CVR: V Consolidated Viscount Resources - Ringer??? Message Board

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Gold/Mining/Energy : CVR: V Consolidated Viscount Resources - Ringer???

CVR 9.225

-1.7%

12:37 PM EST

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To: joseph nazarian who wrote (15)	10/18/1996 2:02:00 AM
From: John Fairchild	of 409

To all, I spoke with Len Harris yesterday. I was very impressed with this mans knowledge of his company. He is also the president of Gaurdian. I talked to him for about 20 minutes and he was very open and intent on giving me the facts. Not one sign of hype. La Cororadas property, Mexico. - The shear zone runs for ~5 km on the surface of the property. There are 13 old workings, 5 are adits the rest are shallow pits. One 40' shaft worked from 1938 to 1940 and was taken out of production because of a cave in which trapped 7 workers. The mine was abandoned - the workers would not go underground anymore (superstition). This shear zone is a consistent 2 to 2.5 meters wide for the entire length and is expected to have very high grade gold/silver ore down to approximately 3,000 feet where lead and zinc occurs. Production costs are $105 per oz. CVR will have a 32% interest in the property and they expect to go into production hopefully by the end of the month. An adit will be driven beside the old 40" shaft where grading is 2.96 oz/ton gold and 18 kilograms/ton silver. 8 miles away a mine has been in production for 300 years (don't recall the name). The Sumas Mountain property in Washington is getting a lot of attention right now. The play here is unfolding very quickly. The news release issued on Oct 10 regarding the quantity of resource is in fact greatly understated. They had the property tour with a very interested major who's name I will not mention. Mr Harris was disappointed that news got out identifying a major. It was not intended as he felt that it would be offensive that their name become known and thus appear to be hyping of CVR using their name. He was very sincere - they do not want to compromise their relationship with that company in any way. The news release stated 800,000 tons containing .65% nickel and 1.4 oz per ton scandium. CVR geologist was very conservative in his estimates. Upon visiting the site with the major geologist they determined that a minimum of 3,000,000 tons exist. There are waterfalls on the site which expose the mineralization to 30' thick. The 3,000,000 ton figure is based on a 20' thick deposit. The lab in Colorado which is carrying out the sample testing is very big in research and developement. 50 Phd's and working towards applications including work for the US government. Separation of the metals was performed without difficulty (50 to 60%). No effort was made to attempt higher levels of extraction as the test was purely to detirmine whether the metallurgy was suitable for the method. It was. Further refinements of the process are expected to prove much higher extraction rates. The company doing this test is extremely eager to proceed with bulk testing. They have been looking for a large source of scandium and they have found it. CVR owns it. The value of this company will soon be recognized. John.

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