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

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To: Chuca Marsh who wrote (5725)	4/13/1998 11:19:00 AM
From: Ed Fishbaine	Read Replies (1) of 14226

To all Noone knows the extrapolation back to head ore. With the new man on board I think we will be getting those numbers soon. There is no indication of costs. The values reported are gross recovery values without the charges. I expect that Aurics charges will be heavy because of the problems they had with working the dore metal (which has just been described on the website) Those 1700 pounds of dore were evidently quite messed up so don1t expect much out of them. What follows below is based on my personal calculations and does not reflect in any manner the position of Global. Global refuses to make any statement or to speculate on the head ore situation until it can demonstrate precisely what quantity of head ore is required to produce a given quantity of precious metals. According to my calculation the chain of custody of Brian Russell yields not .383 ounces/ton but .42214 ounces/ton. This is based on dividing 13.13 grams (Russell1s report) by 31.1035 grams which is the number of grams in one troy ounce. Russell1s numbers are supposed to extrapolate back to head ore. Dividing the results from the unnamed refiner (who extracted a total of 10.46 ounces from 10 pounds of anode sludge) by .42214 ounces per ton one gets 10.46/.42214 = 24.78. 24.78//10 = 2.478 tons of head ore to make 1 pound of sludge. The unnamed refiner dollar value of $3,935/10 = $393 pgms+gold per pound of sludge. $393/ 2.478= $158.59 pgms+gold in 1 ton of head ore. If one assumes, as I do, that the Brian Russell findings are low and that the truer value, using current methodology, is in the 18 grams per ton range (.579 ounces/ton) the calculation is as follows: 10.46/579 = 18.1/10 = 1.81 tons head ore to make 1 pound of sludge. $393/1.81= $217 pgms+Au in 1 ton of head ore. -------------------- These are current values. I believe they will prove to be economic despite speculation that electrowinning costs will be extremely high. If you look back to the early reports from Eastern on small samples the charges were modest. Similarly from the later returns from Auric and Engelhard. These values are preliminary. There is ongoing research to raise the level of precious metals extraction. It remains to be seen how far this will go. In my view multiounce per ton recoveries will be achieved as the mill becomes better organized and more efficient. Regards, Ed

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