The article “Canyon Resources files ‘takings’ suit against Montana” (T.N.M., April 17-23/00) states that Canyon Resources estimates the value of the McDonald deposit could reach US$500 million.
This silly number will undoubtedly be attacked by Montana state attorneys. But I wonder if the likes of Bruce Babbit, John Leshy, T.H. Watkins and countless other mathematical wizards might not be called upon for expert testimony.
After all, gross metal value is not a function of capital investment, time value of money, operating costs, royalties, return on investment, or other arcane terms seemingly not in their vocabularies. Surely their collective wisdom would then indicate a value in excess of US$3 billion if they were consistent in their rationale, as previously indicated by their prior public statements regarding the value of minerals yet in the ground.
Joe Maher
Reno, Nev.
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