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Gold/Mining/Energy : Plata Mining Limited (PMT.A)
PMT 11.98-2.8%12:06 PM EDT
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To: j.oil who wrote (55)3/31/1999 10:18:00 PM
From: spinner  Read Replies (1) of 68
 
j.oil

From what I have been able to determine, Plata brought two heavy weights in to evaluate the Hualilan. These are two guys who knew what was happening in the mining world and one of them had spent a lot of time with the owner of the Bunker Hill mine. He knew that he was looking for an infusion of money so that they could step up production. There was the need of a $3,000,000 upgrade for starters. There are many details that I don't know, but Placer is a private company and this mine has been the in the sights of many big city players and the owner wanted someone that would work with him. I understand that Plata has a deal that he likes and it enables him to stay on for two years and that there is incentive to get the mine producing up to 1,200 tpd. I think from what I can see that Plata was in the right place at the right time with the right people doing the negotiations. I'm sure will hear more but right now they are keeping some of the details quiet so that they can concentrate on completing this purchase. This is really so much bigger than anyone but a few people who know the mine can understand. I'm expecting to see the price continue to rise gradually from now until the day they announce that they own the mine outright, which I expect will be in a few months.

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