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Gold/Mining/Energy : ARP - V Argentina Gold -- Ignore unavailable to you. Want to Upgrade?

To: Gord Bolton who wrote (1103)	11/5/1998 9:36:00 AM
From: Enigma	Read Replies (1) \| Respond to of 3282

Gord < My guess would be that Barrick would be content to let the gold stay in the ground until such time as either the POG increases significantly or there nearby mine is out of ore in which case they may consider transport of the ARP ore to their mill.> A decision to mine would be made by ARP - presumably Barrick as junior partner would have to go along or get out. The mines you mentioned were closed or mothballed last year I believe - but the marginal ones must be a benchmark for Barrick when looking at new ones I agree. I posted some thoughts about (custom) milling at Pascua - I wonder what sort of roads exist in the terrain there - in other words what size of trucks can they accomodate? E

To: Gord Bolton who wrote (1103)	11/8/1998 4:47:00 AM
From: E. Charters	Read Replies (1) \| Respond to of 3282

Well, you are comparing apples and oranges. Barrick got itself in a pickle with some immense boondoggles that were reputed to be a certain grade and were high in the mountains and turned out to be much less grade and had other difficulties too as the pits deepened. In other words they had ongoing production problems. This is an entirely different situation. There is no grade difficulty here. 1/10 of an ounce equivalent in what may be a heap leaching situation coming to within 50 metres of surface is not low grade. It is high high grade for a bulk tonnage mine. Argentina's Amable property has very good prospects. Its widths are very generous. This is not clearly yet a marginal situation by any means. And in addition as the characteristics of the orebody unfolds it will be a long time before anyone knows the ultimate size and economics. Barrick is deepening the shaft at the Holt McDermott mine in Northern Ontario. The Holt orebody averaged about .14 ounces per ton. The ore they are chasing is deep and is in the region of .17 ounces per ton. So in reflection, it would appear that the facts you state are not quite in accordance with Barrick's actual policies and their near term or long term objectives. mailto:echarter@vianet.on.ca The Canadian Mining Newsletter