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Gold/Mining/Energy : PLAYFAIR MINING - PLY . V -- Ignore unavailable to you. Want to Upgrade?

To: Brumell who wrote (225)	7/20/2001 8:31:02 PM
From: Claude Cormier	Read Replies (2) \| Respond to of 505

Bob, OK... I nominate you our official reporter. We expect your analysis on Thursday morning. -:)

To: Brumell who wrote (225)	7/23/2001 3:32:48 PM
From: russet	Respond to of 505

This being a tonnage play in the eyes of a senior producer, I can't imagine a senior settling for less than the full play, or the right to somehow back into the full play, because unless the senior already has a processing plant nearby they will need to build one, and to warrant that expense I believe would need something in the 50 million tonnes+ range. We are a wee bit off from that (gggggggggg). I imagine the deals offered so far for the whole land package fall below what Neil wants, which in my eyes would be funding for the company by PP plus funding for the project by JV. Most majors have enough things to spend their money on presently, and several are selling off what they have and the economy doesn't look so hot either so I don't think any are chaffing at the bit to invest in a spec play so Neil is left with two options with his current hand,...fold and accept the a major's offer for the total land package, or stay in and hope for some better cards from the dealer which requires him to ante up. The ante is the cost to drill some holes and do some downhole geophysics to look for some good conductors, and get a feel for how big they might be. So my question, ask Neil what the probabilities are for Playfair funding the drilling in a few months. I think it's pretty high unless they let the major back in to all the property. That means some major dog and pony shows to spread the word and get some money for further work perhaps. Could also ask where they would drill,..seems to me a fence starting near that old well might be logical, and I suppose some drill holes into some of the high MMI concentration zones followed by some downhole geophysics to perhaps better target and characterize the anomalous regions.