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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: James E Lynch who wrote (12366)	8/19/1998 12:26:00 PM
From: E. Charters	Read Replies (1) of 34075

The problem with making projections in these circumstances lies in the difficulty they themselves pointed out in determining average grade. This is no different situation from any other placer valley. Gold is washed clean of lesser sands to upgrade the material, it is not washed into the area where it is found. This formational fact means that placers of economic importance are in the coarser better washed stream beds or pays. If you wish to remove all the valley material then you are mounting a huge and expensive operation and you would be doing it without first determining its practicality. How would you remove all that material and wash it? Is it feasible to do it even if money was no object? Will the government allow such an earth moving operation? Has such a plan been presented to them? Remember I am not talking about a few trucks here. If you wish to attack the whole valley floor the scale of the operation exceeds any done so far in South America. Since they point out the problems with RC drilling or other cross sectioning techniques then it is apparent that the actual grade of the whole valley mass must be somewhat conjectural. A few surface pits will not tell you. A shaft or two helps, but is this enough to determine grades of all material over a wide area? I would think several shafts and extensive workings would be necessary to loosen up purse strings.. And whether or not drilling would be 100% successful I think that some kind of attack might be germane to get some kind of idea.. of course the boulders and cobble do present a grave problem here.. Placer is a problem isn't it? It worries down to guesswork doesn't it? But hordes of it was done in California. They chuck drilled and churn drilled and excavated and dug pits. But work they did. I am sure the money raising was tough. It always is. Sometimes the prediction precedes fact by a margin of inspired guess. I stand by my original assertion. If the geologist who did the recommendation is not of sufficient reputation in the field of valuations no matter the geologic degree of the consultant the exchanges will not allow the report to be accepted. This narrows the field in consultancy considerably. Knowing some of the necessary means here I could take the hounds off the company's back some if they would swallow their pride. By the way, it may behoove them to look a little harder at the quartzites and sandstones in the area to see if the breccia's are not the source of the historic placer gold. They are a previously unrecognized deposit type. echarter@vianet.on.ca

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