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The following file is part of the

James Doyle Sell Mining Collection

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CONTACT INFORMATION Mining Records Curator

Arizona Geological Survey 416 W. Congress St., Suite 100

Tucson, Arizona 85701 520-770-3500

http://www.azgs.az.gov [email protected]

Southwestern Exploration Division

October 2, 1990

S.A. Anzalone Tucson Office

Dynamite-Center Claims Sec. 30, T17S, R13E Between Pima & Twin Buttes Mines, Pima County, Arizona

Ms. Alice Smith, I/3 heir to the Addison Smith claims in Sec. 30, T17S, R13E, east of the Pima Mine, has submitted data on her claims and on other claims in the area.

The holes were drilled by Anaconda as expressed by K.E. Richard's memo on the Edwards block of claims in the general area. The SWED files do not have a copy of the Edwards memo by K.E. Richard, but perhaps it is in your file.

I have not checked the R.R. Weaver preliminary ore calculations on the Dynamite claims, but when Ms. Smith was in the office, she showed me a copy of a PD report which came up with similar figures for the six holes:

Weaver: 1OO million tons of 0.54% Copper.

PD: 70 million tons of 0.75% copper with 20 million tons of 1.22% copper, surrounded by 70 million tons of O.75~ copper. All have a 3 to 5/I waste to ore stripping ratio.

In addition to the 6 holes on the Dynamite claims, the Smith Center claims have 4 holes with similar mineralization, and of the 7 holes to the south- west, off the Center claims, two of the three adjacent holes also contain tactite mineralization. Drill logs and assays are included on the above

holes.

Cyprus apparently has the adjacent ground under option (The Anamax ground) with a large mineral zone drilled out on the north side of the Dynamite

claims.

Obviously, additional holes need to be drilled in the area to firm up any mining plans and with your knowledge of the district you may desire to talk with Ms. Smith about the property.

The group also has numerous claim blocks north of the Cyprus Esperanza pit which may be of interest.

Additional data on all the above can be viewed with Ms. Smith.

JDS:mek Att.

cc: R.L. Brown (w/o att.) W.L. Kurtz (w/o att.)

Sel 1

Mining Department S. A Anzalone Chief Geologist

ASARCO f~corp~rstecf

NAY 1 5 1991 May 14, 1991

Mrs. Alice N. Smith 5701 E. Glenn St ree t #41 Tucson, AZ 85712

Dear Mrs. Smith: Dynami te-Center Claims Section 30, T17, R13E Pima County, Ar izona

I have had an o p p o r t u n i t y to complete an economic analys is of the Dynami te-Center Claims u t i l i z ing the data tha t you were k ind enough to submit to Jim Sell.

In developing the data base fo r use in the computer model, I used Richard R. Weaver's tonnage and grade f i gu res of 100 mil l ion tons assaying 0.54~o Cu. I bel ieve Dick Weaver was fa r too opt imis t ic in his reserve calculat ion; never the less I have used his f i gu res in the evaluat ion. The remainder of the cost f i gu res have been prepared in -house and ref lect a reasonable approximat ion of what developing such a large mine and plant would cost today.

The basic parameters used are:

1. Tons of ore: 2. Grade: 3. Recovery: 4. Product ion Ore: 5. Product ion Waste: 6. Mining Cost: 7. Mi l l ing Cost: 8. Smelt ing and Ref in ing: 9. Total Capital Costs:

100 mil l ion 0.54% Cu 90% 10 mil l ion t o n s / y e a r 77 mil l ion t o n s / y e a r $1.00 per ton of material $3.00 per ton milled $0.30 per pound $240 mil l ion

As you can see, these are reasonably opt imis t ic numbers. I indicated to you when we last met tha t the s t r i p p i n g rat io would be qu i te high, and i t t u rned out to be 7.7:1. This is obv ious ly a resu l t of the great depth of ove rbu rden . As [ pointed out to you, the average depth to ore is +800 feet.

ASARCO Incorporated P.O. Box 5747 Tucson,Az 85703 1150 North 7th Avenue (602) 792-3010

Mrs. A l i c e N. Smith Dynamits-Center Cla ims , Pima Cry , AZ

May 14, 1991 Page 2

Assuming a reasonable tax rate and no royal ty or acquisit ion cost, the Dynamite-Center deposit would require a copper price of approximately $1.75 per pound to break even under cu r ren t economic condit ions. The attached analyses were run at $1,00/pound copper and $1.75/pound copper. Review of these pr in touts will provide detaits of the evaluation,

Regrettably, th is type of deposit does not meet Asarco's requirements for investment.

I wish to thank you for br ing ing the prospect to Asarco's attent ion and taking the time to describe the history of your family's development of the p rope r ty .

Yours t ru l y ,

J S. A. Anzalone

SAA:brw Attachments cc: R, J. Kupsch w/o att.

R, L. Brown . . . . W. L. Kurtz w/art . J, D. Sell "

jDS

PROJECT - DYNA\

DATA UTILIZED IN BASE CASE

ENCLOSURE 1

PROJECT LIFE (INCLUDING DEVELOPMENT) ~" 12 YEARS

INVESTMENT SCHEDULE - CAPITAL DEVELOPMENT

($i000) CAPITALIZED EXPENSED

YEAR 1 120000.0 0.0 0.0 YEAR 2 120000.0 0.0 0.0 YEAR 3 0.0 0.0 0.0 TOTAL 240000.0 0.0 0.0

WORKING

CAPITAL

0.0 0.0

28750.0 28750.0

TOTAL

120000.0 120000.0

28750.0 268750.0

METAL PRICE AND VALUE - $ PER LB/OZ METAL PRODUCED

METAL PRICE S,R+D N.S.R.

o u ~ o.3oo 1 . 4 5 o

- - - o . o o o 0 . 0 0 0 0 . 0 0 0

- - 0 . 0 0 0 0 . 0 0 0 0 . 0 0 0

OPERATING COSTS - DIRECTS AND INDIRECTS

- MINING $ 0.920 PER TON MIllED

- MILLING $ 3.000 PER TON MILLED

DEPRECIATION ELECTED - STRAIGHT LINE, 12. YEAR LIFE, GENERALLY

BEGINNING IN THE FIRST PRODUCTION YEAR

EFFECTIVE PERCENTAGE DEPLETION RATES - PCT. OF GROSS DEPLETABLE INCOME FOR CU .... 15. PERCENT FOR O. PERCENT

FOR ...... O. PERCENT

EFFECTIVE TAX RATE .- 35.0 PERCENT (21% ALTERNATIVE MINIMUM)

WORKING CAPITAL .... PROVIDED AS 25.0 PCT. OF YEAR 3, OPERATING COSTS

ANNUAL ORE AND WASTE TONNAGES, ORE GRADES, ORE RECOVERIES,

AND METAL PRODUCTION MAY BE FOUND WITH THE CASH FLOW CALCULATIONS IN ENCLOSURE 2.

($ AND TONS XlO00)

* PROJECT YEAR *

PROJECT- DYNA\

NET ANNUAL CASH FLOW DETERMINATION ~,m~$***********~m,~m~,~,m,,~

ENCLOSURE 2-1

* 4 * * 5 *

ORE TONNAGE

ORE GRADE - OU

REOOVERIES- CU

METAL PRODUCED OU

WASTE TONNAGE TOTAL TONS MINED

NET S b i E L T E R RETURN - CU

R O Y A L T I E S - N . S . R. - N E T PROCEEDS

GROSS DEPLETABLE INCOME

DEDUCTIONS

-MINING COST

-MILLING COST

-EXP. EXPL/DEV

-ADMINISTRATION -DEPREC. - (IMMED.)

