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Gold/Mining/Energy : Precious and Base Metal Investing

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To: Elizabeth Andrews who wrote (1167)	1/13/2002 10:08:32 PM
From: russwinter	Read Replies (1) of 39344

<PM me for the comments?> You can PM me if you want, but there are some other holders here who have been asking for your synopsis (unless it's bad, in which case I'd rather hear about underwear <g>). Make sure you look at the cross sections on the web site. Section 4225 shows some excellent near surface intervals. Also note the area where PDG drilled at the wrong angles and missed some potentially great stuff. That will be an intriguing new hole or two at some point soon. Also the last PDG manager started using infrared spectrometry late in their effort and got very lucky with a few scout holes that PDG never followed up on. Therefore the district wide potential is very promising. Chester's crew is banging away (shallow, closely spaced holes preparing for the test pit) down there right now. The strength in AAS may be revealing as they'd be the first to get results right out of the horse's mouth. NGT did a pretty big PP in Sept that will be free trading Jan. 21, so maybe it's hung up for a bit because of that? In reality the inside people have been picking away at the stock on the open market though. Of course there is the hope of squeezing out another 5-7% recovery above the 66% PDG number. That's certainly Millar's speciality. I've done a valuation matrix and believe AAS/NGT should trade at price per share parity. Marcos: The sense is that Matter wants to run out a do another deal? I'd tend to push (people who read me here, know that in my more maniac moments I'd like to personally buy the whole freaking junior deposit universe) for that kind of thing with him, but what do I know? In my last conversation he indicated that they needed to cross a few bridges yet before they do that kind of thing. He shares my vision of the opportunity, but it's not in the cards for awhile. The intermediate step will be the AAS/NGT merger to consolidate the holding under one roof. How and who runs the company at that point, I'm not sure.

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