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Gold/Mining/Energy : Gold and Silver Mining Stocks

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To: russwinter who wrote (1144)	5/28/2001 12:18:32 PM
From: Stephen O	Read Replies (1) of 4051

<delivering into positions and reserves> Yes their loan with Standard Bank required them to write call options and with the proceeds buy put options to guarantee the cash flow to pay down the bank loan. Just recently they sold the put options and with the proceeds plus their cash on hand they paid the Standard Bank off completely. I expect the company is very glad to be out from under the heavy hand of the bank. It's like us paying off the mortgage on our house. As regards reserves the mine has operated for 50 years without ever having more than a few years in reserves at any point in time. The recent quarterly report contained this "A new gold bearing zone has been identified which is located less than 30 metres south of mining activities on the Ligia structure. To the end of April a total of 5 drill holes tested the new zone over a strike length of 80 metres." Assays are in their news release.

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