- ( P R O D . ) -AMORTIZATION

-TOTAL

NET DEPLETABLE INCOME

DEPLETION -PERCENTAGE -NET LIMIT

-TAKEN

TAXABLE INCOME

TAX

NET INCOME AFTER TAX

OTHER INC. OR EXP. -CAPITAL (E

-WORKING CAPITAL (E

-CAP. EXPL./DEV. (E -DEPREOIATION (I

-AMORTIZATION (I

O. 0 O. O i0000.0

O. 000 O. 000 O. 540

0.000 0.000 0.000 0 . 0 0 0 O. 0 0 0 O. 0 0 0 O. 000 O. 000 O. 900 0 . 0 0 0 O . WOO O. 0 0 0

0. 000 O. 000 O. 000

0 . 0 0 . 0 9 7 2 0 0 . 0 0 . 0 0 . 0 0 . 0 0.0 0 . 0 0 . 0 0 . 0 7 0 0 0 0 . 0 7 0 0 0 0 . 0 0 . 0 7 0 0 0 0 . 0 ~ 0 0 0 0 . 0

i0000.0 i0000.0

0.540 0.540

0.000 0.000 0.000 0.000

0 . 9 0 0 0 . 9 0 0 0 . 0 0 0 0 . 0 0 0 0 . 0 0 0 0.000

97200.0 97200.0

0 . 0 0 . 0 0.0 0.0

7 0 0 0 0 . 0 7 0 0 0 0 . 0 80000.0 80000.0

0 . 0 O.C) 1 4 0 9 4 0 . 0 1 4 0 9 4 0 . 0 1 4 0 9 4 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 O . O 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0

0 . 0 0 . 0 1 4 0 9 4 0 . 0

0 . 0 0 . 0 8 0 0 0 0 . 0 O. 0 O. 0 3 0 0 0 0 . 0

0 . 0 0 . 0 0 . 0 O. 0 O. 0 5 0 0 0 . 0 0 . 0 0 . 0 0 . 0 O. 0 O. 0 2 0 ( 9 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 135000.0

0 . 0 0 . 0 5 9 4 0 . O

0.0 0.0 21141.0 0.0 0.0 2970.0 0.0 0.0 2970.0

0 . 0 0 . 0 2 9 7 0 . 0 0 . 0 0 . 0 - 1 2 4 7 . 4

0.0 0.0 4692.6

1 4 0 9 4 0 . 0 140940.0

SO000.0 80000.0

30000.0 30000.0

0.0 0.0

5000.0 5000.0

0 . 0 0 . 0 2 0 0 0 0 . 0 2 0 0 0 0 , 0

O . O O. 0 135000.0 135000.0

5940.0 5940.0

~i141.0 =±141.0 2970.0 2970.0

2970.0 2970.0

2970.0 2970 . 0

" 1,'-4 , 1247 . 4

4 6 9 2 . 6 4692.6

1 2 0 0 0 0 . 0 1 2 0 0 0 , < 9 . 0 0 . 0 0 . 0 C' .O O, 0 O. 0 2 8 7 5 0 . 0 O. 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 O. 0 O. 0 20000.0 20000.0 20000.0

0 ~ 0 0 . 0 0 . 0 0 . 0 0 . 0

NET CASH AFTER TAX ..... ~o. . 24692 ~ -±£uu~, 0 -120000 0 -4057.4 24692.6

I N ~ I ~ N I N U H L U R U M F L U W U ~ I ~ K F I ± I N ~ I ± U t I q

( $ AND TONS XlO00)

* PROJECT YEAR *

ORE TONNAGE

ORE GRADE - O U

RECOVERIES - CU

METAL PRODUCED - CU


* 6 * * 7 * * 8 • * i0 ~-

i0000.0 i0000.0 i0000.0 i0000.0 I0000.0

O. 540 0.540 O. 540 O. 540 O. 540 0 . 0 0 0 O. 0 0 0 0 . 0 0 0 0 . 0 0 0 0 . 0 0 0 0. 000 0. 000 0. 000 O. 000 O. 000

O. 900 0.900 0.900 O. 900 0.900

O. 0 0 0 O. 0 0 0 0 . 0 0 0 0 . 0 0 0 O. 0 0 0 0 . 0 0 0 0 . 0 0 0 O. 0 0 0 O. OOC O. 0 0 0

9 7 2 0 0 . 0 9 7 2 0 0 . 0 9 7 2 0 0 . 0 9 7 2 0 0 . 0 9 7 2 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0.0 0 . 0 0 . 0 0 . 0 0 . 0

7 0 0 0 0 . 0 7 0 0 0 0 . 0 7 0 0 0 0 . 0 7 0 0 0 0 . 0 7 0 0 0 0 . 0 8 0 0 0 0 . 0 8 0 0 0 0 . 0 8 0 0 0 0 . 0 8 0 0 0 0 . 0 8 0 0 0 0 . 0

NET SMELTER RETURN - CU

ROYALTIES - N. S. R. -NET PROCEEDS


DEDUCTIONS

-MINING COST

-MILLING COST -EXP. EXPL/DEV

-ADMINISTRATION

-DEPREC. - (IMMED.)

- ( P R O D . ) -AMORTIZATION

-TOTAL



-TAKEN

TAXABLE INCOME

TAX


OTHER I N C . OR E X P . - C A P I T A L ( E ) - W O R K I N G C A P I T A L ( E ) - C A P . E X P L . / D E V . ( E ) - D E P R E C I A T I O N ( I ) -AMORTIZATION (I)

NET CASH AFTER TAX

1 4 0 9 4 0 . 0 1 4 0 9 4 0 . 0 1 4 0 9 4 0 . 0 1 . 4 0 9 4 0 . 0 1 4 0 9 4 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0

1 4 0 9 4 0 . 0 1 4 0 9 4 0 . 0 140940.C: 1 4 0 9 4 0 . C 140940.0

8 0 0 0 0 . 0 8 0 0 0 0 . 0 S O 0 0 0 . O S O 0 0 0 . O 8 0 0 0 0 . 0 3 0 0 0 0 . 0 3 0 0 0 0 . 0 3 0 0 0 0 . 0 Z O 0 0 0 . O 3 0 0 0 0 . 0

0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 5 0 0 0 . 0 5 0 0 0 . 0 5 0 0 0 ~ 0 5 0 0 0 . 0 5 0 0 0 , 0

0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 20000.0 20000.0 20000.0 20000.C) 20000.0

0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 155000.0 135000,0 155000.0 135000.0 135000.0

I : .L 5 9 4 0 . 0 5 9 4 0 . 0 5 9 4 0 . 0 5 9 4 0 . 0 _>940 0

2 1 1 4 1 . 0 2 1 1 4 1 . 0 2 1 1 4 1 . C , 2 ] . L 4 1 . 0 ~""141~ . 0 2 9 7 0 . 0 2 9 7 0 . 0 2 9 7 0 . 0 2 9 7 0 . 0 2 9 7 0 . 0 2 9 7 0 . C 2 9 7 0 . 0 2 9 7 0 . 0 2 9 7 0 . 0 2 9 7 0 . 0

2 9 7 0 . 0 2 9 7 0 . 0 2 9 7 0 . 0 2 9 7 0 . 0 2 9 7 0 . 0 - 1 2 4 7 . 4 - 1 2 4 7 . 4 - 1 2 4 7 . 4 - 1 2 4 7 . 4 - 1 2 4 7 . 4

4 6 9 2 . 6 4 6 9 2 . 6 4 6 9 2 , 6 4 6 9 2 . 6 4 6 9 2 . 6

0 . 0 0 . 0 0 . 0 0 . 0 C . O O. 0 O. 0 0 . 0 O. 0 O. 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0

2 0 0 0 0 . 0 2 0 0 0 0 . 0 2 0 0 0 0 . 0 2 0 0 0 0 . 0 2 0 0 0 0 . 0 O. 0 O. 0 0 . 0 0 . 0 O. 0

2 4 6 9 2 . 6 2 4 6 9 2 . 6 2 4 6 9 2 . 6 2 4 6 9 2 . 6 2 4 6 9 2 . 6

P R O J E C T - DYNA'x NET ANNUAL CASH FLOW D E T E R M I N A T I O N

ENCLOSURE 2 " 3

($ AND TONS XlO00)

* PROJECT YEAR *

ORE TONNAGE

ORE GRADE - CU

RECOVERIES - OU

METAL PRODUCED - OU


NET SMELTER RETURI4 - 0f.~

ROYALTIES - N. S~ R. -NET PROCEEDS


DEDUCTIONS

-MINING COST

-MILLING COST -EXP. EXPL/DEV

-ADMINISTRATION -DEPREC. - (IMMED.)

