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Gold/Mining/Energy : Birim Goldfields Inc. (BGI-T)
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To: Bat Man who wrote (624)5/24/2001 5:21:04 PM
From: russwinter  Read Replies (1) of 922
 
Communicated with Birim today, and "broken record", this one should be in serious junior portfolios. I'm going on record saying this is IMO the best junior buy at the moment. In fact it is now my largest position.

ASL feasibility work at Mampon will be completed in mid- August and an initial royalty payment of US 3 to 4 million is due at that time. That alone is equivalent to about the current 22 cents a share Canadian price. But that only covers 200,000 oz of the 700,000 outlined, with more likely to be added as ASL finishes work. BGI receives quarterly payments afterwards. ASL has drilled three "surprising" holes (no details) at the Aboronye deposit 500 meters from Mampon. This would not be part of the initial royalty, but is part of the regular payout set up.

The negative news is that BGI isn't cashed up (US 250K)enough to seriously attack Bui until ASL pays, so we won't get serious news flow until late this year on that front. Although we are still in a "quiet period", now is the time to buy because when they get the long awaited big check in hand the stock price will be on it's way. I simply can't see this one being a net net, valuing the Mampon royalty stream and Bui at zero. Of course BGI feels Mampon will pay the freight for exploring an elephant discovery at Bui, without having to dilute.

birim.com
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