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Strategies & Market Trends : Natural Resource Stocks

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To: ecrire who wrote (17906)	11/22/2004 11:45:56 PM
From: The Vet	Read Replies (1) of 108546

GRZ attractions are 9.1 million ounces of P&P gold in an easy to mine location with great infrastructure available. Over a billion pounds of copper as well. Open cut mine, low grade . Pre-feasibility looks good for a 70k ton a day mine producing 475k ounces gold and 60 million pounds of copper annually. Cash costs net of copper credits are about $110 an ounce of gold, lower if copper increases. GRZ has about 40 million shares fully diluted, a dollar a share cash in the bank and a bankable study almost ready for release. Estimated Cap Ex is a pretty hefty $400 million but at less than $850 cap ex per ounce of annual production it compares favourably with other gold/copper complexes like Cerro Casale (Placer Dome, Bema ) with an estimated $1,700 cap ex per ounce or Alumbrera (50% Xstrata Plc, 37.5% WHT, 12.5% NTO) at $1600 cap ex per ounce. With a market cap of just $16 an ounce of P&P gold in the ground GRZ is valued at less than a fifth of any comparable company and one ninth of the industry average of all significant gold and silver companies. Because of the low number of shares issued, GRZ would have to trade at over $30 US a share just to come close to the market valuation of its peers. So to recap. Gold Reserve is attractive because it is the cheapest, easily mined gold available on the market in a single reasonably sized ore body and in an easily developed location, with adequate existing infrastructure with no adverse issues regarding legal title, access, power or politics. Anticipated current plans (to be formalised before the end of 2004) are for building of the mine to start next year and mining proper to commence before the end of 2006. Home page.. goldreserveinc.com Recent presentation... goldreserveinc.com

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