- (PROD.) -AMORTIZATION

-TOTAL


DEPLETION

-PERCENTAGE

-NET LIMIT -TAKEN

TAXABLE INCOME TAX


OTHER INC. OR EXP. -CAPITAL (E} -WORKING CAPITAL (E) -OAP. EXPL./DEV. (E) -DEPRECIATION (I)

-AMORTIZATION (I)

PROJECT- DYNA\

NET ANNUAL CASH FLOW DETERMINATION

* ii * * 12 * "* 13 * 14 -~

ENCLOSURE 2~ 3

I0000.0 i0000.0 O. 0 0.0 C. 0

O. 540 O. 540 O. 000 O. 000 O. 000

O. OOO 0 . 0 0 0 O. 0 0 0 0 . 0 0 0 O. 0 0 0 O. 0 0 0 O. 0 0 0 O. 0 0 0 O. 0 0 0 O. 0 0 0 0.900 O. 900 0.000 O. 000 O. 000

O. 0 0 0 O. 0 0 0 O. 0 0 0 O. 0 0 0 0 . 0 0 0 O. OOC., O. 0 0 0 O. 0 0 0 O. 0 0 0 0 . 0 0 0

9 7 2 0 0 . 0 9 7 2 0 0 . 0 0 . 0 0 . 0 O. 0 O.O 0.0 0.0 0.0 0.0 0 . 0 0 , 0 O.C, 0 , 0 0 . 0

7 0 0 0 0 . 0 7 0 0 0 0 . 0 0 . 0 O. 0 0 . 0 8 0 0 0 0 . 0 8 0 0 0 0 . 0 O. 0 O. 0 0 . 0

1 4 0 9 4 0 . 0 1 4 0 9 4 0 . 0 0 . ( } 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0.0 0.0 0.0 0.0 0.0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0

140940.0 140940.0 0.0 0.0

80000.0 80000.0 0.0 0.0

30000.0 30000. () O. 0 O. 0 0 . 0 0 . 0 0 . 0 0 . 0

5 0 0 0 . 0 5 0 0 0 . 0 O. 0 O. 0 0 . 0 0 . 0 0 . 0 0 . 0

20000.0 20000.0 20000.0 20000.0 0 . 0 0 . 0 0 . 0 0 . 0

135000.0 135000.0 O. 0 0.0

5940.0 5 ~ 4 ~ 0 0 C,

21141.0 20982.9 0.0 2970.0 2873.0 0.0

2 9 7 0 . 0 2873.0 0.0

0 . 0

0 . (" 0 . 0 0 . 0

0 . 0 0 . 0

0 . 0

2970.0 2873.0 0.0 -1247.4 -L206.7 0.0

4692 . 6 4539 . 3 0 . 0

0 . 0

0.0

0.0

0.0 0 ~ 0 0 . 0 0 . 0 O. © 0 . 0

<0.0

0 . 0 0 . 0 0 . 0

0 . 0 0 . 0

0 . 0

0 . c) 0 . 0 0 . 0 0 . 0 0.4.. O. 0 -- 2 8 7 5 0 . 0 O. 0 0 . 0 0 . 0 O. 0 O. 0 0.0 O. 0 O. 0

2 0 0 0 0 . 0 2 0 0 0 0 . 0 O. 0 O. 0 0 . 0 0.0 O. 0 0.0 O. 0 0.0

NET CASH AFTER TAX 24692.6 53289.3 0.0 0.0 0.0

PROJECT - DYNA\

SENSITIVITY ANALYSIS

ENCLOSURE 3

IST FIGURE IS DOFROI IN PERCENT.

2ND FIGURE IS AOCUM. NET CASH (INCL. INVESTMENT). 3RD FIGURE IS AVE° ANNUAL BOOK NET INCOME. 4TH FIGURE IS AVE. ANN. NET CASH FLOW.

NO. OF YEARS USED IN AVERAGES= iO. *

SENSITIVITY

TO:

INVESTMENT

OPERATING COSTS

METAL. PRICE

ORE GRADE

I0 PERCENT

ADVERSE BASE OASE 10 PERCENr

FAVORABLE

0.00 0.40 1.6~ *-1287.4. 6773. 26383.

3!13. 4677. 623S. 25113~ 24677. 24238.

0.00 0.40 6.60

-106960. 6773. 119520.

-6696. 4677. 15952.

13304. 24677, 35952.

0.00 0.40 7.44

-127453. 6773. 139B0~. -8745. 4677. 17981.

11255. 24677. 37981.

0.00 0.40 6~32 -104417. 6773. I17002.

- 6 4 4 2 . 4677. 15700. 13558. 24677. 35700.

A DCFROI OF 0.0 INDICATES ]'HAT PAYBACK OF INVESTMENT FROM NET CASH FLOW CANNOT

BE ACHIEVED.

!i

P R O J E O T - DYMA\ . SUM, MARY ECOI'-IO!' i I C =.~." i'."l,.,_, ..,, ,e r <~=.-

.~ ~.,: ~ .q,: .-i." .,k :{.: -'I.: :~ ~" 2 {.: ."k "A 4,: ~ :k ;i,:..,k "~. ;k :~ :t" ~ :,,,: .;..,'l'- t,: ~: : k k :4; .~ .~

~ A S I C r,.<; T ":-'

;~,SSUMED RESERVE - TONS ORE TONS WASTE

TONS T O T A L - S.TRZPPTI'. ' .G RAT . ]O

• . ] .RE , ] I i A R A C T E R I E T Z C S GRADE REt }OVE R"," R E C . Zi'.iVEF.:.TORY E~UI",- ' . A E C . rb. IV.

P RE P AO[ .UC T 10l'~' P E 2 ! O D

!:~AODUq T IOi'.l PERZOD

I C 0 0 :} C 0 () 0. 770000000.

1270000C":3',}.

" ~ . 7 0 ; i CU

'J . 5 ¢ O

0 . 9 0 0

,? 7 2OO,7 O,2 ,C,. 9 7 2 0 0 0 0 0 0 .

"~ ":' E A R S ' " . , " ~D

P R E F ' R O D U C T T O N I i'.!VE 3 T ME!"!T M I'I

E X P L O R . / D E V E L O P . ( C A P . ) E X P L C ' R . / D E V E L _ O P . ~ , E X P . ) F L A N T &. E Q U I P M E N T

A C Q U I S ITIC'bi 7x ' ,~J P I,( Z }" i G C/'~, P I T ,.':'i L C 'THER

TDTALS

5 !:C P A T Z ;,"4G :: O S T S

0. O0 0. OO

2 :J 0.00

t). O0

28.75

2 5 8 . 7 5

p'i i P. I t'~ G V, r L L i :, l:G

S M E L T . / R E F I i 4 . , . ' DEL ZVER' r C-',EI',tERAL & ADMIF~ISTRATIVE

ROYALTIES

P O S T P R O D . D E \ / E L O g ' M E i q T POSTPROE. ' . C:API T;OL OTHE R

YE, T A L S

*=* '&RAi'.!D r , n ~ . ' \ < , ,_ , e ~ L . . +*~<

.-t ,-~n,., ORE

0 . t" 0

' ) . O 0

" . ¢ 0 'O. :20 ~% m o

2 . b 9

S . O 0 ~J .. ,. ),}

0 . 2 ' )

0 . C'O

0 . '.90 0 _ C'r;

f 4 . 4 2

17.!0

• ! ' n ? 0 ° EQUIV

0 . 0 0 0 . ,} 0

0 . 0 0

0 . 0 ~ :

i , , " " ~ Z . OR EQUIV.

c). ~2

:3 , El

O.CO

0. O 5

0.00

E. O0

0. O0

I .48

1 . 7 6

i.~ A ':'( E ..,* "" " : ~ ¢ E V A L U A T .r Q i',1

DOFROI, %

N P V @ LO%, $M @ 15%, $M

A V E . A N N . N E T I N C O M E , SM A V E . A N N . N E T CASH F L O W , $M P A Y B A C K P E R I O D , P R O D . Y E A R S AVE. ANN. EARNINGS, S/SHARE

EARNINGS CONTRIB PERIOD, YEARS

$ 2 . 7 5 C:U

0 . 4 0 - 9 9 9 0 1 . 0 7

4 6 7 7 . 2 7 2 4 6 7 7 . 2 7

9 . 8 7

l O

PROJECT - DYNA\

PROJECT CASH FLOWS:

