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Gold/Mining/Energy : Montello Resources
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To: JP who wrote (1622)2/21/1998 12:24:00 PM
From: chummer  Read Replies (1) of 4256
 
JP,
The agreement says nothing about Montello having "the right to get out
of the rest of the deal", unless of course Redwood does not come up with the money on the prescribed dates.To me this deal seems better for Redwood, they paid 1.5 million for an option to earn a 30% interest in the property, and must pay 2.5 million twice to earn another 20%.
The next payment is due in September of this year, I would assume both companies will have a much better idea of what they have by then.
As well, Redwood has some promising gas properties in Wyoming.
I'm not sure if Montello has anything to fall back on if this play fails.
I own shares in both companies.I still believe they will find kimberlite,time will tell. I am at a loss however to explain why Redwood's share price is so low relative to Montellos.

BB
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