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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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From: loantech	11/12/2006 6:22:52 PM
	of 78413

Jim Sinclair ABX and Nickel: Posted On: Sunday, November 12, 2006, 6:40:00 AM EST Jim’s Mail Author: Jim Sinclair Dear Jim, Many of the old gang gold writers do not speak well of Barrick. You continue to call it the Industry Consolidator. I have to admit is has been a steady price pattern in its appreciation compared to others. Can you give me some of the basis of your reasoning? CIGA Ryan Dear CIGA Ryan: Here is what I believe. Barrick has unique and strong lenders in the form of their derivative program. Barrick will not be pressed by their lenders during the consolidation of the industry, which is a way of saying they will survive their derivative book and the assumption of other companies who cannot survive their derivative book. Gold is going to $1650. Barrick will therefore benefit from their many acquisitions, from the price gold and not suffer from their derivative book. This is a personal opinion but based on information I believe to be solid. We can revisit the subject as gold crosses $1000 I believe Barrick has an asset that in the final analysis has the capability of earning for them in mining dollars more dollars than all their many gold projects put together. Gold is always the sizzle in a situation. Gold mining is the mining of a currency, but a major Nickel/Cobalt project is a cash cow of biblical proportions. I was the Chairman of Kabanga Nickel for quite a few years. Barrick now owns Kabanga Nickel and continues to operate this company in Tanzania. The profit kicker in the Bulyanhulu gold mine is the co-product copper. The profit kicker in Kabanga nickel is its cobalt kicker. The percentage Nickel when I left was 2.8%. These are the levels that got everyone nuts when Voisey Bay Nickel was the madness of that period. Outside of Kabanga, which is at the bottom of this nickel belt there was when I left 116 additional nickel potential anomalies going all the way to the Ugandan border. I tried to buy the Kabanga project back from Barrick when Mr. Oliphant was president. They asked me why they should sell it to me. Then only reason I could offer was that they were a pure gold producer and might prefer to remain that. I offered them an amount equal then to what had been invested in the property. My feeling is their wisdom will play out as this project comes online adding a major chunk of income to Barrick as if it came out of nowhere. I have attached some information that has been published about Barrick’s Nickel Asset. jsmineset.com

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