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Gold/Mining/Energy : JABA INC.(c.jba)

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To: Alex who wrote (37)	4/30/1997 6:00:00 PM
From: Mikey	of 1044

I've heard a lot of different stories from Jaba. I held their shares 2 months ago and am still following them, probably going to buy if they ever show life again. IR told me possibly 3-4 months ago to hurry and get in 'anywhere under 2.00 would be great' (US which is 2.80C) and that they had received a lot of calls from brokerages (such as Charles Schwab) interested in their stock. Then it dropped 50%. I did a lot of DD on this one and that's why I bought it in the first place. In fact, I bought it before IR ever told me any of that. I bought it as a play on geological expertise and long term exploration potential. I guess I shouldn't complain...at these levels I can buy a lot more than I held before. I am bothered by Jaba because they also said to expect 'a steady stream of news for the next six months' and then waited 2 months for a news release. I heard from IR that the Silver Bell results looked very 'promising' and that they would end up having to drill deeper than they originally thought. The impression I got from the last news release was that they would use the Silver Bell results to further calibrate and/or file their information but that nothing significant was discovered. They clearly stated in the last release that drilling may begin at Yardley as early as June. That is still over a month away. You'd think if they had already begun drilling they might have let their shareholders know about it. IR also told me (when I talked to them in March) to expect a release about a joint venture before the Silver Bell/Yardley release. That STILL hasn't happened and the other release is out. So I have no idea what to believe when I hear them say something. I sold my shares when it was beginning to look like they didn't have adequate levels of funding and also seemed to be having trouble coming up with a JV partner. I hope they are drilling at Yardley and I hope they DO have some JV's lined out already because then they can start to afford some more exploration, etc. IMO they might be great explorationists but are struggling a bit more on the business end of the stick. I hope I am wrong because I'd rather make money than be right. M.

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