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Gold/Mining/Energy : Nora NXI on ME
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To: John Stella who wrote (140)1/19/1998 12:40:00 PM
From: John Stella  Read Replies (3) of 420
 
P.C.,

As stated in one of my previous posts, the company has been in production on the OTJUA concession for more than a year. Recently they upgraded their production capacity from 8/tons/hour to 32/tons/hour resulting in an increase of net revenues from approx.US $40,000/month to approx. US $150,000/month. Production capacity will steadily increase to 50/tons/hour. If everything goes as it should a second production plant will be in operation in 1998. Keep in mind that the contractual concession at OTJUA is 140km long X 5km wide along the coastline and at this point in time less than 20% of the concession is being mined. Hopefully, news on the proven and probable reserves for OTJUA will be made public shortly.

As for the marine deep-water concessions, the geophyscial survey is in its final stages and a report is due sometime at the beginning of February 1998. With this in hand NORA will then be in a position to determine where to conduct bulk sampling, it is not a question of if they are going to mine but where.

Regards,

John
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