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Gold/Mining/Energy : Birim Goldfields Inc. (BGI-T)
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To: Gabe Heti who wrote (464)2/5/2000 6:15:00 PM
From: russwinter  Read Replies (1) of 922
 
I've had several exchanges with David Jones and also got a hold of a good analyst report (Robert van Doorn of Loewen). Here's a summary and my thoughts:

The next phase of the ASL deal will soon bring in US $4.75 million for the oxide ore. This is low cost, non hedged ore that ASL needs desperately. ASL also offers outstanding technical support to assist BGI. In my mind, ASL in it's present form will not be around past mid-year. But whoever runs the show will want that ore: a no brainer. On the negative side, there is no deadline for development of Mampon in general. With ASL stressed, the higher cost sulfide gold may wait even if POG goes higher.

GSR in the meantime has strongly indicated their interest in Opon (prior trenching turned up 1.43g over 152m) and Aniamote (various 1 1/2 g holes, 7 to 15 m). There could be a royalty or cash sale there after this spring's drilling.

At Bui the goal is to have Newmont exercise their earn in interest. This would be at four times expenditures in the areas BGI is about to drill. With $3.5 million spent, the earn in is worth $14 million.

At Akrokeri Dominion can earn in it's 51% share for US 2 million. Van Doorn believes they will exercise.

Market cap is net US $3.5 (23.7 shares out times 28 CDN cents is $4.5 US plus 500 k conv debt minus $1.5 million cash. They are priced like they have no prospects. Far from it.
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