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Gold/Mining/Energy : Gold Price Monitor

GDXJ 120.00

+2.0%

Dec 22 4:00 PM EST

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To: John Barendrecht who wrote (435)	7/11/1997 10:43:00 AM
From: Pat O'Brien	of 116822

John, Case in Point re Articles. Mike Sloan posted the Northern Miner's July 14th article, which in it's self is fine. BUT to understand that news one must also be made aware of a few things. One is that Ms. Witt built Royal Oak by acquiring marginally economic mines from others. These have not been money makers since day one. So closing them down at this point is no suprise to anyone with a knowledge of the industry. The Macassa mine at Kirkland lake had been in operation by Lac Minerals for ten of years and is now over 8000 feet deep and the walls have been exploding from the pressure for years. Barrick bought it and sold it to Kinross. The Macassa is the last of the big six that make up the "Mile of Gold" and everyone knew it was going to be shut down very, very soon anyway. The same goes for a good number of the others mentioned as well. My point John is that many who would have read that very article would have been led to believe that these events are precisely triggered by the drop in the gold price alone. Not True!! and very misleading in my view. Respectfully, Pat O'Brien, NVE

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