l -120000.0

2 -120000.0 3 -4057.4

4 24692.6

5 24692.6

6 24692.6

7 24692.6

8 24692.6 9 24692.6

lO 24692.6

ii 2 4 6 9 2 . 6 12 53289.3

NET PRESENT VALUE AT 8 PERCENT: -86614.S

NET PRESENT VALUE AT 9 PERCENT= "93611.3

NET PRESENT VALUE AT lO PERCENT-- -9'9901.1

NET PRESENT VALUE AT Ii PERCENT= -105554.1

NET PRESENT VALUE AT 12 PERCENT= -110633.1

NET PRESENT VALUE AT 13 PERCENT: -115193.9

NET PRESENT VALUE AT 14 PERCENT= -11928o.8


NET PRESENT VALbE AT £6 PERCENT: -126242.'9

NET PRESENT VALUE AT 17 PERCENT= - 1 2 9 1 8 2 . 3

NET PRESENT VALUE AT 18 PERCENT= -]31806.8


NET PRESENT VALUE AT 20 PERCENT= -136224.8

PROJECT - DYNA\

D A T A UTILIZED IN BASE CASE

ENCLOSURE I

PRF'ITErT~.~ ~ L I F E ,, Z~..~L.JD[,, I~~' '~ , . i. * D E V E L O P M E N T ) -- L,_-' Y E A R S

INVESTMENT SCHEDULE -- CAPITAL DEVELOPMENT

$ 1 0 0 0 ) CAPITAL1ZED E X P E N S E D " f E A R i 1 2 0 0 0 0 . 0 O . O 0 . 0

"FEAR 2 ! 2 0 0 0 0 . ,-J, 0 . C' 0 . J

YEAR 3 0 . 0 0 . 0 0 . 0 TOTAL 2 , ¢ 0 0 0 0 . 0 O . 0 "]. 0

WORKZI ' . IG C A P ] : T A L

0 . 0

O . O 2 S 7 5 0 . 0

2 ~ 7 5 0 . 0

T O T A L

1 2 0 0 0 0 . 0

J. 2 0 0 0 0 . 0 2 8 7 5 0 . 0

2 6 8 7 5 0 . 0

M E T A L P R I C E A N D V A L U E - $ P E R L B / O Z N E T , q L P R O D U C E D

M E T A L P R I C E S , R kD N . :~:. F,'.

OU ~ C,'. 3 0 0 0 . 7 c ' 0

..... 0 . 0 0 0 ~". 0 0 0 O . C 0 2

- - - O . 0 0 0 0 . 0 0 0 0. OOC)

R / ~ ~ . t - - n - , . - O P E . ~ , T ! N G b O . ~ : ~ -- D I R E C T S A, ND I N D I R E C T S N I N I N G $ 0 . ' 9 2 0 P E R T O N M I N E D

"" MILLING $ 3.000 PER TON MILLED

DEPRECIATION ELECTED - STRAIGHT LZIqE i "~ YEAR L_ZFE GENERALLY /z..

r J E G I N N I N G 11",i T'.':E F I R S T R~r,R~DL,.~,,-~TCN~ 'YL:.~R

= F ~ ' E P T I w':-,- P E R C E N T A G E D E P L E T I ' D N R A T E S - P C T . OF G R O S S D E F ' L E '-''°l,..o~L.c ! N C O I ' I E

F O R CU . . . . L S . P E R C E N T

F O R . . . . . . O . P E R C E N T

',--'OR . . . . . . . 0 . !SERCE.,qT

E F F E C T i I . ~ E " r . , , , ' , ~ 1 / ~ ~ , 1 ~1 ' ' ~ [ , ~ " . . . . . ~ [ ~ 0 F : ' E R C E i ' , ! T ~ 2 1 ~ P, L T E R i " ! A T ] Z ' d E i"-t . . . . . /" j ' 1 Z J ~ j I l~l }

!AiORF,.Lt~.-, C A P I T : ! : ~ L • P r - ' : ) ' v i C E D .',~i~ 2 5 C, P O T u F VE# ,R O ~ b _ R ~ - : l ~ _ ~ . : O L ! T S

A N N U A L ORE f'q'.lD W A S T c T O N N A G E S , O R E G R A D E S O R E R E C O \ / E ~ ~ E 'm

A N D M E T A L P R O D U C T I O N I"!A'r B E '-~ . . . . " ' . . . . . . r-..;UI-~D W I T H T H E ,-'nS~--' Fi_OW

( . # - ~ L O U L A T : O I . I E I N E N C L O S U R E 2 .

( $ A H D T O N S XIO00

~: , ' - .~u ,TEb , " , 'EAR

O R E ' - ' - ' " " " - ; J , ,a',h-- GE O R E , g R A D E - C U

RECOVERIES - OU

M E T A L P R O D U C E D - C U

' " " - - - I .:;~x~.~n~.

[.. j T ,.~ : -,- . . . . . yi "r ~,ic D

N E T Z ; " : E L T E R RET '~R! '4 ( :U

R O ' , , ' A L T Z E S - N , :5. A . - ' N E T P R O C E E D S

.,,,,.~,~:~ ,~;::.~--L~ A G L E JI ' , !COME

D E D U C T ! O f , I S -q',! I :'.I I NG ,_'.OCT

- f ' ! ! L L i I'.!G .,:: OE T - .E: ' , .P. : - ' , : P L . / D E V -.'::'~ D'.'I I I'.! I S T R :::', r i Oi'~ .... b E P ' 2 E C . ( [ ; , db !ED . )

- t P R O D . . ~ "'M'~'~' ~Z[ : , .t n:,

- T O T A L

N E T D E P L E T A B L E I N C O M E

DEPLET T ~., £ O I •1

- P E R C E N T A G E --MET i I N'IT

- T A K E N

T A X A B L E T ~NC ,_< ll._

T A )(

N E T i l q O O M E AFTER T A X

OTHER INC. OR EXP.

-CAPITAL

-WORKING CAPITAL

- - C A P . E X P L . . / D E V . - L , E , , < L ~ I A T ~ . ~ - A b i O R T I Z A T I O N

E )

E ) E ) I ) I )

PROJECT- D " N A X ", iX I ,", I I / \ " i - - B T I\ 1" N E T ~ - d , , t , , ~ L '::';ASt4 F L O W b i : :TEP, M~N, - , . ! O N

O.

O . O . O . (]).

O .

i ,IULO._,U RE 2 - 1

÷, ,¢ f-

0.0 0.0 i 0':2'S'0.0 I0000.0 /0000.0 O00 0. 000 O. 540 0. 540 0.5qO

0 0 0 O. 0 0 0 O . OC)O 0. 0 0 0 O . 0 0 0 0 0 0 0 . 0 0 0 O . 0 0 0 O . 0 0 0 O . 0 0 0 ~'JO0 0 . 0 0 :d O. ?CO 0. ?00 0. 900

t ; O 0 ' :) . 0 0 0 O . 0 0 0 O . 0 0 0 0 . 0 0 0 O 0 0 ,.3. 0 0 0 0 . OC:'O <,:.). 0 0 0 0 . 0 0 0 0 . 0 0 . 0 9 7 2 0 0 . 0 o 7 2 0 0 . 0 9 7 2 0 0 . 0

,1). 0 ,.2. O ' ) . %' ,:). 0 0 . 0

0 . 0 :}:', 0 ' ) . 0 0 . 0 O . 0

0 . ,J 7 0 0 " } 0 . ; . . . 7 0 C , 0 C ' . '.2 7 0 0 : 0 0 . 0 7 0 0 0 0 . 0

0 . 0 -~"30 O:..-.'. 0 q O O O O . 0 S L ' O 0 0 . 0 B O O 0 0 . :)

::,. (.} : ) . 0 ' : . ~ 0 4 0 . 0 ::,:E]O ~ 4 0 . 0 0 8 0 4 0 . 0

0 . 0 0 . 0 ,,). 0 0 . 0 0 . 0 %'. 0 0 . C: 0 . 0 'D . O 0 . 0 _';. 0 0 . 0 C:'. 0 0 . O 0 . 0 "-' 0 r~ 0 '.b 0 f~ 0 0 0

0 . ,.::' ' ] , . 0 ,t:. SO 4 0 . t:, 0 ~ 0 4 0 . 0 ~ 8 0 4 0 . O

0 . 0 u . 0 8 0 0 C 0 . 0 O . 0 O . 0 B O O 0 0 . 0 0 . 0 , : : .<: 0 . , 2 ::;. '-, C,. (; 5 0 0 0 • C.'

O . 0 Ci. O 0 . ,~

' . 3 . 0 O. O 2 0 0 0 0 . 0

,_:, ~ 0 O . :.::' 2 , . 0 O . b :::). [3 L,~ 5 0 ' L ' © . ©

0 . 0 0 . 0 -- ~e ,_.'? 6 0 . 0

~ 0 0 0 0 . 0

~ 0 0 0 0 . 0

0 . 0 5 C O 0 . O

0 . 0 2 0 0 ( : ; 0 . 0

0.0

L 3 5 0 0 0 . 0

- - t . ~ ? £ O . O

8 0 0 0 0 . 0

3 0 0 0 0 . 0

0 . 0 5 0 0 0 . 0

0 . 0

2 0 0 0 0 . 0

0 . 0

1 3 5 0 0 0 . 0

- 6 6 9 6 0 . 0

,:,'.. 0 0 . 0 i 02C , .E . 0 k 0 2 0 6 . 0 1 0 2 0 , 6 , . 0 O . 0 O . 0 O . 0 O . 0 0 . 0 0 . C, 0 . 0 O . O 0 . 0 0 . 0

0.0 0.0 -50?eO.O

0.0 0~0 14C'di.£

0 . 0 0 . 0 - - 5 2 8 9 8 . 4

1 2 0 0 0 0 . 0 ( ) . 0 0 . 0 2 8 7 5 0 . 0 0 . 0 0 . 0 0.0 2 0 0 0 0 . 0 0.0 0.0

120000.0

0.0

0.0 0.0

0.0 _- _-- ..T.-- _ ....

