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To: russwinter who wrote (1453)	6/21/2001 4:04:06 PM
From: geoffb_si	Respond to of 4051

Russ: Excellent analysis. It also bodes well that Normandy recently got approvals to develop a mine in Turkey, thus bolstering the opinion that Turkey is encouraging mining. Geoff

To: russwinter who wrote (1453)	6/21/2001 4:25:24 PM
From: baystock	Read Replies (1) \| Respond to of 4051

<...but a CAPEX OF ONLY 37 MILLION. That inexpensive capex on a deposit this size is not matched anywhere in the world. > A deposit this size should have a much larger yearly production, of say 300K per year, which I am sure would bump the capex up considerably higher, as you pointed out.