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

To: goldsheet who wrote (86697)	6/9/2002 11:08:38 PM
From: E. Charters	Respond to of 116815

At 31.4 grams per tonne that is 28.51 grams per short ton. or 0.916 ounces troy per short ton. I know of only 5 or 6 mines in Canada that ran at near that grade or better for any considerable number of tons. There were the Discovery, the Leitch and the Sand River. The Discovery and the Leitch both contained 1,000,000 ounces at a grade of one ounce per short ton. The Sand River, nearby the Leitch, was high grade, but had lesser tons. The Sachigo River, and the Croesus had spectacular grades of in excess of 3.0 ounces per ton, but only ran for a few tens of thousands of tons. One in the NWT ran at about 0.85 ounces per ton, for about 40,000 tons. Even 0.40 ounces per ton is considered excellent underground grade. The Northern Empire ran for years, at 0.38 ounces, and the Pickle Crow mine did too at the same grade for Umex Thierry. The Magnet produced at 0.40 ounces for many years in Geraldton and the Hardrock mine at 0.50 ounces for a few years. The Hollinger produced 20,000,000 ounces of gold at a grade of 0.40 ounces per ton. Across the road in Timmins the McIntyre Mine ran at 0.36 ounce per ton for 16 million ounces. Down the street the Buffalo Ankerite produced at 0.60 ounces per ton. The Lakeshore Mine in Kirkland Lake ran for years at 0.50 ounces per ton and was never really exhausted. So did the Macassa (grade 0.50) which closed its doors a few years ago. Kerr Addison (13 million ounces produced) had a brief seven year period where it averaged .457 ounces per ton, and Campbell Red Lake was the size-grade winner with 8 million or so ounces produced at grades ranging from 0.60 ounces per ton to a low of 0.45 ounces per ton for most years. In its later years that went down to 1/4 of an ounce. Canada still has high grade situations. River Gold has been a case in point and that in a "dead mining camp" so to speak (Wawa), where so many others of the "smart money" set such as Cominco and Canamax had lost out. If you stay narrow on the vein, and stay at grade, you can still make money. "They" went in with not too much wisdom in Yellowknife and screwed up some of the highest grade large mines around. Royal Oak and a few others did not do mining a very good turn in that area. The trouble with starting mining these days in Canada is that the perception is because company A screwed up with its technology in situation B, that nobody else can make it with techology C in situation D -- or even with technology C in situation B again -- or even just better management. It is hard to raise money in the face of these kind of generalizations. Few people realize that there has been a revolution in underground mining methods for many types of orebodies in this country and that can make a big difference in a bottom line. EC<:-}