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Gold/Mining/Energy : Global Platinum & Gold (GPGI)

GPGI 22.13

-5.9%

Feb 4 3:59 PM EST

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To: Robert Ray who wrote (5124)	2/20/1998 7:40:00 PM
From: Bob Walsh	Read Replies (1) of 14226

To all - GPGI update (per call today to Dennis): - Audit: audit is complete less Ore Grande appraisal. The appraiser has left the Ore Grande property and is working on the report. I expect that the final audit report including the Ore Grande appraisal will be received by GPGI within two to three weeks. GPGI will then immediately submit it to the SEC and it is automatic that they are considered fully reporting 60 days after their submission. - Chain of custody review by Brian Russell: Brian has completed his work and is back in South Africa where he is writing up the report. Dick apparently believes that a COC will not be anywhere as meaningful as will a stream of payments from the refiners. - Refiners: apparently the slowness of Engelhard and Noble in processing both product and payment as well as their inability to handle dore bars has resulted in GPGI looking principally to AuRIC. The last shipments of sludge/slime to Engelhard and Noble have been resent to AuRIC for processing. - AuRIC presently has 1700 pounds of dore bars that they are processing. Since they supposedly were sent 1200 pounds as of Dick's January 6th letter, then they have only been sent 500 pounds since then. I have asked tonight what has happened to the output of dore bars by GPGI since January 6th - since as of that date they had the capability of producing 4300 pounds per month. Dennis will get me an answer next week. AuRIC should have a batch (dore bars to sludge to PGMs) completed this weekend with value results available next week. - Process / Tanks (used to process dore bars to sludge or slime): It appears that each tank holds about 15 dore bars (needs confirmation) and each bar weighs ?? (guess at moment is perhaps 15 pounds - needs confirmation). It takes about a week to break the dore bars in a tank down to sludge (about 3 1/2 pounds is the yield). Presently there are 6 tanks (not 12) at AuRIC and 9 at GPGI. Unknown at present whether more tanks are on order. It takes 2 to 3 days to convert the sludge to PGMs. - Breakeven / profit point: Presently weekly costs are approximately $24,000 to $25,000. The yield from 15 tanks is 52.5 pounds of sludge which is worth minimally $500 per pound and may be nearer $1000 per pound (this weekend results will be important). 15 tanks yielding 52.5 pounds at $500 per pound = $26,000. Thus as more tanks are added and as AuRIC's PGM refining process improves (at the point of converting the sludge to PGMs) the profits increase. - Financing: Additional financing has been completed via the sale of Rule 144 stock. This money will be used to build a new building, install additional furnaces and buy 40 additional tanks. The 40 additional tanks will yield 140 pounds of sludge per week at a additional cost per week of $10,000. - News release: expect one next or the following week. Regards, Bob

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