Gold and Silver Juniors, Mid-tiers and Producers Message Board

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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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To: Anchan who wrote (35421)	3/9/2007 9:56:48 AM
From: hank2010	Read Replies (1) of 78419

"0.07% Mo and 0.10% Cu? How on earth... Would any of the geologist members of the board kindly enlighten me whether such low grades might make economic sense? MRI (Montana Resources Inc.) a private company here in Montana mine 53,000 tons per day of 0.23%Cu and 0.023% Mo. They are said to be making +$100 million per quarter. 0.07%Mo is 1.4 lbs moly per ton = $37.80 @ $27 moly 0.10% Cu is 2 lbs of copper per ton = $5.60 @ $2.80 copper Total $40.60 per ton MRI figures are .46 lbs moly = $12.42 and 4.6 copper = $12.88 Total $25.30 per ton. when MRI re-opened the mine prices were in the 70 cent copper and $5 moly range. If they were at break-even at that time, the +$100 million per quarter is legit. Take into account, at the re-opening the mill and mine development costs were already expensed. I heard $10 million for re-opening costs.

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