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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: dara who wrote (20599)	9/17/2003 9:38:49 AM
From: Louis V. Lambrecht	Read Replies (2) \| Respond to of 39344

CNI, don't have the link but saved the pdf: Cannacord, Sep 8, 2003 ...We have assessed Onca-Puma as a two-line (2.5 million tonnes per year) ferro-nickel mine. Using a estimate capital of US$800 million to construct, 80% of the resource as a reserve, a US$3.50/lb nickel price, and an average LOM operating cost of US$1.40/lb, Onca-Puma has an indicated value to CNI of between C$27/sh (12% dcf) and C$36/sh (10% dcf), rounded to the nearest dollar. It is clear a ferro-nickel process provides the best valuation of the deposit. INVESTMENT CONCLUSION We continue to see good underlying value in CNI and recommend it as a BUY. Since the quality of the resource is so well defined, CNI is no longer a SPECULATIVE investment.