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Gold/Mining/Energy : Pure Gold Minerals (PUG)-TSE
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To: ddl who wrote (611)5/27/1998 2:57:00 PM
From: Famularo  Read Replies (1) of 1030
 
Extracts from Thabex's prospectus:

Sponsoring broker: SMK Securities (pty) Ltd.
>From geological reports of: J.P. van Wyk (M Sc, Pr Sci Nat)
June 1997

Terrace Estimated Expected Grade
mineable tonnes ct/100 t
_______________________________________________________
A 1 020 000 1.2
B 228 000 1.0
C 2 286 000 1.1
D 125 600 1.0
Total 3 659 600 1.1

With regard to the above table, the estimated tonnes have been based on an
average gravel width of 1.0 metre, which is taken to be slightly
conservative. In this respect, a high degree of confidence may be placed in
the estimated gravel tonnages. With regard to the grade of the ore, it
should be recognised that it is difficult to prove the diamond content of
alluvial gravels, short of actually working large areas. However, JP van
Wyk states in his report that "experience has shown that the grades of the
alluvial deposits along the Vaal River are fairly consistent". This
statement, together with the fact that the area adjacent and to the west of
the Douglas Project area is currently being actively mined on a large scale
by another mining company as observed during our site visit, satisfies us
that the estimated grades are realistic.

Valuation and Risk Analysis
The following input parameters were used in the evaluation of the Douglas
Project:

Mean STD
______________________________________________________________________
Mineable Tonnes 3 600 000 250 000
Carats/100 tonnes 1.1 0.1
Price/carat (Rands) R2 500 R200
Mining costs/ton gravel R5.00 0.50
Plant operating costs/ton gravel R1.00 0.10
Admin, security and rehabilitation costs R1.00 0.10
DME capital expenditure (Rands) 1 000 000 100 000
Total royalties 5%

Consider the following:

With an estimated 3.6 Rand = CDN$1, then
Mining costs/tonne R5.00 = $1.4/tonne, or
$140/100 tonnes

Note that production has now increased to 500 tonnes per day.
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