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Gold/Mining/Energy : Gold Price Monitor

GDXJ 98.59

-2.8%

Nov 13 4:00 PM EST

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To: Tunica Albuginea who wrote (44562)	11/4/1999 5:55:00 PM
From: Edmund Lee	Read Replies (2) of 116759

News from Hong Kong South China Morning Post dated Nov 2, 1999 Li Ka-Shing, Multi Billionaire from Hong Kong has taken a 17 % stake in a soon-to-be listed African gold mining group run by Algy Cluff, a well-known British mining entrepreneur, who has had close links with Mr. Li for several years. The investment is estimated to be US$5.5 million. Cluff Mining has 3 mines in SA included one is in production. The remaining 2 will be in production in the next 9 months. Estimated production is 50000 to 60000 oz. this year and 100,000 oz. in year 2000. These mines are estimated to produce 3 to 4 million oz. per annum when in full production. The company is expected to be listed on Luxembourg Exchange later this year.

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