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Gold/Mining/Energy : Goldminco Consolidated Mining Corp. GMC (was GMO)
GMO 0.01210.0%Jan 21 4:00 PM EST
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To: richard badauskas who wrote (534)6/20/1997 9:19:00 AM
From: John W Murphy   of 588
 
Hi Richard,
I can understand your enthusiasm for the stock you have invested in and I wish you well.
But unless I'm mistaken Charters Towers has a history with a lot of
years of exploration having been done in previous years.
To compare it to GMO with results reported on one drill hole and an
awful lot of ground not yet evaluated is I believe very premature.
It seems from what I read that Charters are producing at around 4 g/t
with an average cost of $350 oz Australian.
The problem with stocks on the Australian market is that they usually
have large amounts of stock outstanding, I believe Charters has at
least 114 million, and they don't appreciate anywhere near as quickly
as a canadian listed stock would on exploration successes, rather they
appreciate on actual production successes.
I believe this is why so many Australian stocks are beginning to consider listing on a canadian exchange these days.
You might want to contact John Kaiser and Bob Bishop, two highly
noted and successful and influential mining analysts, to expose them to your stock. As luck would have it they have both investigated and recommended GMO and their opinions can be very influential.
All things considered I think my choice would be to stay with GMO,
within a couple of months we'll know if we have a success or not,
and then maybe I'd roll some of my profits into Charters if I see
it's doing well.
Best of Luck
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