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Gold/Mining/Energy : PolyMet Mining Corp POM.V (was Fleck Resources) -- Ignore unavailable to you. Want to Upgrade?

To: Elizabeth Andrews who wrote (539)	10/13/1998 11:30:00 PM
From: Shaun M. Dykes	Read Replies (1) \| Respond to of 708

Actually these narrow zones in the hangingwall to the deposit are a bonus. These are located in areas normally considered waste and anything we find in here that could be mineable is a double bonus (it adds to the ore and reduces the waste). The key to these narrower zones is continuity and minimum mining thickness. The deposit is shaped like a one sided bowl with fairly shallow dips. As for the drill results there appear to be no suprises. In fact some of the main mineralization zone is slightly thicker. The deposit extends in all directions except one, as it is cut off as it comes to surface. In the immediate footwall to the deposit are the huge iron ore mines of Minnesota. By the way here's another "unbelievable number". The deposit next door contains over 3.5 billion tonnes (yes billion) of slightly lower value material (better base metal grades and lower precious metal). Finally on this subject 3 other deposits are within 10 miles, all currently unexploited. Additional deposits occur outside of this area. Metallurgical work on these deposits was last done 10 to 15 years ago. We've come a long way since then. Cobalt has already dropped to $18.75 to $20.00 but its not critical, recoveries currently being used are in the 30% range. It is hoped this will be improved. As an example of why polymetallic deposits are so good, since doing our first economic analysis nickel and cobalt have dropped, copper and gold has dropped slightly, silver increased slightly and paladium has gone up. Overall result is only a slight drop in net value, but this does not effect the progress towards feasibility. Repeating what has been said in previous comments about the metallurgy. Preliminary metallurgical tests show economic recoveries from concentrate using standard techniques developed in the last 15 years. Stage 2 is samples from the drill holes will be used for a large scale test. Stage 3 is a full scale pilot plant. Stage 4 is feasibility. This is the direction Polymet is currently taking. Will it be successful, who knows, however I'd rather be working on this project than just about any of the other projects i've seen lately or in the past 2 years. To summarize, enough professional people (not fly-by-nighters that jump out of helicopters) over the past 15 years have worked on this area to establish that the mineralization is there. It has also been established that a reasonable concentrate can be produced. Now with the metallurgical uses of bacteria and/or pressure oxidation to break down the concentrate it is possible to produce a highly profitable product on a small scale. Now the big billion dollar question, will it work on the large scale economically? Several professional metallurgists have said yes it will. Now we have to find out, it'll take several months to obtain the next round of answers. Hope this helps and doesn't confuse the issue. Note: I should also repeat for those who are new and reading this. I'm a fully registered practising member of the Professional Geoscientist and Engineer's of British Columbia and I have owned shares in Polymet since I first layed eyes on this deposit. I will try to answer all questions as accurately as possible as long as the information has been published. I have worked on Dunka Road and vicinity, Voisey Bay and other deposits around the world, including several in Russia.

To: Elizabeth Andrews who wrote (539)	10/14/1998 10:11:00 PM
From: robert b	Read Replies (1) \| Respond to of 708

i agree with you 100% ... awhile ago you told me about Fleck/Polymet and why it was so low when its SUPPOSED to have so much ... i agree that the results are Dog crap and yes as someone pointed out it might have more value than Voisey Bay and you stated the ocean too !!! great remark, the point that these followers don't get is the economically feasible question at hand... which it is not ... that's why the previous owners dumped Dunka ... i mentioned awhile back also that there is a pattern , once in a while the company changes hands, the name of the company changes, and the directors change, but all in all this does absolutely nothing to the composition of the land ... then a few drills go up, heavy promotion, some dumping and stock option exercising, and the cycle goes on and on ... so the moral is to get in the middle of winter and sell in the summer for this one !!!