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Gold/Mining/Energy : Trillion(T.tlq)

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To: Eric Rojas who wrote (6)	10/21/1996 3:40:00 AM
From: Clive Bird	of 33

Eric: Trillion is planning to double gold production at its Jena Mine in Zimbabwe which is currently producing approx 20,000 ozs per year at US$240 per oz of gold. They would like to bring their cash operating costs to below US$200 per oz. They own 50% of Jena Mine with potential to increase its stake. Their 1998 estimated gold production is 60,000 oz and their total gold reserves (proven and probable) is at 800,000 oz with lots of exploration play commanding huge land positions with tremendous blue sky. In Cote d'Ivoire, Falconbridge who is earning a 60% interest in TLQ's nickel discovery is building its pilot plant and going ahead in good steam. In my opinion, Trillion is trading at roughly its net asset value with very little recognition for the additional exploration portfolio they have gathered. Regards, Sherrin.

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