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Gold/Mining/Energy : Gabriel resources GBU

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To: stanley100 who started this subject	7/24/2000 8:29:42 PM
From: stanley100	Read Replies (1) of 41

Research by Dundee...GBU minesite.com CRUMBS FROM THE BROKERS’ TABLES CANADIAN BROKERS RECKON THAT A MAJOR COULD BID FOR GABRIEL AT ANY MOMENT. A very strong BUY recommendation has been put out by Canadian stockbrokers Dundee Securities following a visit to the Rosia Montana gold project in Romania and meetings with Romanian officials responsible for the mining sector. It would have been interesting to hear what they had to say about the Esmeralda cyanide leak in the spring which received worldwide publicity and must have put them under considerable pressure. The two analysts, Murray John and Joe Hamilton, point to the evidence of consolidation in the gold mining industry and reckon that the new super-majors need core assets with the potential to support their future growth. And they see Rosia Montana as being one of the best projects in the world which is not already in the hands of one of the big boys. Using a conservative development scenario Dundee Securities puts a value of C$5.50 per share on the 80 % interest held by Gabriel Resources in the project. And they go on to claim that this value could have risen to anywhere between C$7.50 and C$10.50 by the time the bankable feasibility study is completed next July. Most majors tend to wait for these studies before making a move on a junior as most of the information they require is then in the public domain. In this case, however, the two bold analysts suggest that the project is so good, and the resource is growing so fast, that a bid could appear at any moment. Value is being added all the time and there is still plenty of exploration upside so an early strike could secure a bargain. And the good thing is that Frank Timmis, the boss of Gabriel, has said all along that Rosia Montana needs the muscle of a major to bring it to fruition. 25 July 2000 gabrielresources.com This is the full rapport from Dundee...36 pages of brilliant reading

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