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Gold/Mining/Energy : Golden Eagle Int. (MYNG) -- Ignore unavailable to you. Want to Upgrade?

To: David Sirk who wrote (3304)	5/25/1998 4:05:00 PM
From: Andrew H	Read Replies (1) \| Respond to of 34075

Bolivia is clearly a land rich in precious metals: Proven and Probable Reserves at San Cristobal Increase 70 Percent PR Newswire - May 07, 1998 07:30 SIL %MNG V%PRN P%PRN -------------------------------------------------------------------------------- DENVER, May 7 /PRNewswire/ -- Apex Silver Mines Limited (Amex: SIL) today announced a 70 percent increase in proven and probable ore reserves at San Cristobal, its open pit silver project in the Potosi Department of southern Bolivia. Proven and probable reserves now contain 341 million ounces of silver, 2.8 million tonnes of zinc and 0.9 million tonnes of lead. Today's interim reserve update reflects drill results through the end of March. Another reserve update is planned once drilling is completed mid-year. Key features of the drilling results to date are as follows: Based on 96,300 meters drilled and assayed since mid-1996 at San Cristobal, proven and probable reserves now total 208.7 million tonnes of ore grading 1.64 ounces per tonne of silver, 1.34 percent zinc and 0.45 percent lead. Assumptions used to develop these reserves mirror those used in the first phase feasibility study including market prices of $5.00 per ounce of silver, $0.55 per pound of zinc and $0.30 per pound of lead. Over 37 percent of the 49,600 meters drilled and assayed in 1998 expanded San Cristobal's first phase feasibility study pit limits (step-out drilling), while 45 percent upgraded reserves within the pit. The remaining 9,000 meters of drilling were for metallurgical testing, rock mechanics and condemnation drilling on the potential waste dumps sites. An additional 45,400 meters of drilling are scheduled to be completed by June. Apex's 1997 first phase feasibility study incorporated two separate pits, Tesorera and Jayula. 1998 drilling confirms sufficient ore continuity between Tesorera and Jayula to create one large open pit. The result is a significantly lower strip ratio of 1.26:1 (tonnes waste per tonne of ore) versus a first phase feasibility strip ratio of 1.66:1. Rock mechanics' studies currently underway may increase the strip ratio marginally. Apex's 1997 first phase feasibility study delineated proven and probable reserves sufficient to produce an average of 14 million ounces of silver, 132,700 tones of zinc and 39,500 tonnes of lead annually, assuming a mine production rate of 30,000 tonnes per day, resulting in an 11.5 year mine life. 1998 drilling has extended the mine life from 11.5 years to 19.3 years at the same throughput rate. Keith Hulley, Apex Corporation's President and Chief Operating Officer, stated that "The results-to-date continue to confirm the world-class nature of the San Cristobal deposit, which even now remains open in many directions as well as to depth. We have now exceeded, by a wide margin, the necessary threshold of reserves required for the bankable feasibility study presently underway, which we anticipate completing by early 1999. With the expectation of adding further reserves at our mid-year review, Apex's project development team and its independent engineers are now strongly positioned to assess the prospect of incorporating a higher throughput rate in either the first or a second phase of project development." Upon finishing the bankable feasibility study, Apex expects to secure financing for San Cristobal within the first half of 1999 and then begin construction shortly thereafter. Apex Silver Mines Limited is a mining exploration and development company with a primary focus on silver. In addition to holdings at San Cristobal, Apex's portfolio of silver properties covers approximately two million acres in eight countries located in the traditional silver-producing regions of South America, Central America and Central Asia. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy, and some of which might not even be anticipated. SOURCE Apex Silver Mines Limited /CONTACT: Linda G. Wilson, Vice President - Investor Relations, Apex Silver Mines, 303-839-5060/ /Company News On-Call: prnewswire.com or fax, 800-758-5804, ext. 125781/ (SIL)

To: David Sirk who wrote (3304)	5/25/1998 10:18:00 PM
From: Claude Cormier	Read Replies (1) \| Respond to of 34075

<< Hate to see you miss out on a big run up Claude. >> Well there are always good deals available. Spent the day reviewing whatever info is available. My conclusion: I'll wait till they explain how they can get these numbers with so little money spent and so little exploration data. Maybe I'll end up buying at a higher price. But when a company tells me we got 6M proven (measured), 75M probable (indicated) and 150M possible (inferred) ounces of gold ...believe us...we will show you how we arrive at those figures at a later date.... I prefer to wait and see. I would have reacted differently, if, over the course of the last year, exploration results would have come regularly and periodically allowing the investing community to follow the progress. This property is huge with more than 4800 acres (something like 1.5km by 16km). The resource is said to be contained in 16 targets. BAse on the 2900 samples taken ...that means some 180 samples per target...Frankly I don't understand. Developing more than 80M of proven (measured) and probable (indicated) is no small feat and is usually not done with a few millions spent and a few months of work. Maybe this deposit is fabulously unique. I am an opened mind and willing to say it can exist. But my investment style force me to be patient and wait for more evidences. More sooner...