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Gold/Mining/Energy : Pangea Goldfields T.PGD

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To: timbouctou who wrote (1019)	6/2/2000 3:08:00 PM
From: timbouctou	Read Replies (2) of 1178

From MDN's annual meeting: Claude Britt (who obviously attended) mentioned that 7 companies made an offer for Geita. All of them wanted either to expand their activities in Tanzania or set foot there. He also confirmed that PGD has had/is having discussions with all of them. He did not mention who they were but I guess it's all the biggest ones. He also mentioned that so far, given the level of drilling done and results achieved (drilling and metallurgy) Tulawaka is proving to be better than Geita. I understand that the actual drilling program in Tulawaka has two major objectives : 1) most important, to verify that high grade/high volume continue at depth (30 gr/t so far on published results and they now have reached 250 m), and 2) to expand/delineate open pit resource (new resource calculation eventually). We could (should?)expect drilling results on the portion from 170 to 250 m before or at PGD'S annual meeting (June 7). It seems that none of the officials at the meeting in Montreal seemed particularly worried or anxious about the coming results. Some questions for PGD's management : When can we expect a first resource calculation (below 135 m)? When can we expect an updated resource calculation for open pit? It seems that everybody (including me, and I suspect MDN and PGD'S management) is interested in only two things : when and how much? IMO, Tulawaka alone will probably be worth around US $250 M once resource between 135 to 250 m are known and we have an expanded resource calculation for open pit. This would represent a target price of $4 for MDN and $14.8 for PGD (excluding other PGD'S properties). Will there be enough competition to get these prices? This price represent $1 per share for ABX, $1.5 for Placer, $1,58 (US) for NEM.

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