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Gold/Mining/Energy : Gold and Silver Mining Stocks
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To: baystock who wrote (1118)5/27/2001 10:02:23 PM
From: s.jennings  Read Replies (1) of 4051
 
You might want to check out the Bogoso Purchase Agreement in the SEC filings regarding payments to the consortium of banks who formerly owned Bogoso in the event of development of the sulfide resources at Bogoso and/or the acquisition of oxide reserves elsewhere and processed at Bogoso. Not to mention GSR is about broke and already behind on their debenture payments to Elliott Assoc. ( the folks who just walked off with Sunshine Minings assets) My understanding of the Barnex problem was that after they walked away from the underground operation they were given the surface rights to Prestea on the condition they supply the government with a feasibility study by a certain date. The time passed and they were given an extention which they still failed to meet so the governments position is Prestea isn't Barnex's to sell. If memory serves, Barnex's pre-feasibility showed the project didn't meet their development criteria so they never advanced it themselves. In June of 2000, Ghanian Vice-President John Atta Mills told the people of Prestea that the government wouldn't allow open pit mining at Prestea. In other words, I'd have to see it to believe it and even then, there are serious questions as to who the ultimate beneficiaries will be. My OPINION is, there's a fox in the hen house.FWIW
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