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

To: U.B. Green who wrote (5088)	2/15/1998 1:30:00 PM
From: Randall E. Brubaker	Respond to of 14226

U.B.: While you did your post I was trying to figure out how much anode sludge can be gotten from the Dore. There was an assay of the sludge last Summer by Sabin metals (on the GPGI web site) of $905,000 per ton. This would be nice to know since we can apparently produce 4300 lbs of dore per month, soon to be 8600. I coudn't figure this out from what I could find on the web-site. I am assuming that sludge will be a down-stream product from the dore as processed by the refiners. I have the impression that the payments received so far by GPGI (that we know about) are for shipments from GPGI of sludge, not dore. I'm no expert here, and corrections or comments from anyone are welcome (actually- hoped for).

To: U.B. Green who wrote (5088)	2/15/1998 5:10:00 PM
From: Ed Fishbaine	Read Replies (3) \| Respond to of 14226

"How many tons of "Head Ore" does it take to produce 1000 pounds of dore bars? Surely you askedthis question. Was this conversation shorter than you would have liked? Did you have questions thathe did not answer? You spoke to him " the other day"? U. B. Green" According to results in October at the GPGI laboratory as reported to me by Russell Twiford, 1 ton of head ore makes 120 pounds of dore. So between 8 and 9 tons of head ore produces 1000 pounds of dore. Further reduction of dore to sludge was at a ratio of 17:1. So 1000 pounds of dore would yield approximately 60 pounds of sludge. Contrary to the estimate of $905,000 per ton of sludge by Sabin, the results in October approximated $3.3 million per ton of sludge. However, metals prices were higher then. Also, these figures are not fixed in stone. There can be considerable variation in the processing results from batch to batch. I also personally believe that with experience the recovery from dore will be considerably improved. The numbers above are actually astounding and will be hard for the market to digest and to believe when they are converted from laboratory to production, especially because of the practically infinite amount of raw ore reserves which GPGI holds. It is because of these extraordinary numbers that GPGI has refused to present them as official statements of the company. The potential value of GPGI, which will be recognized sooner or later by the market, is at a very major multiple of its current price. Regards Ed Fishbaine