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To: Richard Mazzarella who wrote (474)12/14/2000 12:16:43 AM
From: goldsheet  Respond to of 4051
 
> show GLG reserves based on an average of 0.023 OPT. That can be recovered at $165/oz?

Absolutely ! There is a mine just east of where I live that produced 165,000 ounces at a grade of .017opt at a cash cost of $160/ounce in 1999 (lower grade at lower cost). It is very similar to Glamis California desert properties (Picacho, Rand, Imperial). It is the Mesquite property, discovered by Gold Fields, developed by Sante Fe Pacific, and currently run by a little firm out of Denver called Newmont.



To: Richard Mazzarella who wrote (474)12/14/2000 11:06:26 AM
From: Claude Cormier  Read Replies (1) | Respond to of 4051
 
Richard,

Yes. Thanks to the low costs at San Martin. The new forecast is for $113 at San Martin. The grade is low... but the material is exceptional. Very low strip ratio, good recoveries, and run-of-mine. Bypassing the crushing stage for a large portion of the feed lowers the costs big time.

I am not sure if GLG will meet this forecast. But the logistics make sense.


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