Gold Reserves Limited GLR - TSE Message Board

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Gold/Mining/Energy : Gold Reserves Limited GLR - TSE

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To: Mr Metals who wrote (153)	12/12/1997 12:42:00 AM
From: Rob Fridfinnson	Read Replies (2) of 406

I'm having a hard time with rationalizing why I went long on this stock at $16.35Cdn and held it as long as I have, other than bad advice. Fact: 7.3mil. oz gold and gold equivalent including alluvial(10%) and deep rock rights.Grading 1.2 grammes/tonne gge(.88grams/ton).Approx.$72mil has been invested and another $253 mil of equipment is needed to process the amount of ore required to produce 400,000 oz/ au per annum. Breakeven, on initial investment only, with no interest expense,etc. would require a clear operating profit per oz of $45.00. Show me the mine that can produce au at today's pog with 1.2gr/tonne grading, let alone at a $45 profit. If someone out there knows some magic on this one, let me in on it and restore my faith.

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