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The Boss Speaks Straightforwardly:
>>>Subj: Re: You Asked For It
Date: 02/24/2000 5:29:38 PM Eastern Standard Time
From: boulay@canuck.com (Richard Boulay)
To: Patchen3@aol.com
> OK. Here's a specific question: What's the status of Chinchaga's 1)
> Diamond efforts;
We have a massive sample database in storage. It will take us $50,000 to
process the samples. At $0.10 per share for the past few months its not
worth doing in a very soft and quiet Alberta diamond market. Our strategy is
to manage the land around the big assessment work deadlines due in mid-2000.
Then we will see where the big guys acquire more land.
2) Vast mineralization (iron?) potential;
Its still there, over 1.5 billion tons of 31% to 38% iron. we are waiting
for the asian economies to turn around before marketing it again.
3) Gold
> assessments?
The gold program has been modified following a more detailed analysis of the
results described in our news release of January 12th, where we mentioned
definite gold mineralization but with erratic results from sample to sample.
Due to cash constraints we have dropped our two target area program and are
now looking at drilling one target area in March. We also had to factor in
the cost of the program in relation to capital markets and the price of our
stock and to take measures that will result in share appreciation sooner
than later. In other words, the typical juggling act for a small exploraton
company.
> It seems that late 1999 saw MMU's spotlight move from 1 to 2 to 3, above,
> before it (the spotlight) was directed at Torngat - and then turned off.
>
> Communication from MMU, up to mid-November, indicated sampling,
processing,
> and drilling activity was imminent if not actually in process.
>
> Then, the blackout.
>
> I can think of four possible causes for the blackout: 1) Results were
> negative on all fronts; 2) MMU ran out of money and had to stop all
ongoing
> actions; 3) The requirements of CDNX reporting vary greatly from ASE,
> therefore halting further communication; and 4) "Big Things Are In The
> Works" - and are too delicate to make public step-by-step.
None of the above. We disclosed the results in our January 12, news release.
>
> This specific question does not extend to Torngat, where, I trust, MMU
will
> respond to the fast-paced situation at TWG.- one way or the other.
We have spent a lot of time getting a valuable land position. Without any
question, this is the best exploration play I have seen in my 30 years in
the business. There is a lot going on in the background but we have been
quiet for strategic reasons. Just a little more patience will be required.
Personally, I would like it to be quiet for a few months but I think the TWG
promotion at the Prospector's convention will cause a major flurry of
excitement. I have seen some of their promotional photos and some of their
data and it is an understatement to call it impressive.
> If you choose to respond in detail, I will gladly transfer your response
to
> the SI and StockHouse threads (if you desire).
Sure, feel free to post.
Regards, Rick Boulay<<<
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How straight-on can one be?
George |
