet drill indicated) is usually worth between $2-$20 US per ounce. This goes up progressively with time as the deposit reaches different stages of development. At production time we are talking $100-$200 per ounces depnding on the specifics of the operation. I think that AQI will reach US$30/ounce once the deal with NEM is completed and the resource of 500,000 oz is confirmed as drill measured & indicated. $US 60/oz make sense once the feasibility is complete and positive. We are notr at $US 12 per ounce. Also keep in mind that AQI will need to do additional financing in order to reach the second stage. This will dilute the stock somewhat.

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