Delgratia Mining (DELGF) Message Board

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Gold/Mining/Energy : Delgratia Mining (DELGF)

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To: John McDonald who wrote (127)	4/1/1997 9:04:00 PM
From: Steve Smith	of 532

John and others: Please read this other news release on March 20th. As you can see..."Delgratia Chief Financial Officer Eric Lavarack acknowledged that a member of the company's investor relations department was the source of a published report earlier today about investors selling the stock short." So if you wonder where this vicious rumor of short selling is coming from...it's from the company's own investor relations department. TORONTO, March 20 (Reuter) - Shares in Delgratia Mining Corp fell sharply on Thursday in Nasdaq trading after partial drill results released on Wednesday raised questions about the value of the small exploration company's Nevada gold project. Delgratia Chief Financial Officer Eric Lavarack acknowledged that a member of the company's investor relations department was the source of a published report earlier today about investors selling the stock short. But Lavarack declined to comment on the accuracy of the official's comments and said the company would release a statement later today. "Our duty now is to publish what the facts are...correct any misperceptions and I'm not going to say that we may not have been guilty of causing these misperceptions. "A statement that may have been made with enthusiasm and interpreted with even more enthusiasm, and of course caused some distortion there. And if that's the case, the company will apologize or the company will take appropriate measures to correct any statements that might have given cause to be misinterpreted," Lavarack said in a phone interview. Analysts said scant information about Delgratia -- which is closely associated with Vancouver promoter Terry Alexander -- added to the uncertainty surrounding the miner. Delgratia shares fell 16-1/2 to 17-1/8 on 2.8 million shares in afternoon trading. "I have seen the drill hole results. And I have had a call into the company and it hasn't been returned," said one analyst, who spoke on condition of anonymity. "Three out of the four drill holes are reasonably good." Results from three of the four holes were previously released on February 28 but the analyst said it was too early to judge the project based on the drill results. "Let's put it this way, as of yesterday's close, you would probably need about 11 million ounces to justify the market cap. Who can tell (how much they have from four drill holes)." The analyst said few insiders followed the dealings of Delgratia. "What's the upside for a Canadian analyst to follow this company that doesn't trade in Canada?" Since January 1, Delgratia's share price had more than quadrupled to 32-3/8. Delgratia said on Wednesday it elected to increase its interest in the Nevada project to 70 percent from 40 percent based on the drill results. Delgratia is committed to spend C$15 million on the project and to issue 3 million treasury shares by November 1, 1998, bringing the total outstanding shares to 14.6 million. 18:41 03-20-97

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