-~e, gc~O. 0 I , t c l #.,h

- - - 5 2 8 9 8 . 4

-66960.0

14061.6

-52898.4

0 . 0 0 . 0 0 . O O , O O . 0 0 . O

2 O O O O . O 2 0 0 0 0 . O 0 . O O . O

NET CASH AFTER TAX -120000.0 -120000.0 -61648.4 -32898.4 -32898.4

( $ AND TONS XlO00)

* PROJECT YEAR *

PROJECT- DYNA\

NET ANNUAL CASH FLOW DETERMINATION

ENCLOSURE 2-2

* 6 * * 7 * * 8 * * 9 * * 1 0 *

ORE TONNAGE ORE GRADE - CU

RECOVERIES - OU

METAL PRODUCED - CU


I0000.0 i0000.0 i0000.0 i0000.0 i0000.0

O. 540 O. 540 O. 540 O. 540 O. 540 0 . 0 0 0 0 . 0 0 0 O. 0 0 0 0 . 0 0 0 0 . 0 0 0 O. 0 0 0 O. 0 0 0 O. 0 0 0 O. 0 0 0 O. 0 0 0 0. 900 0. 900 0. 900 0. 900 0. 900 O.OOO O. 000 0.000 O. 000 0.000 O. 000 O. 000 O. 000 O. 000 O. 000

97200.0 97200.0 97200.0 97200.0 97200.0 0.0 0.0 0.0 0.0 0.0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0

7 0 0 0 0 . 0 7 0 0 0 0 . 0 7 0 0 0 0 . 0 7 0 0 0 0 . 0 7 0 0 0 0 . 0 8 0 0 0 0 . 0 8 0 0 0 0 . 0 8 0 0 0 0 . 0 8 0 0 0 0 . 0 8 0 0 0 0 . 0

NET SMELTER RETURN - CU 6 8 0 4 0 . 0 6 8 0 4 0 . 0 6 8 0 4 0 . 0 6 8 0 4 0 . 0 6 8 0 4 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0

ROYALTIES - N. S. R. 0.0 0.0 0.0 0.0 0.0 -NET PROCEEDS 0.0 0.0 0.0 0.0 0.0

GROSS DEPLETABLE INCOME 68040.0 68040.0 68040.0 68040.0 68040.0

DEDUCTIONS -MINING COST

-MILLING COST -EXP. EXPL/DEV -ADMINISTRATION -DEPREC. - (IMMED.)

- (PROD.) -AMORTIZATION

-TOTAL



-TAKEN

TAXABLE INCOME TAX


OEHER INC. OR EXP. -CAPITAL (E) -WORKING CAPITAL (E)

-CAP. EXPL./DEV. (E) -DEPREOIATION (I) -AMORTIZATION (1)

80000.0 80000.0 80000.0 30000.0 30000.0 30000.0

0 . 0 0 . 0 0 . 0 5 0 0 0 . 0 5 0 0 0 . 0 5 0 0 0 . 0

0 . 0 0 . 0 0 . 0 2 0 0 0 0 . 0 2 0 0 0 0 . 0 2 0 0 0 0 . 0

0 . 0 0 . 0 0 . 0 135000.0 135000.0 135000.0

- 6 6 9 6 0 . 0 -66960.0 - 6 6 9 6 0 . 0

80000.0 80000.0 30000.0 30000.0

0.0 0.0 5000.0 5000.0

0 ~ 0 0 . 0 2 0 0 0 0 . 0 2 0 0 0 0 . 0

0 . 0 0 . 0 135000.0 135000.0

- 6 6 9 6 0 . 0 - 6 6 9 6 0 . 0

10206.0 i0206.0 10206.0 10206.0 i0206.0 0.0 0.0 0~0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

- 6 6 9 6 0 . 0 - 6 6 9 6 0 . 0 - 6 6 9 6 0 . 0 - 6 6 9 6 0 . 0 - 6 6 9 6 0 . 0 14061.6 14061.6 14061.6 14061.6 14061.6

-52898.4 -52898.4 -52898.4 -52898.4 -52898.4

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 20000.0 20000.0 20000.0 20000.0 20000.0

0.0 0.0 0.0 0.0 0.0

NET CASH AFTER TAX -32898.4 -32898.4 -32898.4 -32898.4 -32898.4

( $ AND TONS X I O O 0 )

* PROJECT YEAR *

NET ANNUAL CASH FLOW DETERMINATION * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *

* 1 1 * * 1 2 * * 1 3 * * 1 4 * 15

ORE TONNAGE ORE GRADE - OU

RECOVERIES - CU

METAL PRODUCED - OU


1 0 0 0 0 . 0 I O 0 0 0 . O O. O O. 5 4 0 O. 5 4 0 O. 0 0 0 0 . 0 0 0 0 . 0 0 0 O. 0 0 0 0 . 0 0 0 O. 0 0 0 O. 0 0 0 0.900 0 . 9 0 0 0.000 O. 0 0 0 O. 0 0 0 O. O00 0.000 O. 000 O. 000

9 7 2 0 0 . 0 9 7 2 0 0 . 0 O. 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0

70000.0 70000.0 0.0 8 0 0 0 0 . 0 8 0 0 0 0 . 0 O. 0

O.O 0 . 0 0 0 0 . 0 0 0 0 . 0 0 0 0 . 0 0 0 0 . 0 0 0 0 . 0 0 0

0 . 0 0 . 0 0 . 0 0 . 0 0 . 0

0.0 0.000 O. 000 0.000 0.000 0. 000 0.000

0.0 0.0 0.0 0.0 0.0

NET SMELTER RETURN - CU 68040.0 68040.0 0.0 O.O 0.0 0 . 0 0 • 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0

ROYALTIES - N. S. R. 0.0 0.0 0.0 0.0 0•0 -NET PROCEEDS 0•0 0.0 0•0 0.0 0•0


DEDUCTIONS -MINING COST -MILLING COST -EXP. EXPL/DEV -ADMINISTRATION -DEPREC. - (IMMED.)

(PROD.) -AMORTIZATION

-TOTAL



-TAKEN

TAXABLE INCOME TAX


OTHER INC. OR EXP.

-CAPITAL {E) -WORKING CAPITAL (E)

-OAP. EXPL./DEV. (E) -DEPRECIATION (1)

-AMORTIZATION ( I )

NET CASH AFTER TAX

6 8 0 4 0 • 0 6 8 0 4 0 . 0 0 . 0

80000 • 0 80000.0 0.0 30000.0 30000.0 O• 0

0.0 0.0 O•O 5 0 0 0 . 0 5 0 0 0 . 0 0 • 0

0 • 0 0 . 0 0 . 0 20000.0 20000• 0 20000.0

0 . 0 0 . 0 O•O 135000.0 135000.0 0.0

-66960.0 -66960.0 0 • 0

0.0

0.0 0.0 0.0 0.0 0.0

20000.0 0.0 0•0

0.0

0.0

0•0 0•0 0.0 0.0 0.0 0.0 0•0 0.0

0 . 0

1 0 2 0 6 . 0 1 0 2 0 6 • 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 • 0 0 . 0

O.O 0.0

-66960•0 - 6 6 9 6 0 • 0 0.0 14061.6 14061.6 0.0

-52898•4 -52898.4 0•0 0.0

0 . 0 0.0

0 • 0

0.0 0.0 0.0 0.0 0.0 0.0 --28750.0 O. 0 O. 0 O. 0

0•0 0.0 0.0 0.0 0.0 20000.0 20000.0 O. 0 O. 0 O. 0

0 . 0 0 . 0 0 . 0 0 . 0 0 . 0

-32898.4 -4148.4 0.0 0•0 0•0

PROJECT - DYNA\ SENSITIVITY ANALYSIS

ENCLOSURE 3

PROJECT - DYNA\, SENSITIVITY ANALYSIS

ENCLOSURE 3

IST FIGURE IS DCFROI IN PERCENT. 2ND FIGURE IS ACCUM. NET CASH (INCL. INVESTMENT). 3RD FIGURE IS AVE. ANNUAL BOOK NET INCOME. 4TH FIGURE IS AVE. ANN. NET CASH FLOW.

