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Gold/Mining/Energy : Int'l Pursuit (T.IPJ)
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To: Ron Everest who wrote (537)2/10/1998 2:33:00 PM
From: Abner Hosmer  Read Replies (1) of 835
 
Ron -

Some possible answers to your questions on the Phillipines:

>>The letter of intent is non binding until the joint venture agreement is executed which is scheduled to be completed within 90 days of completion of a scoping study currently being prepared by Kilborn SNC-Lavalin. Given the current low copper price, volatile capital markets, and conditions precedent, there can be no assurance that the transaction contemplated by the letter of intent will be completed. As a result, IPPI and Minoro will be entitled to negotiate a transaction with other mining companies until the joint venture agreement is executed, although neither party has any present plans to do so as both Pursuit and Minoro believe that the contemplated joint venture has advantages to both IPPI and Minoro for the reasons described below..

...The project is anticipated to be a low cost producer, with the first half of the mine life possibly producing at under US$0.50 per pound by using higher grade ore at a low strip ratio, in the early years. In addition to copper, the project will also produce minor amounts of gold and silver as well as pyrite.<<

I wonder if the other metal values may be viewed as an offset to the cost of producing the copper, further reducing mining costs.

best regards - Tom
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