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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: CYBERKEN who wrote (3114)	5/24/1998 1:54:00 PM
From: Claude Cormier	Read Replies (1) of 34075

<<Proving up 6 millions ounces of .03 grade means drilling, trenching and sampling through 200 millions tons where proving up 6 millions ounces of 1.5 opt gold means drilling and sampling only 4 millions tons of material.>> BAsically what I meant is that the amount of work needed to prove up reserves is greatly influenced by the grade of the deposit. Since Cangalli grades is said to be between 1g/t and 7g/t, we can expect that a quite a bit of work is needed to prove up the ounces. Was must be accomplished when proving up reserves is enough sampling to define grade and its continuity. There are standards that define what is "enough". Depending on the grade, the 6M ounces of proving may be contained in 30M tons or 200M tons.... we can't know as it was not said by MINE. The larger the tonnages, the higher the number of samples that must be taken and the higher the expense budget. Good exploration campaigns prove up ounces of gold at a rate as low as $3 per ounce. This is low. To prove up a 6M deposit, $18M must be spend or so. This is of course a balk park figure and will depend on a lot of factor. Sometimed as much as $10 per ounce is spent to discover gold.. Do you have an idea on how much MINE spent in the last year ?

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