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To: marcos who wrote (1451)	8/11/1998 8:08:00 PM
From: E. Charters	Read Replies (3) \| Respond to of 2770

The french translation was to imply that NPA's vein Cobalt nickel promo would fail. It was narrow and would not support a mill. It previous product was indeed smelted in Europe and not at Sherritt. It was shipped as raw ore up the Mackenzie. Its underground product I knew would not be economic, basically because of tonnage, high mining costs and a vicious three headed market in North America. Despite quoted prices, the best you can do is about 14.50/lb in con and basically there is only one guy who will take it. And the cost of an ammonia leach plant for a small deposit is prohibitive. I knew some people who had real tonnage and grade cobalt properties and they are still looking for financing. The new processes of Sherritt/Falco were of interest to tailings producers and would not allow economic processing of head grade nickel arsenides in low volume plants. This is because they still have a formidable tailings problem that is expensive to treat. The ammonia processes themselves only leach high grade ores economically. The tailings were looked at recently were mostly relatively high grade with no other processing costs and could be gravity upgraded at high cobalt prices. EC<:-}