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Gold/Mining/Energy : Global Platinum & Gold (GPGI) -- Ignore unavailable to you. Want to Upgrade?

To: Chuck Bleakney who wrote (4810)	1/22/1998 9:08:00 AM
From: Zeev Hed	Read Replies (2) \| Respond to of 14226

Chuck, I think I am alittle lost. What is the process now? Concentrates (via leaching and precipitation) Factor of 5. Then Smelting of concentrates into copper. Than, part of the Dore go out for processing and part goees to electrowinning to obtain sludge. Than sludge shipped to refiner? Is the direct smelting of the ore followed by electrowinning abandonned? Zeev

To: Chuck Bleakney who wrote (4810)	1/22/1998 9:51:00 AM
From: Bob Walsh	Read Replies (1) \| Respond to of 14226

There are two main fundamental factors which will effect the price of the stock: (1) recoverable asset value (per share) and (2) earnings (per share). We have just had the asset value of the head ore confirmed - ie, $1,500 to $2,000 per ton. The EPS will be based on a number of factors: (1)value of recoverable PGM per ton of head ore, (2)time to process a ton and (3) cost to process a ton. We have a reasonable handle on (1). We are unsure about (2) and no nothing about (3). All of the forgoing is based on the pile of head ore and excludes the other assets. The $1500 to $2000 amount may be the low end based on present processing methods. The time to process a ton of head ore should be reduced with experence and the addition of additional facilities. Just some thoughts. Regards, Bob