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Gold/Mining/Energy : Global Platinum & Gold (GPGI)
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To: JACK R. SMITH JR. who wrote (10306)5/7/1999 12:02:00 PM
From: Ed Fishbaine  Read Replies (3) of 14226
 
Jack

You are correct in your complaints about the lack of change in management and in share structure. But I do not agree with you regarding the production situation. You know very well that with limited funds the gearing up process which McKay is implementing takes time. Whatever delays are occurring are due to McKay not Jensen. The fact is that Jensen has nothing at all to say about production and development. He is out of the loop.

As far as production goes, the 4.4 pounds is not the way to assess production. A 1000 pound shipment which yields $597,000 worth of metal is when the calculations should begin. Twiford's calculation is that it would take 140 tons of head ore to make 1000 pounds of anode sludge. The cost for materials would come to $145,000 and it would take about 2 weeks at a rate of 10 tons per day. I dont think the $145,000 includes the cost of labor. So adding $5,000 for labor brings operating costs to $150,000. So, operating net would come to $447,000.
Refining costs of say 20% bring us down to $357,000.

The margin is considerable don't you think?

Jack I recognize your patience. Have a bit more. If it doesn't happen by sometime this summer then GPGI is out of business period. And then all your misery will cease.

Ed
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