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Gold/Mining/Energy : Clear Creek Resources - CK/VSE
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To: Gary S who wrote (121)5/1/1998 12:54:00 PM
From: Maple Leaf  Read Replies (1) of 150
 
I spoke to management with respect to the last press release. Aparently, they took three "mini-samples" which totalled the 3700 tons. Each sample came from a different level of the pit. Near surface recoveries were very poor, but the last sample was done at 40 meters and the kimberlite appeared to be much less diluted. Apparently, this is where the big diamonds and the best percentages were recovered. I did some research on other pipes in the area and spoke to several South Africans who told me that the Finch Mine (in close proximity) owned by de Beers became much more rich as it got deeper in depth. I reviewed a press release by Ashton Mining of Australia dated on April 20, 1998 which indicates that their Argyle mine which produced 40.2 million carats in 1997 was currently experiencing lower production as " the operation worked through lower grade areas of the pit." If one of the biggest mines in the world has these types of inconsistencies in grade, then I feel it is most certainly to early to write off the Postmasburg Pipe. Based on managements decision to extend the term of the option and the decision to go ahead and drill, then I feel that they must believe that there is strong potential to prove up an economic pipe. With a market cap of less than 5 million dollars, I believe that this company still represents a good risk reward ratio.
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