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

To: russwinter who wrote (111)	1/15/2000 11:33:00 AM
From: Claude Cormier	Read Replies (1) \| Respond to of 260

A major part of the working capital is gold inventory consisting of ounces of gold on the leach pads at the San Francisco mine...and cannot be considered as money I think. I spoke with them yesterday and they are on schedule for a MArch/April startup, but they are not flushed with cash and cannot take new commitments. The plant is now being tested and partly assembled in Denver and will be move to Honduras next month or so. As for the costs, I am guessing that most of them are behind, they probaly have only a few millions to go. If all goes fine, they will start producing gold and generating $C9M++ per year at gold $US280, this spring. I was also told that, in view of recent discoveries, they are re-thinking their mining plan in order to accelerate cash flows. (e.g. mining high grades near surface zones) As well, they said that costs at San Francisco are likely to come down following the new optimized mining plan adopted last fall. One thing is sure... they are on a very tight budget. Vueltas Del Rio should change their life. Hopefully gold prices will start to move up and help them and others. CC