Exall Resources/Glimmer Resources Message Board

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Gold/Mining/Energy : Exall Resources/Glimmer Resources

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To: James N. Wilson who wrote (720)	11/29/1998 1:26:00 PM
From: Winzer	Read Replies (1) of 1319

James, Did some conservative calculations as to what can be expected from Glimmer JV once the looooooooooooooooooong JV dispute is settled. Your comments on my assumptions are welcomed. This is the low end of what I think/speculate is possible once the dispote is settled. This waiting game is not having any winners. This stalemate has reduced the values that both companies could have had if the problem was resolved. As you can see, from any way you look at it, GME will have the advantage, so Exall is probably the ones drrrrrrrrrragging it out. No one likes to lose, but what about the poor patient shareholder? Get it over with "gentlemen". GLIMMER GOLD MINE PRODUCTION Milling Rate: 1200 Milling Days 350 (365 - stats) Mill Recovery 95.00% Head Grade 0.215 opt Cash Cost $200.00 Gold Sales $300.00 Shares Outstanding (FD) Ore Reserves (Proven) EXL 30,000,000 480,000 oz GME 6,500,000 Annual Ounces Produced 85785 Total Revenue Produced $8,578,500 1) Revenue Split (EXL/GME) (65/35) Revenue Split (EXL/GME)(60/40) Revenue Split (EXL/GME) (55/45) Estimated Share Price @5X earnings = (65/35) (60/40) (55/35) EXL $0.93 $0.86 $0.79 GME $2.31 $2.64 $2.97 Cheers Winzer

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