Tomorrow is going to be one busy day.
I will try to get hold of Bruce if he hasn't already left for Zimbawe. I'll post any results.
You obviously do your homework. So here is an "assignment" that you just may find interesting. It concerns another Indonesian gold play, Pacific Amber, PCR.V.
Please keep in mind that I have positions in both MGD & PCR.
PCR is, in my mind, far and away the best play for this season on Kalimantan. It has all the bases covered. (Please refer to the Pacific Amber topic for more info).
There are many things that weren't said. (Even I have length & time restraints, believe it or not). One of them is that the property that they are the most excited about is Putussibau, the newly acquired "Super Lease KP 1583". This is a 112,000 hectare claim.
"This property contains one of the highest densities of known gold and mercury prospects in Indonesia. Its geological setting consists of sediments-volcanics intruded by stocks of Sintang Intrusives. All of the major gold deposits in Kalimantin ... are all spatially associated with Sintang Intrusives.... has an excellent potential for hosting one or more multi-million ounce gold deposits". (PCR press release, May 1996).
During a phone conversation Brian Fagan, editor of "Asian World Stock Report", Brian told me that he had rather strongly hinted that PCR was a prime buy candidate in his February Issue.
The price is currently not cheap at C$6.50. However, this is such an excellent play that I increased by position at a slightly higher price not long ago. My initial position was purchased at app C$3.25.
Usually, I get light-headed when anyone mentions a stock that sells for more that C$3.00. I just don't like long drops. That is one of the reasons that I sold my GRL.B just days before the correction. You will notice that PCR, on the other hand, held fast - even without ANY drill results as yet. (If you catch my drift).
If you decide to do some homework, please share your results, comments or opinions, regardless of whether or not you decide to take a position. I am not trying to sell anything, but rather share information and comments, as I believe, you are as well.
Good fortune,
JED |
