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Gold/Mining/Energy : BLACK HAWK (TSE:BHK) -- Ignore unavailable to you. Want to Upgrade?

To: Stephen O who wrote (248)	3/30/1999 6:39:00 PM
From: Stephen O	Read Replies (1) \| Respond to of 545

Comments on record 1998 YE reserves reserves as of 31 Dec 1997 631,800 ozs resources as of 31 Dec 1997 994,900 ozs Total 1,626,700 ozs reserves as of 31 Dec 1998 607,400 ozs resources as of 31 Dec 1998 3,390,900 ozs Total 3,998,300 ozs Resources have increased 2,371,600 ozs or 145%. Reserves have declined 24,400 ozs or 4%. Note quality of reserves has improved as Sulphurets has been moved from reserves to resources and El Limon has been added to reserves after the merger with Triton and of course production is coming from El Limon. Market cap with BHK @ 17c is $20 million Cdn. Market is only paying about $5 Cdn per ounce in total resource. Market is paying about about $33 Cdn per ounce in mining reserves. Cash cost is $230 per oz in 1998 so company is making about $50 US an oz in Cash flow. Cash flow with Au at $280 should be about 7.5c Cdn per share. Cash flow with Au at $315 should be about 12.5c Cdn per share. Cash cost will probably decline in 1999 as it has declined every year.