Geodex Resources - GXM.V (was Agate Bay ABE) Message Board

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Gold/Mining/Energy : Geodex Resources - GXM.V (was Agate Bay ABE)

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To: Joseph LEE who wrote (148)	6/19/1998 10:38:00 AM
From: Baywall	of 210

Joseph and others interested in Chimborazo: Some past comments on this project. A.Russ Cranswick of Brink Hudson (Dec.19/96) "The hot and cold reception by the market to this new venture could be attributed to what was perceived as an expensive deal and the depressed copper prices at the time of its announcement. However, we believe that this project is an excellent opportunity for Agate Bay. Outlook on copper is improving. The real challenge is whether the company can raise the US $3 million required to finance the pre-feasibility study without undue dilution. We continue to rate Agate as a buy." B.John Kaiser (Dec.96) "The upside for Agate is the potential that the deposit will be worth much more than the $3-4 NPV per share implied by Behre Dolbear's cash flow model. Agate still has to raise over $3 million, but that should be doable in the new year." C.Agate Bay shareholder information circular (Jan9/97) "Reception to the project has been good and the company does not anticipate any problems regarding financing. Although the copper price is presently stable and consumptions projections are good, the copper price may still dip for a few years later this decade." D. Andrew Muir-Canaccord Capital (Nov.13/96) "Agate Bay have put themselves in a middle of a potentially huge SX/EW copper project in Chile. At 65 cents per share, Agate Bay is trading far below comparative values of other junior companies with similar copper assets." The above statements were made in the past with the knowledge at that time. For now, some investors may feel there is a chance of acquiring Chimborazo. They should be allowed their opinion; this is a speculative stock after all. Some properties have been found and financing for these must still be arranged. I don't know the nature of these or whether they are the answer to all who wish to breakeven on this stock. Al Stewart of Canaccord Capital is analyzing the properties. LVL

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