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Gold/Mining/Energy : Celtic Minerals

CME 265.57

+1.0%

3:59 PM EDT

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To: DON who wrote (42)	12/20/1996 10:32:00 AM
From: Gil Kempenich	of 69

I just received the following, from the SRG Club Newsletter Christmas Edition: "...INDONESIA -- The Bre-X affair has taken its toll on junior companies exploring in Indonesia by knocking 10-65% off of their market capitalization. Is the country really that bad? To get the real answer, it is important to look at the history that has surrounded the area. In 1966 Nickel giant Inco started their operations in Indonesia and have never had a problem. Freeport (FCX-NYSE) currently has a 17,000 man workforce in the area and has not had a problem. It is not to say that we are not all concerned about the Bre-X situation, but what the government has said is they want major companies to produce any natural resources found. If a junior finds additional spectacular results, they should know up front that they will not become miners but rather wealthy investors." Any thoughts on how this may affect Celtic and their exploration programs in Indonesia? Happy Holidays. Gil

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