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Gold/Mining/Energy : Crystallex (KRY)
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To: E. Charters who wrote (7938)4/9/1998 1:56:00 AM
From: Greg Ford  Read Replies (2) of 10836
 
Mr. Charters your comments about Placer do appear to be personal. But let's look at the facts a little more closely.

The payment to Continental Gold cost Petrina his job - the same Petrina by the way who was on the Board of Arequipa. Mount Milligan does have the resource but the grade does not justify construction at current gold and copper prices. Kemess I believe is located quite close to Milligan so there should be some indication of the viability of an operation. Also if the BC government is serious about supporting the mining industry Milligan may make it.

Musselwhite. Last time I looked it was a mine with cash costs around $200 per ounce. What's the problem. Placer proceeded cautiously. The mine seems like a winner.

Dome Petroleum - come on that was pre the Dome Mine Placer merger in 1987 - ancient history.

Placer has had problems - Kazaksthan, Marcopper, Tempo, the writeoff in 1997. Detour and the QK zone as you point out. But who hasn't had problems - Barrick and its $400 million writeoff of the Lac assets. Their writeoff of Cerro Corona. The overpayment for Arequipa.

Newmont - legal problems in Peru; lack of hedging book; overruns on construction.

It's part of the business. At the end of the day title of LC will be in the srongest hands. The hands that can mine the deposit and arrange the financing. Its not going to be KRY that's for sure.

Greg
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