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Gold/Mining/Energy : Coleville Resources - CLL
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To: Mike who wrote (2506)7/17/1997 2:36:00 PM
From: john   of 3058
 
With free ride Coleville shares worth probably the following:

20 million oz. $7.00CLL ANZ 17.00
12 million oz $4.20CLL ANZ 10.20
2 million oz $ .70CLL ANZ 1.70

These prices only reflect the Indo portion of each company.

It will probably take 600 holes to prove up 2 million oz.
I understand it is very expensive to drill in Indo. thus 600
holes at 13,000 a hole = 7.8 million dollars.

It will probably take to the year 1999 to prove a 2 million oz
reserve. I am quite sure the market will be skeptical of all
figures in light of Bre x, Delgratia, Golden Rule, Hixon.

The only positive is that the operator of the property will
be very careful, and the results will be verified. BUT it will
not happen on 15 holes.

Hopefully Coleville will retain 15%, the problem Coleville will
run into with the 15% is that there may not be as great a demand for Coleville shares as Antares. For example a new investor to the
play will look at both companies and may invest in the operator. Certainly in all likely hood a safer play offering more
liquidity.

If the 15%CLL and the 75%ANZ scene is in fact true and at the
moment it is rumor I believe ANZ will prove out to be the
better value.

However, there are still people on this forum Belanger included
who say THE LAWSUIT is a fact and is coming. As each day passes
I believe this LAWSUIT is fading closer to mars.
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