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Gold/Mining/Energy : Wheaton River Minerals (WRM Toronto) -- Ignore unavailable to you. Want to Upgrade?

To: Aoteoroa who wrote (146)	4/29/1998 5:30:00 PM
From: Robert Dydo	Respond to of 350

Bellavista prefeasibility study completed Wheaton River Minerals Ltd WRM Shares issued 30,390,348 Apr 28 close $0.47 Wed 29 Apr 98 News Release See Canarc Resource Corp (CCM) News Release Mr. Robert Carriere reports A prefeasibility study completed by Canarc's partner, Wheaton River Minerals, on the Bellavista project in Costa Rica indicates that the mine should generate strong profits over its 8.7 year minimum mine life. Canarc owns an 18.3 per cent carried interest in Bellavista, and receives annual pre-production payments of $117,000 (U.S.) from Wheaton River. The study indicates that a profitable open pit and underground gold mine can produce gold, using heap leach processing, at a total cash cost of $168 (U.S.) per ounce, generating an attractive 28 per cent rate of return on capital. Total gold production will exceed 550,000 oz at an annual output of 64,000 oz per year. Proven and probable mineable resources are estimated to be 780,000 oz and heap leach recoveries should exceed 75 per cent. Wheaton River, the operator, will commence a 7,600m underground infill drilling program in June in order to move underground resources into the mineable reserve category. A final feasibility study should be completed in the first quarter of 1999.

To: Aoteoroa who wrote (146)	5/4/1998 8:05:00 PM
From: Steve Johnston	Read Replies (1) \| Respond to of 350

I am neither sad nor bitter. My point is that this company has had a long history of coming up short on promises. Several big brokerage firms got stung as a result. They have essentially blackballed the stock. Buying is, therefore, being driven by small retail players. As well, they have 250,000 proven ounces (give or take) and about $4,000,000 in cash, after subtracting debt. With roughly 50,000,000 shares out there, the company is not worth more than 50 cents, unless they can take probable reserves up into the proven category at either the Golden Bear or in Costa Rica. My guess is that they will add at least another 250,000 to the proven category in the next twelve months, bringing the valuation up to maybe 85 cents IMHO. By the way, I am personally not anti WRM, and do apologize for being so grumpy on my last post. Regards.