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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Tom Frederick who wrote (12347)	4/27/1998 4:17:00 PM
From: scott w. smilen	Read Replies (2) of 20681

Tom, point well taken. If we were trying to conjecture, however, the total deposit is not as relevant to valuation as the per year production. Perhaps you could educate me on a few points: 1. What is the lowest grade of ore that profitable companies mine? 2. What would be a reasonable expectation of tons/day (or tons/year) to be mined? I see that Newmont recently reported profits on average grade of .06 oz/ton, producing over 1 million ounces for the quarter at an average cost of $184/oz. Thus, a .11 grade could result in costs of <$100/oz, by my math. Your and other thoughts welcome. Scott

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