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Gold/Mining/Energy : Caussa Capital (formerly Antares) T.CAU -- Ignore unavailable to you. Want to Upgrade?

To: Gabe Heti who wrote (2122)	1/5/1998 9:05:00 PM
From: ossie	Read Replies (1) \| Respond to of 4718

I am given to understand that this is a new resource estimate based on further drilling results,and not as a result of the pricing relationship change betwwen silver and gold. Actually,have double checked this. Ossie

To: Gabe Heti who wrote (2122)	1/5/1998 9:25:00 PM
From: john	Read Replies (1) \| Respond to of 4718

based on increase in resource estimate according to the release. unless oi really misread the release.

To: Gabe Heti who wrote (2122)	1/6/1998 4:30:00 AM
From: Gabe Heti	Read Replies (1) \| Respond to of 4718

Resource Calculation Clarification I have tried to calculate the indicated resource based on current news release and the release of November 28, 1997. Confusion is caused by the use of different Gold/Silver ratios. November 28 used ratio of 57:1, while recent one used 48:1. The latest reserve figures increased as a result of an increase in both the indicated resource as well as by the change in the ratio. Using the earlier ratio of 57 would have resulted in a resource of around 640,000 ounces, an increase of 21%. Using the new ratio, the increase is about 40%. I have used 31 gm/ounce for conversions. Summary: 97-11-27 Earlier News Release Gold 223,471 ounces Silver 16,106,323 ounces or 282,567 ounces gold equivalent Total Gold Equivalent using ratio of 57 - 506,038 98-01-05 Latest News Release Gold 279,654 ounces Silver 20,570,323 ounces or 428,548 ounces Total Gold Equivalent using ratio of 48 - 708,203 Total Gold Equivalent using ratio of 57 - 640,537 I tried attaching the spread sheet used to do the calculation without success. Hope this is correct. Antares could try to be clearer in the future. Gabe