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Politics : Dutch Central Bank Sale Announcement Imminent? -- Ignore unavailable to you. Want to Upgrade?

To: baystock who wrote (2705)	12/18/1998 9:14:00 AM
From: Bill Murphy	Read Replies (1) \| Respond to of 80991

Hello Ram, This is the way I see it. 300 oz at $2 to $3 gross profit per oz. is $600,000 to $900,000. The rest of the cash flow will come from gold and zinc sales which represents 40% of their projected output. $1 million cash flow per quarter seems very reasonable for starters. Regarding the $20 million that Williams put in and depreciation. Most times it is the cash costs that are talked about regarding mining companies. Cash flow and bottom line is the real key. ECU does not have to incur a big capital cost here. $20 mil is 3 times the market cap of the company. This is a real saving and takes the pressure of financially to have such a strong infrastructure in place to launch commercial tonnage of 600 tonnes per day. Thanks for the feedback. Bill