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Gold/Mining/Energy : Birim Goldfields Inc. (BGI-T)
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To: jacq who wrote ()2/13/2000 11:58:00 AM
From: russwinter  Read Replies (1) of 922
 
Had a productive exchange with David. The outline of the new drilling will be announced Monday. They are going to go about the prospects near GSR's Bogoso carefully and one at a time. This allows Vic King and his crew to hone in on the technicals without distraction and saves money by not having to hire expats and outside contractors. The focus will be on finding near surface, low cost deposits that can be used as feeder to surrounding mines. When the big royalty is received (he hopes in four to six months?) they can then expand the pace.

BGI is a little frustrated with the shares that keep coming to market. I don't think they know if these are old GSR deal arbs. They feel they have some excellent long haul investors now (one who holds 9.2%).

It also seems these guys are doing a good job with the key analysts. Robert van Doorn at Loewen has written a great piece on exploration which can be pulled from the thread I posted earlier. In it he stated that, "Birim has a market cap below US$5MM. The company stands to receive, from Ashanti, at least that amount in year 2000 and any further exploration success in it's three concessions is more upside. We believe Birim has one of the best exploration teams in Ghana. If a major wanted to establish an exploration program there, it would have to spend in excess of US$5MM before the first drill hole. As such, we see excellent value here."
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