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Gold/Mining/Energy : Golden Eagle Int. (MYNG)

MYNG 0.0700

+5.7%

Feb 21 4:00 PM EST

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To: Richard Mazzarella who wrote (2990)	5/23/1998 9:21:00 AM
From: Don Rohner	Read Replies (1) of 34075

Richard All Give You My Humble Opinion Answer: Previous report on 50% of the property was a grade of 14g/cumeter with a max reserve of 170M oz. Now we a have on 80% of the property a max reserve of 243M oz. A simple ratioing would be as follows: 50%14gr/170Moz=80%Xgr/243Moz X=12.9gr/cuMeter (Again this is very conservative from how they did it) In addition IMHO looking at mining costs: We know at 14gr/cumeter an ounce would cost from previous news release $170/oz then at 12.9gr/cumeter by simple ratioing with $50 overhead you can come up with the following: $170-$50=$120 Then $12014gr=$X12.9gr X=$130.3 (VERY CONSERVATIVE RECOVERY PROCESS WAS BEING IMPROVED!) Or IMHO with what we know a mining cost per oz of: $130.3+$50=$180.3/oz DR

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