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Gold/Mining/Energy : South Pacific Resource (C.SHF)
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To: Ronald W.Millar who wrote (1950)5/5/1998 10:24:00 PM
From: AH   of 1980
 
Waiting for any activity by Teck Exploration Ltd of Canada and MM Gold Pty. Ltd. of Australia regarding the Mirih project. The property is a good gold prospect. Teck has to spend 500K $US this year. 2.5 mil in the next two years. Hope that they will drill some holes soon.

Too bad that POG does want to move above the $320-330 level to bring some life into the gold junior plays. Last Friday's events, when three news services quoted incorrectly an Belgian official and POG plummeted, show that every trick is good to keep POG low. I remain bullish because of the Y2K. My bet is that the Wall Street suspenders will have to run for cover sooner or later this year and Gold will be the King.

Another factor is the political situation in Indonesia. No idea what can transpire here. Anyway, mining and exploration is important source of revenue for the governmental bodies and 'buddies'. Eg. Freeport property in the Indonesian part of New Guinea is a hell of a cash cow.

Have some other Indonesian juniors. Some of them will survive the bad times. The 1996 gold rush was NOT the last one in Indonesia. There is plenty of gold and other goodies there. Local labour is dirt cheap now and bribing maybe not so expensive.

Anyway, it cannot get much worse. But they have to start drilling.
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