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Gold/Mining/Energy : Gold and Silver Mining Stocks
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To: Bruce Robbins who wrote (890)4/27/2001 4:53:12 PM
From: russwinter  Read Replies (1) of 4051
 
<The profession of prospector has been killed- you have a bunch of office jocks who try to run the show now. >

There are a few old timers with exploration championship rings that once in awhile can raise a few bucks. But, it really is amazing how undercapitalized everybody is. Most explorers raise at most two million, do the soils and rock chipping and then based on great results hope to get lucky with a few drill holes. Then even those that get lucky (we've been talking about a couple recently) see the stock price stay dormant anyway. Then all the "second wind" warrants that should finance more activity go underwater and the story dies. To me it seems somebody is not connecting the dots at that point.

Then at the other extreme you get an outfit like Pacific Rim (that was BAD!) who can raise money and they squander it all doing thousands of surface samples and building the Burma Road and the Great Wall of China only to miss on obvious targets. No wonder PM investors have cold feet.

The element I've really puzzled about is, where are the long term vulture funds (names? as they would be worth piggybacking) who come in to take 20 or 25% equity positions (exercise the warrants above the depressed stock prices instead of day trading them)to keep the geologists in the field plugging away at enterprise building. It seems like Canadian mining finance is mostly about flipping shares, not discoveries.

I've been meaning to ask you. Who is on your prospector honor roll in terms of doing it right philosophically? Maybe the focus here should be little more on the people and business models (like Plewes of SWG).
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