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Gold/Mining/Energy : Madsen Gold: Production in spring of 97!
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To: Reg who wrote ()2/27/1997 9:22:00 PM
From: hedgehog   of 28
 
Hi Reg, Nick here. Good to see another follower of Madsen (MGF).
As you are probably aware, it has gained over 30% in the last 3 weeks.
I'm very excited as I bought in about 3 1/2 weeks ago! I've been
watching Madsen since the initial placement about 3 years ago. Madsen
closed down in the mid 70s when gold was around $76/oz. At depth
Madsen was having heavy subsidence problems and couldn't really control it. I'm not exactly sure what the circumstances of the mine's
closure was although I know that they closed up shortly after Bulora
Corp. took over and they had a history of buying mines and selling the assets for a profit. In 76 when they closed the mine down, they actually killed the town and left the mine in a terrible state. ie they cut the hoist ropes and just let them fall to the bottom of the shaft. (not indicitive of a responsible miner as the ropes destroy most of the shaft furnishings on the way down and make the mine undesirable for future refurbishments.... like when gold went over $800/oz in the 80s) In the 80s a group of men purchased the mill and made a tidy sum just cleaning the thickners, tanks etc. Drop me a line if there is anything in particular you would like to know about Madsen. Regards, Nick.

p.s. I went to Madsen in 92 and will probably take a trip there this summer.
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