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   Gold/Mining/EnergyChesbar Resources- CBI Montreal

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To: Enigma who wrote (962)6/18/1999 12:54:00 AM
From: Don Potenza
   of 980
Hi - no, I'm not "out", just fed up of this and I have been devoting my energy to other sectors of the market. I (and I believe Gary also) have done well with RIM over the last 9 months. I've been to the previous two AGM's, but I feared that if I went to this meeting, I would have been thrown out for causing a disturbance with Dr. J. I still have hope that they will turn it around, as I know there are others here who have risked (and lost) much more than I have. Two years ago, I was very optimistic, even though there were battles ahead with the Venezuelan gov't, permits, Bre-x etc. Now, however, it's the price of gold, financing, good drill holes, new management, etc. Maybe when all the shysters are gone to the internets, some sort of reality will come again to the golds. All the best, Don Corleone

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To: Don Potenza who wrote (963)7/22/1999 7:10:00 PM
From: Physic
   of 980
Is there anyone at all watching cbi these days? We should be at $0.10-$0.15 anytime now,and with no significant news do out until the fall. Is there anyone out there with the same opinion? When was the last time Stubbs posted here, and why has he been so quite of late.

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To: Physic who wrote (964)7/23/1999 8:13:00 AM
From: Mephistopheles
   of 980
They are all on in the CBI thread.

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To: Mephistopheles who wrote (965)7/23/1999 9:42:00 AM
From: Enigma
   of 980
Yes, and news is expected on Ve drilling soon. dd (enigma)

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To: Mongo Slade who wrote ()9/1/1999 8:47:00 PM
From: stubbs
   of 980
Hi All;
Yes gold play is on hold until POG and industry picks up.As Enigma said Nickel is the main focus as we speak.The property in Guat. is being random sampled on the previously worked pits to verify over an expected 1" billion pounds of nickel.They are also working on new untested ground as well.They also have property applied for which sounds verbally agreed upon but not in writing.This property again was worked on in early seventies by a very large company but data had to be verified as per the exchange.I have several very good articles on Laterite deposites that will show the evolution of this type of deposit which should excite/educate you as it did for me.I will fax the several pages to those interested(After 6pm Calgary time)Just send me an e-mail at .Some quick notes are that Anaconda(Australian company)appears to be the leaders in Laterite mining has been purchased by Sheritt(9% in May)and just recently Anglo(23% but paid double what Sheritt paid).This should tell you that the bets are on the success of HPAL(High Pressure Acid Leaching).From the articles I have the pressure is now on Inco to remain #1 in nickle and they better start looking at this method and guess what? they have a property a few doors from us in Guat.Hpal is expected to drop the price of nickel around the 2.00US level but lowers the cost of production from 1.50-1.75(Ave.)to .50-.75(Ave.).After talking to Terry we could start seeing results within 4-6 weeks and then a steady flow.It is my understanding that the process for assaying is a little longer then for gold but very cheap as the pits are done by backhoe and manual labour.Sorry for not posting much lately but unless I make up something we are in hold mode for gold and weeks away for initial nickel results.One question I did ask and will share is have they had any majors inquiring about the deposit and I was told several but the plan is to stay low key unil new land in confirmed and verification is complete.

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To: stubbs who wrote (967)10/22/1999 10:40:00 AM
From: George Castilarin
   of 980
Inco Opens US$50 Million Pilot Plant at its Goro Nickel Project
TORONTO, Oct. 22 /CNW-PRN/ - Inco Limited today officially commissioned the new pilot plant for the Company's Goro nickel project on the South Pacific island of New Caledonia, a French Overseas Territory.

Speaking at the opening, Inco President Scott Hand said the Goro project has the potential to be one of the world's leading and lowest cost laterite nickel producers. The pilot plant program is expected to cost about $50 million (U.S.).

``One of the great strengths of our Company, which has been one of the world's leaders in nickel for almost a century, is the high quality of our mineral developments. Goro is an excellent property and is a key part of our strategy to develop new sources of low cost, profitable nickel to meet the growing needs of the global nickel market,' Mr. Hand said.

The Goro project is 85 per cent owned by Inco and 15 per cent by the Bureau de Recherches G\006ologiques et Mini\022res, an agency of the French government. The project hosts extensive nickel laterite deposits with resources in excess of 200 million dry tonnes, averaging 1.6 per cent nickel and 0.17 per cent cobalt. Inco has dileneated an initial mining zone of 47 million tonnes of proven and probable reserves.

