Korey,
Due to fact that Larry (website) will be out of town for a few days and Dick wanted this posted, I of course volunteered.
January 20, 1998
Mr. Richard E. Jensen,
President,
Global Platinum + Gold, Inc.,
Salt Lake City, UT 84121
Dear Mr. Jensen,
With this letter, AuRIC Metallurgical Laboratories, LLC would like to confirm in writing, the points discussed in our meeting January 15, 1998 and furthermore make the following proposals to your esteemed company.
1. Hassayampa Project
We have recently completed the processing and refining of a 9,813 gram batch of your "anode mud" product through our organic solvent extraction (SX) circuitry and started making payments on the recovered gold, platinum,palladium, and rhodium metals. We would like to inform you that AuRIC is ready and willing to continue accepting this product for refining at any quantity that you can supply. We believe our charge and turnaround schedule for this type of material to be the most competitive in the market and would like to hear your comments on the subject.
Following our conversations in Phoenix and Salt Lake City during December 1997, we have just completed the construction of a new copper refining circuit with 3,000 DCA capacity, fully dedicated to refining your dore copper product and are ready to accept your shipments effective immediately. This circuit is capable of handling anywhere between 3,000 and 4,000 lbs. per month of the copper dore refining, depending on the precious metals content of the bars. We would like to inform you that we are ready to accept shipment of your bars at your earliest convenience.
As surprising as it seems to appear, we feel, it is our duty to report to you that the recovery results from the first batch of your anode mud processing correlates back to your enhanced head ore, yielding a value between US$1,500 to US$2,000 per ton in gold, platinum, palladium, and rhodium (US$1,800 per ton in the batch we observed and refined).
Furthermore, please be informed that AuRIC is ready to start an assay program on your 500,000 ton ore stockpile, as well as the rest of the property in order to confirm and establish the extent of the above indicated values. We would furthermore, like to perform full metallurgical balances on the Global process, with the help and participation of your technical department.
2. Oro Grande Project
We have recieved and started laboratory work on the samples forwarded by Mr. LaMont from the Oro Grande mine and are looking forward to confirming the gold, silver, platinum, rhodium values reported in the old smelter reports and refinery returns. We would very much like to participate in your efforts in putting the old producing mine back into production.
We have also, after seeing the demonstrations performed by Mr. LaMont, started analysis work on the submitted water samples. As soon as the analysis both for the dissolved precious metals content and other elements have been completed, we will be ready for design and subsequently construction of a resin column system for the recovery of the metals content, as well as conditioning of the treated water for use.
We are looking forward to furthering our business relations with your company in refining your gold, platinum, palladium, rhodium products and in analytical/engineering services and would like you to know that we are proud to participate in your development efforts.
Sincerely,
Ahmet B. Altinay
General Manager
. |