NO. OF YEARS USED IN AVERAGES: 10.

SENSITIVITY i0 PERCENT BASE CASE 10 PERCENT TO: ADVERSE FAVORABLE

INVESTMENT

OPERATING COSTS

METAL P R I C E

ORE GRADE

0.00 0.00 0.00 -588784. -558984. -549184. -54478. -52898. -5]318. -32478. -32898. -3332~.

0 . 0 0 0.00 0 . 0 0 - 6 8 2 8 7 0 . - 5 6 8 9 8 4 . " - 4 ~ 5 0 9 7 ~ -'04287. -52898. -41510.

-'44287. -32Z98. -21510.

O.O0 0.00 0.00

--645772. - - - 5 6 8 9 8 4 . -492195. -60577. --52898. -45220. -40577. -32898. --25220.

0 . 0 0 O . O 0 0 . 0 0 - - 6 2 2 7 5 6 . - 5 6 8 9 8 4 . - 5 1 5 2 5 2 .

- 5 8 2 7 4 . -52898. -4,5~..~. -38274. -32898. -27523.

A DCFROI OF 0 . 0 I N D I C A T E S THAT PAYBACK OF I N V E S T M E N T FROM NET CASH FLOW CANNOT

BE A C H I E V E D .

b

P R O J E C T - r~I~'~,A~ \

L; A S l C ~, .", T ,',

A S S U M E D R E S E R V E - T O N S O R E

- T O N S k f fASTE .... TONS T O T , A L

- S T R I P P : i q G P A T I O O R E ',,:HA R A C T E Ft i S T I C S

- GRADE

• - R E C O V E R'Y

- R E O . I i ' , i V E N T Q R ~

.... E g U I , , / . RE(. ' . . £ N V . or:i.-,:-Donr,~ c ,T IZON P E R I O D

P R O D U C T I O N P E R Z O D

J. C !_'. ::.) 0 0 0 C' 0 . 7 7 0 0 0 0 0 0 0 . , ' : 2 7 0 ! } 0 0 C " 3 0 .

7 . 7 0 : k :3 U

' 3 . 5 4 - 0

L:'. 's. C'C

' a 7 2 0 0 0 0 0 0 .

':? 7 2 0 0 0 C ' C ' 0 .

2 "YEARS

] 0 "r C :'-'; R S

i:~RE PROE, U C T IOi 'q I N V E S T P I E N T

E X P L O R . , / D E V E L O P . ( C A P . F X P L . O R . / D E V E L O P . , , E X P . ' ~ L " i ' q " " ;. ;-~, , , & E Q U [ P I ' ! E N T A C:,24..! I S I T l ON

: " r ~(- p T ~ , " , ,

O T H E R F O T A L . S

': .~ P E -' " = = ' ..... . ,~, . . . . . . £ : © S T S

I ' I I I','. ! l',!G h :r I_L I I " G

1 3 ! t E L T . : R E F 7 N . / D K L i ' /C I<"

G'2NER,".~L & q D i ' I l N I S T R A T I % " £

R O Y A L T I E S

P O S T O R ( 3 D . D E V E L O P h E I ' . ! T

F ' O S T P R O D ~ C A P I T A L O T H E R

T O T A L S

,~q 1 1

0 . :'i:', . ) . ,:. :}

Z 4 0 . ':2 C:

'.) . C' '0

- ~ : ~ ' G R A N D T O T A L S r . * #

' ~" ..... O R E

! ) . O O 0 . O C Z... 4 0 0 . O ',.) C:, Z 9

',2. ,:~ 9

"~.~/' T D H 3F}E

,:, . U (:r

; ' . 0',-:'

! l ~ 0

i 4 . , - I -~

1 7 . iO

S / O Z . OR i - @ U Z V .

0 O 0 0 . C~O 0 . 2 2 0 . O 0 0 . 0 5

:t:.. ,,_,,.. ,~R I ' ~ U I ' , / .

J . $ 2 ,.~. j . £

:L;. g 0

(:,. 05,

0 . O 0

,'~. O 0

0 . 0 0

I . 4 8

i , 7 6

A,'?L 'L ;ASL E V A L U A T I O N

D C F R O I , I-;

N P V :3 l O ~ s , $b l ,:a 1 .5%, $P1

A V E . A N N . N E T I N C O M E , $ N

A V E . A N N . N E T C A S H F L O W , $ M

P A Y B A O K P E R I O D , P R O D . Y E A R S

A V E . A N N . E A R N I N G S , S / S H A R E

E A R N I N G S O O N T R I B . P E R I O D , ' F E A R S

$- J. . O 0 C'U

0 . 0 0

- 5 2 8 9 8 . 4 U

- 5 2 8 9 8 . 4 0

O . O0

l O

PROJECT -. DYNA",

P R O J E C T CASH FLOWS:

± -120000 0

2 -120000 0 3 -~z lb, 48 4

4 "-32898 4

5 --32898 4

6 - 3 2 8 9 8 4 ,." - - 3 2 8 9 8 .i 8 - 3 2 8 9 8 4 '? ~ 3 2 8 9 8 4

I0 - - 3 2 8 9 8 4 !.l -3289~3 4 L2 414S 4

NET PRESENT VALUE AT '.] PEROENT,-. --I,;0~;.04 l

NET PRESENT V'.',LUE AT ? PERCENT= -,:;-B034 S

NET PRESENT VALUE AT :0 PERCENF: -.-~P6232 S

NET PRESENT VALUE AT LI PERCENT: .-$g5134 2

NET PREEENT vALUE AT ;2 PERCENT:: -SS4OS.',5 5

NET PRESENT VALUE AT %3 PERCENT: -~74528 8

NET PRESENT V A L U E ,.4T i 4 PERCENT: : - f C 2 S 2 Z S

t.~ET PRESENT VALUE AT !5 PERCENTs .-356720 :~

NET PRESENT VAt.bE A! i:.] PERCENT: C49~97.C

NET PRESENT VALUE AT .~7 PERCENT: -34Oh.OZ.5

PET PRESENT VALUE AT iS PERCENT: -.-ZZOkl.:

NET PRESENT V A L U E .qT 29 P E R C E N I : - - 3 2 5 S 9 3 . 2

NET g R E S E N T V A L U E AT 2 0 P E R C E N T : - - ~ i 9 ! . 2 ! . C

\

.

Ii

d-m

/~.;f/a .z?.~"

C,~LC.,./,.,LO',';3 OF " ' ~" DYU,i.~:ii~% CLAi,',:S FRFLIf;~INARY ", -:,,. ,,:,~ .,~,

' : '~"~"" A/{i ZO~]A

!n trodt,' c tion

The Dynamite clai',a I..roup lles approxirmtcly tv.'cnty-21ve * '~ the P i n s ' ~ ' ~ ........ mile:; sou~h-zouth'::ost of Tucson, Arizona,

(li~ ~"~ ~ '~ ,r,;, .... t. .... e six unoatonZcd "" .... ~ ", .. . ~na,,.it(, claims are iocatr;d in 2 7 13 ° ~" "~ " " " " : t h e - , , , , , ' " '" : ; ",~.. s e c . . 3 0 , T . S . , ~'q, E . , . . . . ~, a r e o x , : c . . . . ~.

In a n o r t ] : . - s o u b } t d i r e c t i o n , o;-,~:..,,~ e , . < b r a c o an a r c s I~00 f c c t

b y 3600 feob and occupy app~,oxlmately 125 acres.

The blacktopped Tv-in Buttes Rcad approxi:za~cs t i : c v m s t c : . n boundarF of t21e claim group, and t~-e maintained, dirt ~: ~ "- ~ Bead traverses eastward through ~" '~ ~e center of t;:~ acrea~qo.

Yhile the claims u,ore trader option to " ,maconda a total of 9~351 feet "::as drilled in six holes. Five of these l'.ole~ contained v'~ll mineralized ~ ~ "~ ~" ~ - " " " =n~c.c_pts, and ~ . . e s~zCn hoio wa~ ~essentlally barren of copper mineralization.

: , : o t h o d of £ttack

TI~o calculations of this study are based on five wide- spaced drill holes A-979, A-974., A-973, A-969 and '~ ~',c Drill hole A-970 contained less copoor values and was not con,.idcred in the calculations. T~ spacing of the drill holes ransos from 900 fee% to 925 foot.

