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Gold/Mining/Energy : United Keno Hill, UKH, Toronto**** Opportunity Knocks!
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To: The Lone Ranger who wrote (784)3/4/1998 5:17:00 AM
From: David Luton   of 1348
 
The early bird gets the worm. I have to get up
early to keep up with all the smarter and more
experienced folks around here.

Re your questions: My assumptions were as follows

Note: My numbers were in reference to phase one only not
the bigger mill required for the Marg property
development. I see that as a millenium project.

I suggest keep your horse and some silver bullets
We may need them if some of the nay sayers from
other threads join us later on.

If your ancestors came from the farm like mine
it's helpful to use oxen. Fortunately we have
help from a very big 'silver' bull.

Generally I subscribe to the 'Kiss' philosophy. So I used
it in this case.

1. I have assumed the ongoing reserves are there. To quote
from Glanfords study. (A-3)

"United Keno's properties presently hold 944,000 tons
grading 30 ounces of silver, 4.8% lead and 3.9% zinc.
Since production started in 1914 the Elsa properties
have produced more then 225 million ounces of silver
in spite of the fact that less then 25% of the
favorable drill horizon has been explored to date."

This ain't the Borneo jungle. It's a proven resource.

2. We will need from August to the end of the year to
ramp up production & get things moving for the
500 ton mill.

3. We have a complete mining study that Glanford
accepted. All in cash costs are $3.41 per ounce
of silver equivalent or $151.00 per ton.

Regarding other costs:

1) UKH has unused tax losses of $10,000,000 and unclaimed
depeciation equivalent exceeding $5,000,000. I ignored
taxes as a result.

2) The property is subject to Falconbridges NSR of 1% and
6% Net profit royalty to the Yukon government.

I will continue on the next post why the silver bull
will quickly take care of these, all other costs
and other historical liens and bad balance sheet
items.
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