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Gold/Mining/Energy : Birim Goldfields Inc. (BGI-T)
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To: Gabe Heti who wrote (358)10/13/1999 4:58:00 PM
From: Brian MacDonald  Read Replies (1) of 922
 
Gabe,

I don't think that the old deal would be so sweet and I don't think the management of Birim would recommend that shareholders agree to anything like a 5 for 1 deal. The world is now aware that Birim has outstanding reserves and resources that are close to surface and minable at minimum costs. That in itself will strengthen Birim's position in any negotiation with another company.

However, I would imagine that in light of the recent run in gold and its holding above $300, the properties BGI have are suddenly very valuable to many companies - hedged or un-hedged. I can also see companies that specialize in financing approaching Birim with offers to finance further exploration, etc., in exchange for a stake in Birim.

If Ashanti doesn't get off their duffus and close this deal, I think it'll be too late for them and I don't see much incentive for Birim to extend the deal. As I see it, the clock is ticking and it's in Birim's favour.

Brian
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