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Gold/Mining/Energy : gossan resources
GSS 3.900+0.3%Jan 27 4:00 PM EST
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To: John Stokes who wrote (3)5/6/1997 2:16:00 PM
From: John Stokes   of 20
 
GOSSAN UPDATE; I spoke with Jim Campbell this am. an engineer with
forty years experience in the mining industry. He stated that th current
capitalization is 6.24 m shares and that the company has about
$150,000.00 working capital remaining to complete the metallurgical
tests on the pipestone property. The feasability study on this deposit
of anorthosite average 6% grade can produce a $2.4 billion profit to
a developer. This property is 100% owned by GSS. and contains van.
ti. and iron. They also have a magnesium deposit drilled and outlined
of 100 million tons near winnepeg. They will be in negotiations over
the next two weeks with majors on these properties. This is probably
why there cash is low and they have a joint venture with CRN:VSE on the
kishkitto lake property only. They have other properties as well and
he dfirst described the company as a group of professionals made
up of geologists and engineers and technical people who were not very
good about the promotional aspect and were often criticized by promoters.
He said they just basically find the deposits, outline them, sell them
to majors and use the profits to find new mines. Mr.campbell said that
shareholders should do very well over the summer. He went on to say
that they should be doing more promotion and was very interested in
the S.I. thread and again stated that they are technical people and
very busy. They are mailing me a diligence package and after I receive and
scutinize will report again. The kiskitto lake property will not be
drilled until fall as they require frost to access.
The mag property yields about 150 lbs to the ton at a low current
value of about $1.60 per lbs.
I am personaly impressed in that the company seems to be run
by technical people and who better to find a mine.
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