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Gold/Mining/Energy : Manhattan Minerals (MAN.T)
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To: Sailfish who wrote (4129)5/11/2000 12:18:00 AM
From: Elizabeth Andrews  Read Replies (1) of 4504
 
Ray, you have pinpointed with clarity a fundamental flaw in my posts. I actually started plotting the holes but there are so many it overwhelmed me. So I put the holes in a database and averaged the grade over thickness but the geology is more complicated than normally found in VMS deposits as the zoning does not appear to adhere to the textbook model.

Then, I realized that the company may be having the same problem. So, I started focusing on why they would continue drilling, especially infill drilling, if the exit path was to sell the company to a major? Why would they infill when the object was to make the resource look as big as possible?

It seemed to me that the gold bearing oxide cap, (which they made a big deal about when the stock was $7 remember?) would generate enough cash and the capex was within the resources of the company to fund. This would also provide the stripping necessary to develop the massive sulfide resource at Tambo Grande. But they didn't do that and now I'm concerned that there must be a problem. I'm wondering if a major is going to take them out before the mine is in production and the town is moved, or at least all the negotiations for moving the town are agreed to by the local government.

I think this has passed beyond a mining exercise and is now one of politics and the company has to have all the issues deal with before a major is going to buy it.

My feeling is that the company can't do the deals with the locals and they're drilling ahead to keep things looking okay. I don't believe that this plan is going to work.

So that's why, if I can provide any continuity of speculative thought to this the thread, is why I'm now focusing on the business issues that I have yet to see the company address. What happened to the analyst's trip? What happened to the interest of the majors? When these deals go cold they go very cold.

Thanks for the wake up call on my promise. I didn't deliver on the technical side and I apologize for that.
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