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Gold/Mining/Energy : SOUTHERNERA (t.SUF)
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To: Richard Warren who wrote (105)5/11/1997 6:02:00 PM
From: VAUGHN   of 7235
 
Hello Richard

I want to cut back a bit on all the postings Richard as it is taking much to much time away from my family, so I'll answer you as best I can here and hope nobody minds.

I have not followed the MPV play as closely since I got out of it and Gerle last year. All I can offer you is the following.

So far, I have not observed that having Monopros for a senior partner necessarily means that a mine is developed any faster or that drilling progress or anouncements are as speedy. A company taking them as a partner would seem to sacrafice immediate progress and stock appreciation for removing or limiting their financial obligation towards property and mine development. Whether they sacrafice anything else, time will tell.

I heard a "rumour" five years ago about DeBeers' (Monopros) methods in Australia when their diamond staking rush was at its peak. They waited in the wings, and when the juniors with prospective ground slowly ran out of money, they moved in and bit by bit assummed control of most of them. Only the Ashton/Argyl mine has ever been put into production in Australia. Do you think that its pipe was the only economic deposit discovered? I don't know, but I doubt it.

To date, my sources tell me that Monopros has nailed some very good NWT pipes on ground that they control 100% and no word of intent to mine has been made public. They have been involved in the Saskatchewan play for over ten years, but there has been no progress towards a mine announced there.

To date, they seem more content to find reserves and spend what they need to to maintain control of them, but they do not seem in any hurry to put them into production. Maintaining prices and controling the distribution is there principal focus. I spent some time with a couple of their people up at the Diamet property last September and heard nothing that would make me alter my opinion of their intentions.

Geochemistry on the MPV and Gerle claims that Monopros now controls is considered quite attractive by my sources. Pipes in this area are likely deeply erroded like 5034 but still have good potential to be economic.

EM and resistivity surveys can be very confusing in this area due to the metasediments and background noise but I am told that their are some very good drill targets.

Aside from that I don't think I can offer you any further insights.

Regards
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