The fully integrated pilot plant, which was constructed from modules built in Canada and assembled on site, has a 12-tonne-per-day ore processing capacity. This plant is expected to validate the proprietary pressure acid leach and solvent extraction processing technologies Inco has developed to treat the Goro ores. The results of the pilot plant program will also be evaluated as part of the decision to be made on the construction of a commercial facility. This plant, which currently employs about 70 people, also will be used to train and develop New Caledonian employees for future commercial operations.

Based upon the results of the pilot plant program, the Company expects to be in a position to make a decision on building a commercial plant as early as the second half of 2000. Initial production could begin within three years after construction commenced. When fully developed, the commercial plant could have a production capacity of up to approximately 54,000 tonnes of nickel and 5,400 tonnes of cobalt annually and could be designed and constructed in one or two stages.

This news release contains forward-looking statements regarding the Goro project and Inco. Actual results may differ materially from these statements and projections depending on such key factors as the timing of the completion of the Goro pilot plant operation, engineering and construction timetables, construction and operating costs and rates, exploration and pilot plant results, nickel and cobalt prices and production rates, financing arrangements and the timing of the receipt of required governmental regulatory approvals.

Pictures of the Goro Pilot Plant and location map are available through Canada NewsWire E-Pix at

October 22, 1999

Q1. How long has Inco been involved with Goro?

A1. Our involvement with Goro goes back to 1969 when we decided to
develop the newly-discovered (by Inco) deposit on the island of New
Caledonia. In 1992, we acquired the rights to the deposit.

Q2. How important is Goro to Inco's strategy to become the low cost,
most profitable producer of nickel?

A2. Goro is a very attractive nickel project for many reasons. It has an
excellent and large ore body with grades of nickel of 1.6 per cent
which is approximately 40 per cent higher than the Australian
laterite ore bodies which are currently being brought into
production. It can be mined by low-cost open pit methods, utilizing
innovative and proprietary Inco process technologies, which we
believe, will offer low operating costs. Inco has a strategic plan
to grow and meet the demands of expanding global market for nickel
with low-cost, profitable nickel. Goro offers excellent potential
and flexibility to meet that objective.

Q3. Can Inco proceed with the development of both Goro and Voisey's Bay?

A3. World demand for nickel is growing at the rate of about four per
cent a year. We want to grow with that market by supplying low cost,
profitable nickel. Good nickel projects such as Goro and Voisey's
Bay will always get developed. Both fit prominently into our growth

Q4. How many people have been hired for Goro? And how many are local?

A4. Our Goro operation now employs 70 people, most of whom are from New
Caledonia. The rest are Inco engineering and technical support

Q5. How long will Inco need to run a pilot plant to get the results
needed to make a decision on construction of a commercial plant?

A5. Based on past experience, a pilot plant campaign could take some 12
months. In the case of Goro, we have already carried out some
successful, but smaller scale, pilot plant and mini-pilot plant
tests in Canada so we are not starting from a zero base.

Q6. Why is Inco going through a piloting stage rather than proceeding
immediately to commercial production like other new lateritic

A6. Inco has had extensive experience with the commissioning of new
``greenfield' facilities employing new technologies. In the Goro
nickel process, there are large measures of very innovative
technologies, some of which have never been practised on a
commercial scale. For that reason and because we want to train a
group of employees in these new technologies, we consider it not
only prudent but essential to begin with a fully integrated pilot
plant before seeking to undertake the operation of a commercial
facility. The pilot plant will also provide residue for the design
of tailings containment. Certainly, the recent experience of other
new laterite producers in Australia would suggest that a more
conservative and prudent approach is justified.

Q7. When will Inco make a decision on a commercial operation at Goro?

A7. With the pilot plant in operation, we will have an opportunity to
demonstrate our proprietary processing technology, train our
employees and fine-tune the economics of the project. We expect to
be in a position to make a decision on a commercial operation as
early as the second half of 2000. If we start construction in 2001,
the commercial plant could be finished as early as the end of 2003.

Q8. How much would a commercial operation cost?

A8. The total capital cost for the entire project would be about $1.4
billion(US). We would likely develop a commercial operation in
phases with phase one being about 30,000 tonnes, 27,000 tonnes of
nickel and 2,700 tonnes of cobalt a year. The plant would be
designed in such a manner that its capacity could be readily

Q9. What are the significant differences between Inco's process to treat
Goro ores and the process for Australian laterite ores?

