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Gold/Mining/Energy : Global Platinum & Gold (GPGI)

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To: Bob Walsh who wrote (6914)	8/5/1998 10:52:00 AM
From: Ed Fishbaine	Read Replies (1) of 14226

Hi Bob, To predict that at the start of the pipeline that one week's shipment would be worth $75,000 is quite misleading IMO. I do not have any specific information, but neither is there a clear picture at the mill of what the returns will be. Despite the assay of $1,000 per pound the actual refined result will have to be discounted for the water in the shipment. There will, also have to be allowance for the likelihood that the material is not fully saturated with the resin and that there are losses of metal at the beginning. There are also other start-up complications about which you and I know nothing which will affect the processing of the material. To jump from the assay to the value of the shipment can only set up investors for a major disappointment. My bet is that the initial returns will be a fraction of what you have stated. There will be a gradual improvement in each shipment as they gain experience and eliminate the inevitable glitches. But it is a mistake at this point to offer numbers which cannot be documented. Wait till the numbers are in. Regards, Ed

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