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

To: Shirley Owen who wrote (1709)	1/7/1999 3:41:00 PM
From: Claude Cormier	Respond to of 2249

<<I think the Lundin's would have been crazy to sell it at this point, and with the consistently wide intersections and good grades, this may turn out to be a real elephant. It certainly is looking that way. >> You may be right...but when I look at all drill holes on the periphery of Amable, I feel they are getting near the end of this system. Grades and intercepts looks are shrinking in quality. Not sure they will get above 3M ounces on this. Barrick is betting they wont...but they still want it because of Pascua... Argentina think they will... We will see... IMO, the real test is coming. <<With 8 million ounces and growing, I don't think he feels too bad>> Agreed..and they probably have more. Still, purchased cost, capex and operating mount to an interesting $225/ounce over the life of the mine. Still very profitable...but not as cheap as it seems. Of course, the picture willimprove dramatically if they can improve those reserves. CC