Whitegold Resources Corp (WGO) Asset Rich, by any measure Message Board

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Gold/Mining/Energy : Whitegold Resources Corp (WGO) Asset Rich, by any measure

WGO 36.55

+0.9%

9:43 AM EST

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To: robwin who wrote (161)	8/15/1997 7:50:00 PM
From: Warren	of 378

Robert The feasibility study is scheduled to be completed in Nov. It is my understanding that the summer program is progressing well. They have increased the proven reserves to 1.7 million tons. Also thay have increased the purity of the deposit by 10%.. This is a very significant number considering that Rescan Eng in the pre feasibility used a purity of 57% I believe. What it boils down to is that by increasing the purity the efficientcy of the mining operation increases. I learned another important thing today talking with George Hawley. It seems that Rescan based its profitablity numbers on the assumtion that only the wollastonite mineral that would be mined and slurried out. However Mr Hawley, says that this so called waste material is by no means waste products. They are valuable minerals. Garnet used in water filtration and as an abrasive sell for US$200-720. The average garnet content of the 1996 cores was 44%. Another mineral Diopside which currently there is no market for because there is no supply, could bring $100-200 per ton. Mr Hawley covered this aspect in his Market and Product study. It seems to me that the project is very real and has a vast potential, however as always the management is a serious question mark. I beleive there are some things being considered to correct this lack at the moment. Warren

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