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Gold/Mining/Energy : Canadian Diamond Play Cafi

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To: Famularo who wrote (2527)	2/24/2005 12:07:37 PM
From: VAUGHN	Read Replies (3) of 16206

Hello Frank I don't follow SGF closely but isn't the 3,050 carats only a portion of the overall recovery at the Star K? If not then Star only yielded (3,050/25,000) = 0.122c/t which I believe is a much lower figure than previously suggested. It would appear then that the 3,050 is a partial parcel. Consequently, the conclusion I draw from that NR is that the evaluated parcel has been cherry picked from the run of mine. Take the $135/c number with a grain of salt until you read that the aforementioned was everything recovered and even then keep in mind that the higher grade Early Joli phase is what produced most of the recovered goods. Given that (0.122c/t x $135/c) is only = $16.47/t and assuming all costs run a minimum of $10.50/t (probably much higher) then Shores' net per tonne is only $6. That isn't buy a condo in Cabo money... Watch out for number surprises on this play... To borrow a phrase from Eric, "the Greater Fool is chasing (SGF) paper" so be nimble. Regards Vaughn

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