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Gold/Mining/Energy : GENTRY RESOURCES LTD. (GNY.B - TSE)

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To: Leigh McBain who wrote (501)	5/29/2000 8:51:00 PM
From: Len Hynes	Read Replies (1) of 601

Hi Leigh; Looks like the Egyptian deal has fallen through after Stratic completed DD on the concessions. Short term let-down, however, that's what good DD is all about. I'm sure Stratic will be seriously looking at other properties in Egypt in the near term. Here is the press release: Stratic Energy cancels deal for Egyptian assets 13:20 EST Monday, May 29, 2000 CALGARY, May 29 /CNW/ - Stratic Energy Corporation announces that the transaction previously announced on March 23, 2000 for the Egyptian oil and gas assets will not be completed due to inadequacies discovered during the due diligence process. The financing arrangement announced April 19, 2000 to fund, amongst other projects, the purchase of the Egyptian Oil & Gas assets will continue with the use of proceeds now being allocated to working capital, exploration projects in Gabon and Cote d'Ivoire, and the search and acquisition for additional assets in West and North Africa. Stratic currently has 14,397,622 shares issued and outstanding and trades on the Canadian Dealing Network under the symbol "SECO".

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