Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Exall Resources/Glimmer Resources -- Ignore unavailable to you. Want to Upgrade?

To: James N. Wilson who wrote (819)	1/27/1999 7:13:00 PM
From: James N. Wilson	Read Replies (1) \| Respond to of 1319

Exall's Glimmer mine operating results Exall Resources Limited EXL Shares issued 28,360,919 Wednesday Jan 27 1999 Mr. Stephen Roman reports OPERATING HIGHLIGHTS 3mo 12mo ended ended Dec. 31 Dec. 31 1998 1998 Glimmer Mine (100%) Ounces gold sold 17,704 64,319 Tonnes milled 82,818 308,734 Daily average tonnes 919 871 Gold grade (g/t) 6.81 6.68 Cash costs per ounce (U.S.$) $203.69 $238.87 Gold price received $451.13 $436.25 Working capital increased by $3.2-million during the year, working capital at Dec. 31, 1998 was $300,000 as compared with a working capital deficiency of $2.9-million at the end of the preceding year. A management committee composed of representatives of Exall and Glimmer Resources Inc. has approved the 1999 work plan which will include: continued underground development to open ore zones along strike and at depth; a 35,000 metre surface and underground diamond drilling program to enhance the reserve base; installation of permanent electrical facilities to power the operation through Ontario Hydro; an extensive metallurgical testing program at Lakefield Research to optimize ore beneficiation. With these and other programs under way, the Glimmer mine should maintain its profitability despite the current depressed gold market. The mine produced as expected during 1998 and Exall is continuing to aggressively develop an operation that will see increased production and profitability going forward. All indications from underground development and exploration work have given management a high level of confidence that the geologic resource of 2.1 million ounces announced during 1998 will be upgraded to mineable reserves.