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Gold/Mining/Energy : Gold Price Monitor

GDXJ 96.06

-1.4%

Nov 17 4:00 PM EST

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To: Ken Benes who wrote (57434)	8/20/2000 11:02:36 AM
From: Enigma	Read Replies (1) of 116762

Chairman: this is our new President and CEO - Ken Benes. Ken have you some opening remarks for the Directors? Ken: You guys - tell you what we'll do: 1) unwind all our hedges - we'll take our chances on the price going up. 2)Cut production, and lay off most of the exploration staff. Chairman: Why are we going to do this - what about the development loans - weren't they granted on condition that we hedge a percentage of production and produce a predictable cash flow stream? And it we cut production won't our cash flow per share fall and with it the price of our shares? Ken: Well, I hadn't thought about the production loans - but surely our shareholders will understand that we are doing all of this for the common good? And, while I'm at it I'm generally much smarter than you guys - snce I joined I do realise that some of you have engeering degrees, some of you are CAs, others geologists and MBAs - but none of you have seen the light - that we're not in business at all - but are working for the cause - the cause of GOLD ITSELF. Director: But I thought the whole idea of our business is to mine ore at a profit - whatever the price - and we're doing pretty well - cash flow of $750 million a year? Ken: Yes but some companies aren't doing well at all - if we cut back production all of the companies will do well! Another Director: Are you saying that we should be in business to help our competitors? Another Director: If we all cut back production and the price goes up won't everyone spend more on exploration - leading to more and more new mines - more and more peoduction - and a falling price? Ken: You guys are so dumb - not so smart as me at any rate - if the price goes up everyone will sit back and agree that all of the increased profits will be retained and nobody will expand - the cause of GOLD itself is paramount: Another Director: Mr Chairman - with the greatest respect, our new CEO seems to be wet behind the ears - may I propose a motion THAT Mr. Ken Benes be and is hereby dismissed as President and CEO. Chairman: - sorry ladies and gentleman - Mr Benes sounded so plausable - even persuaded the Search Committee that he had all the answers - but I have to agree with you that in action he is startling naive - sorry Ken - will a years salary be acceptable? And so on and so forth ------------.

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