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Gold/Mining/Energy : Samex Mining | OTC:BB - SMXMF | Canada - V.SXG

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Sep 10 5:00 PM EST

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To: John Stokes who wrote (91)	2/16/1997 3:02:00 PM
From: Craig Harvey	of 539

John, what you have calculated is the theoretical (gross) production. You have to account for the cost of building a mine, paying workers, extracting the ore (never 100% recovery), among other things, which reduce the profits -> net profits. Concerning grades. For open pit LARGE tonnage deposits, 0.3% Cu is a typical lower cut off grade. For lower tonnage (i.e. high grade) deposits, 1% Cu is probably more realistic. Craig

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