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Gold/Mining/Energy : Pangea Goldfields T.PGD
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To: timbouctou who wrote (1147)7/5/2000 6:03:41 PM
From: terryswift  Read Replies (1) of 1178
 
T:

I hate to say it; but you're tilting at windmills. For whatever reason, this is a done deal.

What we needed was for PGD management to do what Argentina Gold did when Barrick tried to get them with a ridiculously low bid; reject the offer and keep drilling until PGD could show the market there is a hell of a lot more gold on its properties than Barrick wants to pay for. Barrick learned a lesson the hard way from the Argentina Gold fiasco (for Barrick). They were embarrassed when Argentina kept drilling and proved up a lot more gold resources and, to add insult to injury, Barrick never did get them. Barrick was not about make the same mistake twice.

I don't know why PGD management sold out so cheap, but I can assure you, Barrick never pays fair value for anything and a lot more gold will be found at Tuluwaka, Golden Ridge, Buly South, et al. Barrick knows what's at Golden Ridge and they have a real good estimate of what's at Tuluwaka and Buly South. Why PGD decided to cave for this price is a mystery to me.
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