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Gold/Mining/Energy : Madison Enterprise, MNP/VSE
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To: Elizabeth Andrews who wrote (263)4/27/2001 2:21:49 PM
From: russwinter  Read Replies (1) of 285
 
MNP holds a 90% interest, with 10% held in trust for landowners. MNP spent two and half years putting together an extensive genealogy study to identify people with a claim. I don't think the market realizes this. The 35% interest held by their partners was purchased a year ago. The government had an opportunity to buy an interest but passed, but granted to do business there they may have to offer a little third world mullah again, but not 35%.

There are excellent infrastructure synergies to Porgera at Mt.Kare. PDG is already there with an (open) road only 3 km from the main Mt.Kare deposit and a transmission line (govt owned) right at the concession boundary (not to mention a 17,000 tpd plant).

Dilution? MNP is through going it alone at Mt.Kare. They are doing nothing there right now in fact. In a way that's good because it puts pressure on PDG to participate in funding any further and necessary efforts. PDG may not need the deposit this instant, but it is in their interest to keep it moving along. IMO, MNP will get cash and good terms in any JV (or they could very well just buy it for $10/oz /275 POG) with PDG, and that will lift the stock nicely in advance of new exploration and feasibility rounds. You may get a little more visibility later, but the stock price will be higher as well.
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