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Gold/Mining/Energy : BLACK HAWK (TSE:BHK) -- Ignore unavailable to you. Want to Upgrade?

To: Stephen O who wrote (77)	5/16/1998 3:41:00 PM
From: William Whitehead Jr.	Respond to of 545

Re: Limon Mine I think that BHK can be more effective in its cash-flow management. The surplus (from Keystone) can be used to support the Limon site. And has been pointed out by others previously, the largest cost obstacle for the Limon mine is the cost of electricity to which end the study to support the installation of a new steam generator is well along. This undertaking would cost close to 20 million but would permit expansion to nearly 1,500 tonnes/day.

To: Stephen O who wrote (77)	5/18/1998 2:37:00 AM
From: nammir chucri	Read Replies (1) \| Respond to of 545

According to the figures published by Triton ,Argentine property has proven and probable resources of oz/gold 600.000 at a mine cost of US $ 188 per oz,comparable figures of Limon mine are 415.000 oz and cash cost of US $274. For two years Triton has tried to bring the cost to the $241 without success,if BHK find a way (without pushing the ore grade) to bring the cost to the$205 level,BHK could pretend to acquire 75% of the world gold mine with a cash production cost of $260 and runs them economicaly. The "technical" management of BHK do not have a say in this transaction,the big guns in both boards of directors are the ones running the game. The loan agreement with between BHK and Triton was prior to the agreement with Global,no need to wait for Global to come up with the money. The market is more efficient that you do think,a chart for BHK will show you that as this merger was declared BHK price share slide begun. The idea of investing $20 million in a steam generator is like the idea of investing in a big hole,the more you invest in it the more larger it becomes. As for BHK mgmt had no idea about the history of Global,are you serious!!!Are you ready to invest in a company who do not check a main joint venture partner.