Indonesia:Is now the time to "bottom fish"? Message Board

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Gold/Mining/Energy : Indonesia:Is now the time to "bottom fish"?

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To: George Mousis who wrote ()	5/25/1997 8:28:00 PM
From: Squidman	of 13

I've been fishing for Colony Pacific (CYX.T). They are working on 4 large properties covering 13,000 sq Km on Sumatra - looking for copper/gold. One of the main reasons they stand out is that all their properties are joint ventures with Inco. Inco has 25 years experience in Indonesia - so they know how to deal with the government , and no one will doubt their assay procedures. In addition, their most advanced property (Aceh) is covered by signed 5th and 6th generation COWs. They also have about $5 million in working capital from a recent financing. They are currently deep-drilling on a copper-porphyry discovery (Beutong) - with initial results expected at any time . The discovery hole last August intersected 1.06% copper over 120 m (from surface) and bottomed in mineralization. Subsequent drilling (~20 holes) expanded the mineralized area to 1200 x 800 m - partially covered by a leached cap. All of these holes were limited to 120m. If this project extends to depth then they could have a true Inco-sized discovery. (Colony can earn 24% of this project) Another earlier stage project, Miwah, had initial results including 1.4g/t gold over 71m and 1g/t over 58m from a 13 hole program. CYX is currently trading at ~$3.20 , down from ~$7.50 pre-Bre-x. They reached a high of $9.25 earlier in the year. 19.6 million shares fully dilluted. 51% owned by Imperial Metals (IPM.T) and 4% by Inco. An article on CYX just came out in the May 26th issue of Northern Miner . Squidman

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