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

To: Michel Grenier who wrote (3331)	5/25/1998 11:05:00 PM
From: Sojourner Smith	Read Replies (2) \| Respond to of 34075

See, just shows you what I know. I said do the test again like it would be simple and cheap. How much does it cost to do a survey? What are the methods? What role does Guido play? And Griffith labs? TIA

To: Michel Grenier who wrote (3331)	5/25/1998 11:10:00 PM
From: Claude Cormier	Read Replies (1) \| Respond to of 34075

<< To get financing in those conditions, they would have to sell the farm...cheap. If, however, they start production on a relatively small scale as planned and generate $2M to $3M a month in net income, they can self finance more complete surveys and then, go to the bank or to partners and get good conditions >> First, they don't need to finance everything now. A 5M shares (less than 3% dillution) would give them more than enough for a meaningfull program that would help confirm their findings and bring the stock mucg higher. Second, in order to produce $2M to $3M in met income per month, they need to produce at least a few hundred thousand ounces per year. This means that they must build a large operation that will cost between $50M and $100M..and will take more than a year to build. Doesn't make too much sense. I am sure that their current facilities are not capable of producing these quantities of gold. I haven't seen more than $2-3 millions raised by this company in the past year..either by private placement or credit facility. So their facilities are rather small. Net income of a few hundred thousand per month would make more sense base on what I read in the June 23, 97 report. So IMO immediate financing is the way to go.

To: Michel Grenier who wrote (3331)	5/25/1998 11:46:00 PM
From: Claude Cormier	Read Replies (1) \| Respond to of 34075

<< If, however, they start production on a relatively small scale as planned and generate $2M to $3M a month in net income>> Just read the Dec97 SEC filing and saw where you got these numbers. That is something else. In that case, operating maybe the better options if all the infrastructures are in place. Two observations: FIrst, I haven't seen where they mentioned the existence of a plant that is cvapable of processing 8000-10000 tons per day of ore. Can you tell me where you read this. With the fleet mentioned there, they will move 8000-10000 tons per day. That means some 4 trip per hour or 15 minutes per trip per truck. This seems quite a load on the equipement. The plant must be just near the open pit if they want to get so much. To your knowledge, is this an old plant or did they build it themselves recently. DO you know what was the cost ?