A9. Inco's proprietary technology processes the Goro ore at a higher
temperature than the Australian projects. As a result, leaching is
much faster and the number of autoclaves needed is reduced. Inco
also utilizes a proprietary solvent extraction process for recovery
of the nickel and cobalt. The Goro process produces nickel oxide by
pyro-hydrolysis that can be fed to refineries in Japan, South Korea
or Taiwan. Other lateritic producers produce a finished product such
as electro-nickel or hydrogen-reduced nickel.

Q10. A recent news story suggested corrosion was the problem with
pressure acid leaching in other lateritic operations. What makes
Inco's technology less susceptible to corrosion problems?

A10. With Inco's innovative and proprietary processing technologies, we
do not have to use saline water.

Q11. Has Inco found a partner to develop Goro? Why would Inco need a

A11. While we have had considerable interest from potential partners, we
have decided to direct our attention, in the near term, to proving
our proprietary processing technologies. It still remains our
intention to seek a partner in this project and we remain receptive
to attractive partnership opportunities.

A partner can be important for a number of reasons -- reducing
Inco's financial risk by helping finance the project, bringing
special technological and other expertise to the project, or
marketing some of the production. That's the kind of partnership we
have with our PT Inco Indonesia operation.


- New Caledonia is one of the largest Pacific Island countries,
consisting of a main island known as the Grande Terre or Mainland,
surrounded by smaller islands, the most prominent being the
Loyalty Islands. It lies just north of the Tropic of Capricorn with
Australia 1500 kilometres to the west and New Zealand about 2,000
kilometres to the south. The Mainland itself is 400 kilometres long.

- Discovered in 1774 by Captain James Cook, New Caledonia is now a
French territory composed of three provinces, the Northern Province,
the Southern Province and the Loyalty Islands Province.

- The population of New Caledonia is nearing 200,000, half of whom are
under 25. It is considered a multicultural population with interests
ranging from Pacific Islands customs to French traditions.

- New Caledonia ranks among the 20 richest countries in the world. The
services sector is New Caledonia's chief source of wealth.

- Nickel ore extraction and smelting remain the main industrial
activities by far and will be the cornerstone for future development.
Nickel is the main export commodity, well ahead of seafoods and fruit.
It's not surprising since New Caledonia comprises nearly a quarter of
the world's known nickel reserves. Part of New Caledonia's ore is
processed by the Soci\006t\006 Le Nickel (SLN), a French company.

- The Port of Noumea, initially developed to meet the needs of the
mining industry, remains today the hub of the New Caledonian economy.

Tourism is a major growth industry. It's easy to see why. New Caledonia possesses the world's largest lagoon, has outstanding landscapes on the Mainland and on the outer islands, and has a moderate climate where monthly temperatures seldom exceed 27 degrees C.


1999 Inco Limited officially commissions the US$50 million pilot
plant for the Goro Nickel Project.

1997 Inco and its partner, Bureau de Recherches G\006olgogiues et
Mini\022res, an agency of the French government, announced it
will proceed with the next stage of the Goro Nickel
Project, the construction of an integrated pilot plant at

1995 Inco completed an environmental baseline study.

1994 Inco constructed a mini-pilot plant in Canada and completed
eight test campaigns of Goro ore samples.

1993 Inco completed evaluation of various possible processes and
recommendations and selected sulfuric acid leaching under
pressure and solvent extraction as the preferred process
for the project.

1992 Inco and BRGM formed Goro Nickel with Inco holding 85 per
cent and BRGM 15 per cent.
Inco allocated US$30 million to select and develop a
metallurgical process to convert Goro ore to marketable
nickel and cobalt products.

1969 Inco entered into an agreement with a French company set up
to develop the New Caledonia deposits at Goro, which were
discovered by Inco.

1926 International Nickel sold its mining properties in New

1905 Canadian nickel production surpassed that of New Caledonia
for the first time.

1902 International Nickel Company was formed, merging the
Interests of the Canadian Copper Company, Orford Copper
Company and Soci\006t\006 Mini\022re Caledonienne, among others.

1900 Soci\006t\006 Mini\022re Caledonienne was incorporated at Noumea in
New Caledonia. It held large holdings of mineral land in
New Caledonia, jointly and independently with Nickel
Corporation Limited.

