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Gold/Mining/Energy : Manhattan Minerals (MAN.T) -- Ignore unavailable to you. Want to Upgrade?

To: Elizabeth Andrews who wrote (2529)	6/25/1999 1:44:00 AM
From: Claude Cormier	Respond to of 4504

<<First, even if this "deposit" gets to 60 m tons its still too small to attract a major. I understand that majors are looking for deposits that can be mined in high volumes through many price cycles. >> Wrong again. First MAN need no majors. Their people have everything needed to bring this project in operation..including the capital and the human resources. Also keep in mind that Tambo Grande at 60M tons will be only 4.2 times smaller than Antamina in terms of metal content... and Antamina is 50% lower grade. Antamina is being developed by 3 seniors who share the costs and interest. If Antamina is good for 3 seniors, TG is good for any one them, if needed. As for your rhetoric on metallurgy, I think it make no sense. But I'll take the time to go through it with some professional eyes. <<Where are they going to get this mine of 10,000 tonnes per day so they can qualify. >> No big deal. 10,000/day is 3.5 millions per year. With 42M tons they are good for more than 10 years. But we know they have more than 42M tons right. <<Eight and last, I'm sad to say, is the net assets of $100 million condition. This one should be easy as there is no definition of what this means in the glossary. >> Net assets: in my Robert and Colins Dictionary of management, net assets is defined as liquidation value. I am sure that the deposit will be worth more than that. But I see no problem with MAN raising $100 millions if they come up with a positive feasibility.