An open letter to jr. gold investers by Ron Pitts 03/27/97 Message Board

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Gold/Mining/Energy : An open letter to jr. gold investers by Ron Pitts 03/27/97

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To: Ron Pitts who wrote (18)	3/27/1997 10:35:00 PM
From: Daytek77	of 297

Ron Speaking of Barrick. I met Dr. Paul Kavanugh last year prior to the Bre-X shareholders meeting. Dr. Kavanugh had been a geologist with Barrick for 30 years and he was responsible for getting Barrick's attention to Bre-x. Barrick tried to low ball Bre-X in '94 and they could not arrive at a deal then. You have to figure they did some due diligence at that time. Dr. Kavanugh quit Barrick shortly thereafter and joined Bre-X's board. He confidently expressed the beleif publicly that Busang contains over 100 million oz of gold as does Felderhoff. Combined these two giants of geology have over 60 years experience, could it be possible they could be so wrong? I think not. The more I reflect on this I am coming to the realization that the area that Freeport drilled represents the last area that Bre-X reported results on. This leads me to believe there may be a problem with those drill results. These were reported when Bre-X was fending off Barrick and the Indo governemnt. I still beleive that Busang is a major find perhaps not 70 million though. This is why Walsh said we may have overstated the reults. Tony

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