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Gold/Mining/Energy : Geodex Resources - GXM.V (was Agate Bay ABE)
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To: justaninvestor who wrote (23)5/12/1997 8:02:00 PM
From: keith massey   of 210
 
Brruin

Any idea how they will raise the $3 mill. From a careful reading of the news report I get

- "starting the work at Chimborazo" does not mean drilling but just geologist looking around

-"tenders have been received for drilling" does this mean that they have reveived the cost of drilling from a drilling company???

-"A total of US $3.0 mill will be spent by joint venture partners"

From my understand the JVP have to give Cyprus $2 million the first year for the option. In the original agreement inment was to pay the $2 mill option and ABE was supposed to pay for a $3 mill drill program. If a total of $3 mill will be spent by the joint venture partners, according to the news releases, does this mean that only $1 mill will be spent on drilling this year. If so they is no way they are doing a 30,000m drill program this year.

This price isn't going to move until drilling starts or a large financing is complete. Any idea how much ABE has in their current bankroll that they can use to start the drill program or are they using their bankroll to pay the two geologist and metallurgist. I am not trying to sound negative but they still haven't stated that a drill program wiil be done this year.

Best Regards
KEITH

P.S Anyone know anything about their other properties. I heard they have some land in diamond country (NWT). If so, does anyone know how much?, JV with who?, any drilling done?.
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