Golden Eagle Int. (MYNG) Message Board

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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: CIMA who wrote (3727)	5/28/1998 3:41:00 PM
From: Claude Cormier	Read Replies (2) of 34075

<<One should also take into account the fact that a large percentage of these assays were conducted prior to October 97 >> Possibly.... but we are still talking $1m or so in total expense. Which is not very big. As an example, Minefinders spent $6M last year on a program that includes trenching, drilling for a total of more than 40,000 samples. So far they have a indicated resource of 2M ounces of gold equivalent contained in 44 millions tons grading 1.5g/t or so. And the property is much smaller than Cangalli. Total exploration costs per ounce their are $3/ounce. Minefinders will spend a few more millions this year to bring this resource in the proven category. This is one of the best case I've seen recently. There are numerous examples like this where the exploration costs per ounce is much higher than that. No doubt that I still have alot to learn in this business...because I don't understand MINE's numbers.

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