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Gold/Mining/Energy : TVX Gold -- Ignore unavailable to you. Want to Upgrade?

To: Edmund Lee who wrote (703)	8/26/1999 6:16:00 PM
From: Edmund Lee	Read Replies (1) \| Respond to of 905

TVX Hellas has the site preapproval permits for the Olympias polymetalic gold project in Greece. Review conducted on June 98 Bankable feasiblity study focus on gold recovery process. Changes now Bioxidation plus pressure oxidation. On site pilot plant and Lakefield Labs {Canada} are working on the process. Kvaerner Metals (UK) will finish revised bankable feasibilty study on this new milling process by 3rd Quarter. Miniproc Ltd. (AUZ) will assist in the engineering for the gold plant. Knight Piesold Limited (UK) design of tailing dam and environmental review. JUN 98 proven probable 11.8M mt 8.0 g/mt AU est total 3.0M recoverable 40.7M byproduct silver. Behre Dolbear will be working on reserve audit update will include 20Km additional diamond drilling. The quick look shows increase in grade and tonnage. Mine life greater than 15 years. TVX has commitment letter from internatal bank to under write $130M, limited recourse debt ginance and $40M grant bridging fiance for Olympias project contingent of completion revised feasiblity study. Quickly scanned notes from Article not in online copy: e-mj.com