Hi David and All, Here are some calculations to ponder. If I've left anything out or forgot to add something in, please feel free to comment on these figures.
Oculto Deposit To Date:
SILVER VALUES
91.3 million ozs. according to July 10 release (Cut-off Grade .35)
34.7 million ozs. 38% increase in strike (Dec.4,1997 release) assuming continuity.
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125,994,000 Total in situ ounces
104,575,020.00 ozs. Of silver (83% recovery rate.)
31,372,506.00 ozs. silver (PFG's Share 30%)
X $5.785 (Closing Spot Price for silver on Friday Dec.12,1997)
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$181,489,947 U.S. (PFG's 30% Share)
GOLD VALUES
286,000 ozs. according to July report (Cut-off grade .35)
108,680 ozs. 38% increase in strike and assuming continuity of grades
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394,680 Total in situ ounces
347,318 ozs. Of gold (allowing for an 88% recovery rate, Dec.4, 1997 news release)
104,195 ozs. Gold (PFG's 30% Share)
X $284.80 (Closing Price for gold on Friday Dec. 12,1997
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$ 29,674,736. U.S.
Total Value to PFG, assuming continuity and Friday's closing prices for gold and silver.
$181,489,947. U.S.
$ 29,674,736. U.S.
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$ 211,164,468 U.S. by 25,151,120 F.D. shares = $8.39/share
This amount would be tempered by what Barrick would be willing to pay for silver in the ground, and with gold markets being what they are, what they would pay for gold in the ground. These figures are, of course, making some assumptions about the continuity and the price of both silver and gold. We also don't know the "fudge" factor of the actual amount of reserves for gold and silver. I just thought I would post this for the sake of discussion.
Cheers
Shirley |