Areas of influence v:cre calculated b:r the ~ol~,,o..al method, and where there x.asn'Z any drill hol.~ bo'~d!:';Z the polygon, the mirror image of the centre!lee half of ~qe p~:y- gon v-as pro~c~ud. ~e polygons v.'ez-e constructed aro,~ud " respective drill holes on graph paper, and the squarc footage of influence was measured ",-,~.,, co'~ting the number of squares in the polygon and ~" " • . . . mul~plylng the n~mbcr by a constant

3/ "~' " ' ~ ; . . . . . ~' o f i 0 i,"~ t o n To allow for easier ca!cula~_ons a . , . . . : , , ~

was used. q~=e specific gravity of t'no i~ci: ccntaining the ~ulfldc ~,.n~..allzation is about 3. T'z.is ~ves a value of

D 10.5 Ft..ton. Thus ~'~, ' ~.,~ estL~:at.ed tozzmCic derived in ~ , . o

study is ve ~, close to the actual tonnage fi£ures

I n d r i l l h o l e A - 9 7 9 e x c e l l e n t , , ,~_ ,~;,"~,a~.,.,.,..~:.,. v a l t ' o s v , ' o : , c reported. In this hole only a Cu-~.:o equivalcn~ was dcrlvcd. ~ formula used in this derivation is ]~(~.'o ~J) ~ Cu )~ - ;.~o

cquivalent. This conversion allows for a ~otal 'oo ...... ..... ~oo in Cu % while still ""' " ~...~ Yo ......... getting the beneflt of " ~ , . ~ . ~ o

I P E R S O N A [ .

~o. ~ .... ~ pu-'pcso of .~.:~-., ztudF ~b.at ti~.;i'o Vfa - " . ~ C , 2. ' - : ? l l u , . . ~ . . ~ r C ~ q d k i O to O . . . . . . . . . . . . . . . . . . ' ' Z~ .~ "0,"~ . . . . ..... ~.~..~r,~~"o l i l ~ f , S ,,.~..~

it m'a.]~ be borne in mind th-t " . " ' " " ~ . . . . of ~ ' ~ [ 0 }10 i 8 { ....... ~ i f ] . . . . . . . . , ~ , ~ . . . ~ did r . ,.l].c::. i'cr " ~ '

of the fi~b~uc~, vt is ~'~ ]iov;cv.~ that the o~t .... a ~ . w . . ~

are ~al.l~ accu2ato and c . - , s o l - , " , . ' . . . .

A ~'-~"'~...,..,. uc~;'.~ of the calc.l.,:'" "'~ p ..... on~,~.a in a.~oo ...... A. These tonnago:~ and sradcs t c~'c derived from the assau data supplied ~o ;,h'. Vernon Smith hi- the Ar.~ conda Company. Under ;.fro S:~i~<n ~ ~ dlroctlon r.c~e care in prcpai~r~tion of inzcrvais

6" over i ~ Cu v:as tal=~n than in tb.o Lntcrvcnlng Lntorccpts.

In the flvo ~.ide spaced ',-~'-" ~ ~-'~ " ' ..... ~s a ~o ..... of 30, i30, 190 Cf ~..-,

tons of 1.225 ,~ Cu occurs as indicated ore, a.,~ a total c~ ~ 99, 811;, 280 torz of 0.559 ~" Cu. occ'~u's as ind!catb£ ore

"I

Yineralization and D~)~bh

<A very bz'iof survey of the core in :'~' V ~'-*'-"' poc ~° slon indicates that minorall -~-~ " . . . . ~on consist,, of d~alcocito, malnchlt~, azurltc, ratlvc copper,., ck~alcop,.ri~...,. ~.~.~v ~'~e, molyb ~O..It~ and vor'y :a'-nor ~ "~" . ~n~s , : ,mo~.~ , , , . . ,~ of sphn!erite and galena. ~ " ~ '

~, .~ ~ ~ ~ ~,,:., , .,l,.r,.a_i.ation occurs in altered .i . . . . stones and i~ of t~'~ t,~qolcal con~ao u-,]eta~omatic t]:pe. "- altered to garnet, ~vollastonite, tromolitc and other calc- silicate minerals. ~'.inor vsinlcts of ~'ps'~n. wore obscrvcd.

T.~ dep~ of th.~ ore varies fro;u hole to hole, encept between A-959 and A-973 where it averagcs 926 foot bc!ow the surface bct~:'oen the tv:o holes, in drill ho!o A-97.~, located in t/qo o x ~ ' ' " "~' ~ .... ~C...e SOU~ .... O.~t ~'"~".... 0 £ thO ~_~_...~:"" group, the ore grade :1.q "~, ~-' ~ ~" vorng~ ~c .... comes in at 37~ feet and ma~..,~,.~.,~ an a grade of l.O1 :" " ,, CU to 511 feet. Ol-c ~2ado ma~crial over 1 7~ Cu occurs ~ various dop ~'~o.~.~ in th<n ,.,...,.,,..,.,,..,.,.,.~.:,~'"~'~"~- iv'o. holes~ co.%

corrclationz of the ore grade Intc~-copts v:ith any dcgr6e of confidence is difficult.

A hole located i000 f,sct south of " : " ° ~.,o south end boLu~ia~ of "~,,.o !~.:-..ito'- ~'m group Lnterscctcd the followln~, ere grade mineralization in a tactite-hornfals : "~,~,s- t r0cl,"

From To in t c r v a l " ~

to~.L ~o5.5 so3 i 0.3 ,0=.~ 830.8 17@ I " ~ .,!. 0.7 i 702.[~ 722.6 20,2 0.{~i 7}: ~ "~ ~0..5 oj _~ 1 O"

~k~%2 B • .

I !

, . . I n o r a " ' ; - ~ t i o n c o n s i s t o 5 o f p T r i t c , c , : a - ' c o p 2 ~ e , . . . . . . ~ - dcnito, bemire a : - : d p r i . : ~ z ' v cnalcocltc.

£:%% . *

.nrco holes ~:'cpo dl'illod on ::q~ w,~ ':J / ' O O t . . . . " ' . . . . ¢- .... ~C,, ~ fZ 'Of,q t~I3- Oi"C hole mentioned above ' " ' ~ " ' O " . .~n.,, holo 2.' O /'ee~ aou~..~, ~-..:,d 5 fcct o.~" 5.18 ~;; oxide copper in t,uctit~-hor,~_fo!z at a depbb sT 329 "'cot.

, '" " " . . . . C ~ulo~ "oct o f 0 ~ ' / 5 " ' ' f h o h o l e ' 5 0 0 feet v , c s ~ of tho o r e l,olo " - ' "

.~u.~,~,~-.z, ~ a d . 0£ II.~D ,. ~; ' , i ] ~-0 ~"~":'~,,,~ hole 5 0 0 " - ~uc to ~e east of the ore hole lind r~no2 Cu ,'a~ ~ ~ased on the center hole and the hole to t h ~ r~cst an cstl:::atcd 5.5 million tons of 0.80 % Cu Iz &ndicatcd.

Ba'~od on drilling infor::mbion in t'.'-~o area south of d~o l>~namite c!alms~ it is thco=~is~:d that ~/io mi:lo-_~allzod z~ne should ut~ikc roushly N. ~0°-500 V / . and dip ~0 0 irE. The ain- c~".qlizcd zcno ~:'ouid t)R~n ~,:~ ct ~,_~o across t'~o ~ircus grour~[ ane into the ~ , ' ~ " ,~ " " , ~

Tor~nar.e. and , ~ r a d c cclcula ~.o.,~ in t~.~.~',~- repot ~.~ c:~e.. ~ , ~ , . ~ u . . . . .

on w'i~c so~ced-dri'll, hole Intercepts. Also ~:'-~,,_. grade !a~ter- .. copts ~':crc corrnlated bot,,voon ~ - ' -

little re~lamitv. ~ " e . . . . ~ , , . o l y ' ' - - (i~.~ u.O~ to cOPl'ol&te ' intersections v£%!ch do not llc on a sta-ni;-hb " • or ._ curve Only . . . . . disprove the derivations contained in this report.

S~ Richard R~ Veaver h£c:~ar¢. £ . Vcavo~

Appo::d . . . .

i,x~A,.._,,L u.,_,~,-. GROUP 0.,-~ CALCULATIONS - - : , ' - ' : . . . . . . . . r ' " . i

H~,rL~ _ t -5)£i

Footage

2 .hi l u o n o . _ , LI..e.5'I~, 200 ~, ~. A T . ' O & Of '; ~ ' ~ "~ . . . .

