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Gold/Mining/Energy : Coleville Resources - CLL

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To: JD who wrote (1434)	4/8/1997 1:00:00 AM
From: john	of 3058

i talked to g belanger on thursday the 3 april. he told me the following, his words not mine: 1 there will be an annoucement re pemon very soon, he told me the same thing the last week of febuary, i guess we should ask him to define very soon. 2 the financing did not close as cll has enough cash for this year, i questioned him about the need for funds to live up to the 50% commitment with anz in indonesia. he said they had to commit 750,000 this year. he indicated no problem. frankly when i directly asked him if the cash was in the bank, my question was danced around, i got the impression that the funds were not in the bank. as i have posted earlier--why would anyone close a 2.46 dollar financing on march 31 when the shares were below the 2 dollar level. 3 re new projects--he said they were looking at another property in ven. however he is the same ir that told me an annoucement would be coming out early march at the end of febuary. my personal view: coleville resources has to get their management act together and if they direct their ir department to say the above things they had better follow through with them or they should not be saying them. it would be a lot nicer if they just said no news pending. if in fact the ir department is saying the above things without managements knowledge then management must step in to ensure the correct information is being released to the public. re contacting this ir department can be extremely frustrating and i find it discouraging from time to time, i can only imagine what it is like to contact them long distance. regards john ps the above concerns will be addressed at the annual general meeting by myself along with other cll shareholders that i know. the whole information flow from the ir dept. has to be addressed in my opinion.

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