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Gold/Mining/Energy : Breakwater Resources (T.BWR) -- Ignore unavailable to you. Want to Upgrade?

To: George Castilarin who wrote (496)	7/27/1998 9:36:00 AM
From: John Sladek	Respond to of 962

Mark I've heard that the exploration effort is only keeping 2 weeks ahead of production at El Mochito. Where did you hear that? Regards, John Sladek

To: George Castilarin who wrote (496)	7/27/1998 5:27:00 PM
From: John Sladek	Read Replies (1) \| Respond to of 962

Mark, The following reserve estimates are from the 1997 annual report, page 13. The company doesn't publish updated reserves with their quarterly report, so this is the most recent information available. These numbers are as of 31-Dec-1997. (000's of tonnes) Reserves Mineable \|\| Mineral \|1997 Reserves \|\| Resources \|Ore -------------------++---------------------------------+Milled Proven & \|\| Measured & \| Probable Possible \|\| Indicated Inferred Total \| Nanisivik 3,460 \|\| 4,485 419 4,904 \| 779 El Mochito: 3,089 \|\| 3,833 1,183 5,016 \| 594 El Toqui 1,785 1,173 \|\| 2,952 1,027 3,979 \| 158 Caribou 5,838 1,969 \|\| 6,176 4,634 10,810 \| 323* Bougrine 2,848 \|\| 2,765 1,258 4,023 \| 400& * Not currently in commercial production & Planned production for 1998 Given that at the end of 1998 the mineable reserves at El Mochito were stated as 3,089 tonnes, and the annual production is about 594 tonnes, it looks like they should still have several years of mineable reserves. They indicate in their annual report that there is ongoing exploration work at El Mochito, but they have chosen not to update us on any exploration in their latest quarterly report. The annual report provides much more information that I am prepared to type (notably the grades of the reserves and resources). If you want to know this type of information, but don't have the report, I suggest that you call the company, or download a copy from SEDAR. Regards, John Sladek