PHILEX GOLD INC (PGI) - TSE.... Trading at under 30% book Message Board

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Gold/Mining/Energy : PHILEX GOLD INC (PGI) - TSE.... Trading at under 30% book

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To: Marshall who wrote (31)	9/30/2000 12:09:33 PM
From: John Fairchild	Read Replies (1) of 86

Best gold play since ARP. As I recall ARP spent 4 years before zeroing in on the first big deposit. I spoke with Paula Kember on Friday. Most of what I got out of her has already been posted at stockhouse. 5 holes were drilled 1.5 km to the north of the Boyunga Prospect (where as she terms it they found debris flow). The discover hole is the first hole drilled into the IP anomaly at Boyunga. The area is described as gentle rolling hills which is a relative description in that part of the world. A third hole is/will be drilled at the same collar as the discovery hole. Turn around from the start of drilling a new hole to complete assay of the hole is 6 or 7 weeks. Of course the 300 meter step out was also confirmed. A much higher capacity drill is expected to be on site in November. Anglo appears to be eager to advance drilling to delineate the discovery as quickly as possible. I was fortunate enough to buy into this play at .40. I consider it to be a very good risk reward situation. The discovery hole was the first hole into this target and ended in mineralization at 422 meters. So at this time the ore body is open in all directions. The first 36 meters of the 365 meter intercept appears to be fairly low grade at about 20% the grade of the 329 meter intercept (if my math is right). 329 meters at .9% copper and 2.07 g/t gold at open pit depth is in my opinion spectacular for a first hole. I bought this stock as soon as I saw the NR and managed to get in at an average of 40 cents thanks to the heads up from Buckey at SI on the daytraders thread. I did sell some and have since added. A little comparison to Grasberg exploration. The Freeport website does not list NR's pre 1996 In a June 1996 NR Freeport announced their longest drill intercept to date (since discovery of Grasberg in 1988). From underground drilling they intercepted 520 meters of 1.76% copper and 1.54 g/t gold. Compare this to the first hole at Boyunga which ended in mineralization. John

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