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Gold/Mining/Energy : Eaglecrest Explorations
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To: Richard Humphrey who wrote (21)10/7/1996 3:45:00 PM
From: Dave Robinson   of 639
 
I just talked to Tom Brady at EEL. The net is that they have delayed reverse circulation drilling until Jan/97 apparently to conserve money for other activities that will increase share price?? such as getting good drill results out on La Rosa showing. The plan now is to do 15-20 more holes by the end of the year. Fully diluted shares are now 15,700,000. They want to get some mining analysts to recommend the stock.. one from UK is suppose to be close. Press release update sb out this week. EEL has about $2 million from current PPs according to Tom. I got the distinct feeling that their strategy has changed from last time I talked to him 2-3 weeks ago. At that time Reverse circulation drill was about to start to prove up reserves and diamond drill was to explore new zones....now proving up reserves seems to be on the back burner for awhile and resource calculations will not likely be made until 1997.. Tom seemed quite defensive with lots of old history news as a way of deflecting my questions. Anyone got another source of info or better contacts? For the first time in the many conversations I've had with Tom, I felt I was not getting the straight goods.. not sure whats going on but I'm concerned. Hopefully my concern is unfounded and maybe someone else can try to get more positive info... It will be interesting how the press release is worded about the delayed reverse circulation drilling.

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