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Gold/Mining/Energy : Western Copper Holdings Ltd. T.WTC -- Ignore unavailable to you. Want to Upgrade?

To: Elizabeth Andrews who wrote (281)	4/20/1998 12:16:00 PM
From: jack marshall	Read Replies (2) \| Respond to of 401

I'd wait the results of metallurgical work first but the dimensions are such that there is a lot of flexiblity here with respect to a mine plan. A high grading philosophy with modest capital might pave the way for a high tonnage low grade mine in the future. This is a classic volcanic massive sulphide deposit but the grade is a little lacking except for the higher grade disseminated copper zones. You need about +$80/t ore to justify a mine these days but remember the miner only ever sees about 50% of gross revenue for zinc, 75-80% for copper etc. Mines aren't found, they are made and I think there will be one made here but it is a 5-10 year process, not something coming out in the next set of results. This one will follow the classic trend of price rise on good results, a large drop once no new info comes out (buy on mystery, sell on history), sideways movement until a production decision is made and production gets near, then a rise in price once production starts. Very similar to Diamet trend I expect. I don't own any shares here so I can't comment on current capitalizaton and whether this is a good buy or not. It's still a story stock for now.