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Gold/Mining/Energy : Weda Bay Minerals Inc
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To: Roberth who wrote (28)6/3/1997 1:53:00 AM
From: Don Billins   of 98
 
Hi Roberth / VC
You are not the only one looking for cheap stock and I must say
your timing is amazing. Todays report from Canaccord:

Weda Bay Minerals Inc. (WDA : ASE: $2.90 : Issued 17.4M :
Working Cap. $5M) Weda Bay holds a 90% interest in the
Halmahera nickel cobalt prospect in Indonesia with their partner
P.T. Aneka Tambang (10%). The Company has provided a broad
update of exploration and corporate status regarding the
development of this prospect. We plan a more thorough review of
the data pertaining to the development of this project next week
when we will be meeting with the management of WDA. At present,
the Company indicated that the current drill program has been
accelerated to ensure that the inferred resource is on line to define
a minimum threshold of 50M tonnes by year end 1997. This
information will then be applied to initiate a prefeasibility study. The
Company also reported that the formal signing of the joint venture
agreement with Aneka Tambang is expected to be signed by the
end of July. We continue to favour this story noting the opportunity
to develop a resource well beyond the 50M tonne threshold
needed, as outlined in the Company's objectives is probable. We
view the primary risk in owning WDA as its location, Indonesia, in
light of the current market perception towards resource
development there. It is our understanding that WDA and its joint
venture partner and the Indonesian Ministry of Mines have all
initialed a COW application to the government. We would not
expect approval of that application any sooner than the first quarter
of 1997. Towards this end, WDA has had their "Seriousness
Bond" released by the government. We maintain our
ACCUMULATE ON WEAKNESS recommendation for speculative
accounts.
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