International Tournigan(ITG.V)announces major discovery Message Board

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Gold/Mining/Energy : International Tournigan(ITG.V)announces major discovery

ITG 30.23

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Feb 28 4:00 PM EST

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To: Danny Grant who wrote (304)	7/29/1998 12:42:00 PM
From: MWS	Read Replies (1) of 347

I've looked at the Glanville report (Ross Glanville and Associates). This is the March 98 independent engineers report that details the estimates of costs and cash flows for Berenguela. It includes the NPV calculation based on these estimates. The NPV calculation includes 146M USD in capital costs over the first three years of the project's development. This includes 5M USD for the bankable feasibility study. An additional 20M USD in working capital expenditures is estimated over the following 4 years, along with 2.0M USD in replacement capital for each year following year 3 of the project. So the answer to the question is yes - the capital costs are included in the NPV. The report conservatively adds contigency amounts to costs and uses conservative values for revenues from the sale of ores. The NPV for the 10% discount rate is 182.7M USD, now about 274.7M CDN given our failing dollar.

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