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Gold/Mining/Energy : ATNA ( v.atn t.atn)

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To: Carl Ross who wrote (44)	11/26/1996 2:12:00 PM
From: Richard Humphrey	of 509

In the 9 month results News release, ATNA stated that mining analysts have calculated that the gross metal value of the ore is over $300.00 per tonne. That means 5.3 million tonnes at $300.00 per tonne = $1.6 billion by my calculations. ATNA has a 40 % interest in the Wolverine deposit. Making ATNA's gross metal value at $640 million. I do not know what the production costs are for mining this deposit. Anybody care to estimate. I'm going to pull a number out of the air ($150.00 per tonne). At $150.00 per tonne profit(before taxes), this gives a ATNA a bottom line of 320 million dollars. With a full dilution of(est.) outstanding shares equal to 25 million, the book value of ATNA's shares with this one deposit is valued at $ 12.80 Cdn.. Anybody have any additional thoughts on the value of ATNA's 40 % interest in the Wolverine ore body?????? Regards!!! Rick.

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