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Gold/Mining/Energy : Gold and Silver Mining Stocks -- Ignore unavailable to you. Want to Upgrade?

To: goldsheet who wrote (2290)	9/22/2001 5:37:36 PM
From: tyc:>	Read Replies (1) \| Respond to of 4051

<Echo Bay looking like history to me> Do you recall discussing the road/port project in Nunavut, currently the subject of a feasibility study ? There is an interesting inference to be drawn from the following extract from a Kit Resources news report from February 1998 (sic) "One important aspect of Kit's strategy in the region involves building a base metal circuit to process Izok Lake ore at Echo Bay Mines Lupin mine site, thereby reducing the infrastructure costs. Concentrate would be trucked to the port, and on the return trip the vehicle would backhaul ore from Kit's George Lake gold project to Lupin for toll milling." So the road/port was conceived as eliminating the need for TWO mills by building a base-metal circuit at Lupin ! Alas! metal prices collapsed and to advance the project, Kit was obliged to sell a 70% interest to Kinross, while it itself ceased to exist, being amalgamated with Wheaton River Mines. When Kinross took on the George/Goose Lake project its objective was to increase the resource by 50% from 2,000,000 ounces to 3,000,000 ounces. It apparently nearly achieved this in the first year of drilling at Goose Lake alone (>12 g/T).... all above 300 metres. I understand that now it is trying to achieve 3,000,000 ounces from only one of the deposits (Goose Lake) by drilling deeper. I have read that the Goose/George Lakes deposits have similar geology to Lupin. When Lupin opened in the eighties, it had only 600,000 ounces of reserves. It has since mined over 3,000,000 ounces. Pierre Lassonde of Franco Nevada is currently an advisor to the board of Wheaton River. It seems interesting that Franco Nevada and Kinross should so end up with a controlling interest in Echo Bay (and the Lupin infrastrucure). I would dearly like to know whether this is of interest.