1864 Nickel was discovered in New Caledonia.

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To: Mongo Slade who wrote ()12/5/1999 2:52:00 PM
From: stubbs
   of 980
Hi All:
I'm sure most have read this on stockhouse but I forgot to post it here.
The meeting with CBI went excellent from a technical and share potential point of view. Terry and Steve
were well prepared with articles on other firms, samples of laterite nickel sheets and many pictures from the plants that Terry visited while in Australia. As previously posted, the gold play is on hold until the gold market returns. The nickel play has become the number one project. Venezuela still has great potential, but with gold prices all over the map there seems to be no interest in juniors. As per my earlier comments, please understand that the gold play is definitely not moth balled but just on hold until the market becomes more favorable. I truly believe that it is the best business decision for both the company and shareholders.
It is believed that we will require approximately 12 holes in the main zone in order to prove up the nickel content (for the satisfaction of the SEC) that the previous 2 majors had determined. Eight crews are currently bagging and tagging the samples which should be enroute for assaying in Canada very soon. Many other holes are also being currently worked on through out the property, but there is a priority on the previously mentioned 12 that will enable us to prove up the main zone as quickly as possible. There should be some news out before Christmas on related matters such as possible land acquisitions and updates.
Management is fast tracking the results to be released as soon as possible, however it is unlikely that the results will be ready for release until early first quarter which is when the stock should get going.
I previously reported the potential of the property as the Cominco and Transmetales work indicated at least 34 mil tonnes at 1.81% nickel, which is only 5% of property tested and doesn?t include other potential property?s. This equates to over 1 billion lbs. of nickel @ today?s price of $3.65/lb. US at 70% (CBI?s portion) calculates to a 3.8 bill asset. What would someone pay per pound if proven? It?s the big question!
I have inquired into a couple of other companies that are in the same situation as CBI with regards to which stock exchange they will end up on and was happy to hear that the TSE was an option for the others. These companies can qualify for the TSE if they meet continued listing requirements. CBI management was of course unable to comment on this issue. It is my understanding that the TSE will make their decisions by Dec. 6, 1999.
Another meaningful point that I have learned, was that Inco have also shown interest in laterite deposits by announcing that they are proceeding with a $50 mil project in New Caledonia. Inco also holds a property about 30 km. from the CBI in Guatemala (their property projects 75 mill short tones at 1.83% nickel). If you combine our property with theirs it would certainly make it a world class play as it could easily and economically share facilities.
Terry and Steve explained to us the chain of events that took place to which the Guatemala property became available to CBI. In a nutshell, it was through the relationships they had with a Guatemala mining company which were verified by unrelated parties that were involved with the play well before recent technologies became available. They were even able to retest a few pits with results very close to the results that were reported years ago. The combination of excellent networking, long-term relationships and keeping up with leading edge technologies (HPAL or high pressure acid leaching) brought this one in while beating others to the punch.
Combining the facts that the nickel market is strong with the success that other nickel firms are having, while considering our promising nickel numbers, our stock should return to previous value. However, as excited as I am, this may not happen overnight. It is my belief that if you hang in, rewards will follow in Jan-Feb. The only way to share my enthusiasm would be to go to the office and see for your self.
The comments that I heard from the other shareholders that attended the meeting with me was that they were very impressed with Terry as a committed and trustworthy leader. We felt that Terry has an excellent grasp of how to move this thing forward and that he showed that he was acting in the best interests of the shareholders. (Keep in mind that it certainly is nobody?s fault that the gold market is weak) He has done a great job in recognizing and acquiring an excellent play while we wait for gold to improve.
Another point that I wish to point out while I conclude, is that the same management team has recently brought Corner Bay into a valuable position. They plan on using some of the same processes with CBI when our results come in. This combined with the fact that some of Corner Bay?s recent institutional following can only help.

One of the next possible news releases could outline which company will be chosen to do the metallurgical testing. The test results are crucial to our success. The steps that follow are that after the assays are done, the samples will be sent to a metallurgical lab that will be equipped to use the new process (HPAL) to determine the extraction rate.
I hope this update is as helpful to you as the meeting was for myself and the share holders which accompanied me. Please feel free to ask any questions that I may have missed that may be of importance to you.


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To: Mongo Slade who wrote ()12/5/1999 2:57:00 PM
From: stubbs
   of 980
Forgot to mention it appears that we are Toronto exchange bound starting the 6th of Dec 1999.This is excellent news for the near term but again the news we really need to make the help the new listing will be in early first quarter.

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To: stubbs who wrote (970)12/8/1999 1:49:00 AM
From: Mephistopheles
   of 980
Hi! Thanks for the info/update here on SI.

Are you saying that CBI is now(or soon) trading on the TSE? Still has CBI?

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To: Mephistopheles who wrote (971)12/8/1999 8:48:00 AM
From: Enigma
   of 980
It is!

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