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Gold/Mining/Energy : Barrick Gold (ABX) -- Ignore unavailable to you. Want to Upgrade?

To: Enigma who wrote (1118)	4/6/1999 3:42:00 PM
From: mineman	Read Replies (1) \| Respond to of 3558

Barrick would not pay an extra 50 cents for Argentina Gold at $5 yet Homestake took a good look at the technical data and believed it was worth $7.80. How could Barrick's and Homestake's geologists and engineers look at the project so differently, especially when Homestake are considered conservative? ARP's Amable zone is an excellent grade bed 60 metres deep that can be easily mined with one open pit. The Bulyanhulu is a erratic grade and width underground vein grading only 1/3 of an ounce/ton gold which will require high-cost mining, milling, and shipping. Barrick paid a $ Billion for AQP and then proved up no more new reserves with their extensive drilling than the expected 7 million ounces. But AQP is a easily extractable open-pittable good grade bed which is a very low cost producer. This is in sharp contrast to the Bulyanhulu project. When we know in the future how good Bulyanhulu really is we will also know how competent Barrick's technical team is and whether they possibly made a mistake on ARP!