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

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To: tyc:> who wrote (44531)	7/10/2007 4:11:25 PM
From: AuBug	Read Replies (1) of 78419

At a recent presentation in Dubai, Tony Williams, Chairman of European Minerals said “As we develop more reserves, as we open up the mine, the percentage of hedging of the mineable reserves will fall to less than 10% (from 19% currently).” Read between the lines – the company believes that at current prices reserves are in fact double the published numbers. ... What makes this story even better is that based on metal prices and the company’s substantial reserves, the plan would appear to be that EPM will double production in year 3 after a small boost in year 2. The year 2 boost would take gold production up to nearly 200,000 ounces per year with copper output remaining roughly flat. But the year 3 increase should see gold output expand further to 300-350 thousand ounces per year, with copper output of 80-100 million pounds. (This was in my saved email folder and I'll have to find a link for it.) I believe this is based on their Jan 15th PR to implying that resources will be increased after the mine opens based on additional drill results stated towards the end of the PR: europeanminerals.com

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