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Gold/Mining/Energy : ZINC The base metal. News and Views. Symbol Zn -- Ignore unavailable to you. Want to Upgrade?

To: Claude Cormier who wrote (29)	2/3/1999 1:13:00 PM
From: Ray Hughes	Read Replies (1) \| Respond to of 3270

Claude: Some equity dilution would result from financing (about US$5 mil.),with an equity component, for completion of the bankable feasibility study (Sept. '99). Terms being finalized now so watch for announcement. The balance of capital cost - about US$40 mil. - would very probably be raised from a combination of grants and European development bank pure debt project financing. Discussions are advanced and you are correct, the project is attractive to such institutions on the basis of its good economic merits and potential to develop about 400 direct jobs and, possibly, up to 1,500 indirect jobs in the community around Aljustrel, Portugal. RH