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Gold/Mining/Energy : International Gold Corp (IGCO) -- Ignore unavailable to you. Want to Upgrade?

To: Roland Glassman who wrote (335)	1/14/1999 9:58:00 AM
From: Semyon Kuretsky	Read Replies (1) \| Respond to of 405

When IGCO will be done with the I Phase drilling program (19,000 ft = 500mm ton of ore), and the results will continue maintain the same level of consistency, we might end up with up to 45mm oz of gold that could be announced as a proven reserve (only 8.5% of their entire claims) Second factor for the price - recovery rate. The water table is below 500 ft which is good: it will allow open pit operation without dealing with water (extra expense). Another factor in the cost of recovery is very rare, not actually known before, consistency of mineralization.. All in all, we should expect recovery cost in an area of $150 - $120 / oz. Do your math... 45mm oz * $25 (worst case) / 68mm shares(fully diluted) = $16/share (silver and the rest of the properties a BIG +)