Hi Roger,
Glad you were able to get out! I just got back from a 3 day excursion to/thru the mtns m'self! :^>
-Canada Day tomorrow -- slow week (U.S. - July 4th, Fri).
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Re. KGFC management and expectations:
Firstly, I believe CGZ sold some of their shares of KGFC (they have sold around 1.9 mil shares from Dec.31/96 to May/97 to hold 5,123,257) to gain more absolute liquidity ... -unfortunate, but done. Kinda explains some of the volume,...
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Management has communicated the following:
KGFC holds a 15 year management contract to operate the three producing mines -- Aksu, Bestobe and Jolimbet.
Within this contract, KGFC has the option to purchase the mines when certain conditions are met, which KGFC has. As a result, they are in the final stages of negotiations with the Government of Kazakstan to exercise their ownership option. Once this transpires, several significant announcements about the Company should be made, most of which are confidential til then and can't be commented on.
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We are closing in on the news. Two to four weeks is a rough time frame. Should be positive.
Cheers,
J
Happy Holidays all! |
