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Gold/Mining/Energy : George Resources V.GGP
GGP 22.060.0%Aug 28 5:00 PM EST
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To: Walter N. Schreiner who wrote (28)6/24/1997 12:31:00 AM
From: gemini   of 33
 
Hi Walter, sorry to bud in here. I own shares of Reward Mining (rew) which is the joint venture partner to George Resources. From what I've been told by the company is that they had recieved a letter from Act Labs on late Friday afternoon stating that the calibration on their equipment was incorrect and that the assay results may not be accurate. As soon as they recieved this letter both companies immediately walked over to the VSE to request trading be halted immediately. Unfortunately, this doesn't do much for us poor shareholders who bought the stock based on these assay results. From what I've been told, trading should resume maybe on Wednesday after they receive some hard data from the assay lab. They have also requested the samples to be re-assayed by Bondor-Clegg in Vancouver since Act Labs screwed up so badly.
I purchased shares in this company because of the company's chairman, Frank Lang who has had a long history of success in the Mining industry and is one of the few men on Howe St. that you could call a gentleman. To say this was a premeditated move is absolutly ridiculous.
The word is that the tonnage is approximately 90,000,000 and cu% is what is in question. If the grades comes back above .4% we will still have a great chance of this tonnage to be mineable in an open pit situation, just not such a high grade as the 2.14% previously reported in the companies' news release. Let's hope that the real numbers come back above .4% or this play might just be "all over".

Good Luck to All,

gemini
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