3 I0 ft, : 1 ben

Into;'vol Topzwrgo and Grade

o~'~ ,0 9Lt!. 0 9}i.0 - 9'.!i.0

!269 • 0 - .~c':,.'.7, ~ p

~305.0- 1385.o

31,, . 0 !0.0 O.p

• 2 0 , 0

673,"P0 ~' . . . . . ' . . . . " " " ., _ ~-,.,0 t c n z o f O.w~d '.:i C u

"' 780 " . . . . " J.~., ,.o,,~ of ]..!:.~;3 :.., Cu 9 6 2 , l : . 0 0 ton~ of O,Tz~O ,1 Cu

i ,.

Hole A-973 Area of influoDoo

Fo ota p : o int,ar v a I

o25.0 - o&o,,.,:o.O q2~ 0 1216.0

Ii, o.0 - !,0o.0 1332.0 - a . ' . . . ) . v 1339 0 - 1379.0~ I!;01!0 ~ - ] 2 1 ] ; b . . O il~'/i o ?d~s j .o

I'3.0 2%.o i7.0

!;0.0 h3.o i2,0

O,aO . l0 f t.P : ~

T . . . . ~ - , end Orado

. ; t , O t o n s 13 ~ 3 2 7 , n " v " ' ~ 600 tona (b 89",~ 900 to:=z ! , 8 7 7 , ~ 0 0 tons l~ 9.u9~ !.!00 t o n s n g ' q . 6 0 0 tens

!,n r'n ).tOO tons of 1.230 ~" Cu . ) ~.~ '2 ~ • "~

of 0 . ! 4 ! l ;;~ Cu .-- o f 0,031 > Cu C£ u o q , : . , . ;,:~ CU of O,L?',~ % C u of %c O,( . ,~ , . , ;% Cu z, ~ .q O /

1o1p .~ A-97~L Area of inr.luon~e 7 6 8 ~ 0 0 0 ft. 2 IO ft. 3 = !bon

Footage interval

3 7 b . . 0 - ~ l l . o i 3 7 . o ' ~"~ aO~ ::,~!~ 600 37~L.0 ! !~01.0 27.0 2,073,~6o0 !15o.0 1~59.o 9.0 o, c,,,,i,,:oo ~5.o 51~.o 4 .o o , :~ . , 2 , o o o

tons of ~ ~ ;~: C u . I, U J . C - "'"

ton~ o f !.070 ;,:; Cu tons o/" 3.370 ,% Cu ton~ of 1.39 ~n ,~ '~ Cu

Poe tags

io7,3o0 - t 1 ! : . . 3 . 0 13o6.o - 1313.o 1078.0- 1313.o

Area of in~iuenco 637,600 ft. 2

Interval

65 °0 7 . 0

e35.o

i0 ft.3 : 1 ton

Tonna,rc and Grade f..

l l . , ! ! ' ! f , 2 ~ O 0 tons -~ v ; 1.8(]2 z., Cu O,I!uL%320 ~' ~ "" " • uo.:,.; o f 0,7o0 ;,o Cu

i4 .~ 9 8 3 , 6 0 0 ton~ of 0.636 ,~"' Cu

H ol~ _A-OT9 M-on of influence 8~o~o0o ft, 2 lO ft.3= i ton

Footage Interval , * . ,~ o , . s To:.~r.a~e aF.d C;~Lo

7 0 8 . 0 - 7 1 5 . 5 i o . . 5 ~p.:~ , ':,~3.0 ~9 ..5 ~>: i .0 -" 5 7 0 . 0 3 0 , 0

l~on,o ].!~ 5 0 . 0 51.0

2. . . . . " " " ~ . , ~ . . z e ' f 0 " : ' " " 3 ; 0 2 ! ~ , , C , 0 0 b o n a o f ] . . 1L~O ,., , : ' - IJ.~ 2S:i ~ ' t ;O0 ' - ' ' ~ " " ¢>" . . . . S O. 0 " " - " Q v , ' ~ : . "., 3 ;

2 ~ 7 3 0 ~ 0 0 0 ~ " " , 9 " ~,o.,s o" l.C/ ,~ Cu

1

J

I *

~[o:t%~ !~-~3'0 ( c o n b ! ; ~ u a a )

Footago

' r ~ / "lO 5 0"I,;,0 " 7--k; •

" ' "" ~- 870 C3,9 .0 zz3o .o - 1136.5

6 : )a ,O - 1136.> 1399.0 - ?J197.5 1315~0 - 1497,~¢

Interval

22 ~ .00,5

6.> l~) '0 .5

9'~.5 I~2.5

- c ~ , - 0(:. s " ~,o. ; ,3 , 0 ton o f l . ' . J I. :;; Cu ..,, , , - 0 9 o ~ V : , . % 0 0 0 t o n s . O.':'..J7 ,.." .Cu

' ; Cu 0,, r:t'''s~,-~000 t o n s cf 2~1,2):. ,.. 3 7 , " " " ~ " " . , . , , . ,~ , .0 sons or o o tie:'; :,., cu

S , ' - " ~o,,~ o_~ 0o7~9 ;-, C'~' 2~q. ,O00 . . . . . . . ~ "' !5,3a0~000 tons of 0.~uo ,: Cu

T o n n a g e And Grade For Intczwa!s of i ~ Or '""~

I : o t o A , 9 7 9

Foe taEa Interval

• ¢-~ ,.-# •

e- :O .0 ! 718.) 2 2 . 5 7 6 3 . 5 8<? .o 59.5 ,~ i . n 870 0 3 6 0

11:.65,0 ~I.07 5 32.5 zz3o,o- 1~3~.5 ~.5

subtotal

H o l e A - q 7 k

.37tt.0 ,- 5 1 1 . 0

Hole A-O~

925 .o - 968 .o

1299.0- 1295.5

H ole A-078

zo7'3.o - z 1 4 3 . o

To;?a':~Ege and ~ " 4" Ur*~t~O

1 v / 0 , 0 0 v ~ ~ :-b'~ " " ~.jL r , J

, ; . o ~ u u u t O i l S ~.~. u . ' / < . , )'. ,~U. .3, ' ' ' ' k me'" tons of l.l[;O ;'~ CU

o: ~46, ooo ~ .... ~ I. ~, 5:: c-~ ~0,;,.., OL ~ ~ ~<.~-q.

z-77, - ' - 000 t ;ons o f l o l U 2 ;L ....

137.0 I0,5~a,600 tons c f 1.012 ;~ Cu

I I . 3 . 0 1,969~00 tons o£ 1.2o0 ~ 'Cu

6.5 312,780 tons cf 1.455 % cu

6 5 . 0

T o t a l

i ' % ~ O f "D' " " ~,,' _L~,I J~.~0 t o n s o f ± .oo ,_ ~ ~ " ....

30,136,180 tons of 1.225 ;~ Cu

T o ~ a . ~ T o, ,n ,~te ~,n~ G.~,c.e A~...~a!.. q q

F o o b a ; : e 6 9 6 . 0 - i136.5

1315.0 - ' 1~°97.5

oi%.u - 511.0

Interval !:J~.o .5

137.0

l I, b 3 7 ; u 0 . - : , 0 0 0 %ona o f O.u.o~. , ' 15,530,000 tona 02 0 " " " : .D<;L "',., d:'.

I0,521~600 tons of 1 . 0 1 2 ;.i : : . .

. , " 4'

J : [ o ] ~': ,,_r;-,"~ :gg--£L ~,. l.~f_

o ~ ' 0 1210.0 1332.0- 1";-03.0

;{ole ' ""~'

931.0 el, i365.o - 13,%[:.o 1209.0 - 1295,5

lOlo.O - 13!3.0

] - i 4 . " ' 1 - ¢'~ I .~o. 'J~,l 291.0 z5oo5

! 0 , , 0 2 0 , 0

6.5

235.0

~otal

..... u,~,,.:'.o a n d t~-,.-, . . . . ~-,o " .{ : ) '7 . q ; v : ~- ,, .~

o, 8 9 2 , 9 0 0 " - '~ ~; :~!, ' ~., , . , o f 0 ;,, Cu i ~;.g:L+

* ~ ~'~- " ~ r " , ¢ . h , ~

u , L u ! ~ , : . u O 'c, on.:; 0 "~'~" ~" ~ - ° ' - . , , ) J ,,- O L t O , 9 6 2 , ) '~00 " ~ "" - . ~.o,,s of ' 0 .7J;O ,,.. Cu 0 , 3 1 2 , 7 ~ , 0 t :on~ o," 1,;,~53 ~.~ Cu

[ _ , - , £ . . t " 11~,933~600 I o n s o f 0 . ~ /, Cu

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