Not sure what to make of this; especially the last paragraph; which I will think is the key to this whole PR. However, it appears that the moment that we have been waiting for all these years have finally arrived.
< Glimmer mine joint venture
Due to a currently vibrant gold market, the Glimmer mine joint venture partners have received a number of offers from interested parties to purchase this asset. The partners have agreed that a sale of the mine is the best way to realize value for shareholders of both Glimmer Resources and Exall. Further news will be released in due course.>
This solution, i.e. both companies (partners??) agreeing to sell the property outright to a third party was always touted as the most logical solution to the impass. Now they won't have to deal with each other to the detriment of the beleagured(sp?) shareholders. (read divorce, division of assets & for the benefit of the shareholders/children).
We will stay tuned for the announcement of the details, as promised/suggested in (promising) last paragraph. As the "lead" and apparently only remaining (diehard) poster I wish to congratulate the combattants on the wise decision that finally recgonizes that the only way to exploit this mine successfully is to have it run by someone else. The full potential of this promising deposit can now be realized. As long as they don't give it away.
I was beginning to get really upset (yet again) that we going into another gold rally with the mine shut down and GME not trading. Lets hope that the shareholders will be handsomely rewarded for their patience.
Explains the volume(s) today in Exall and Matchewan. Some nice grabs of EXL by Hayward despite earlier "dumping" by Canacord. Also an excellent grab of 60k of Matchewan @ 4c. How long is that 50k @ 5c going to last? It would also be nice to see what attention EXL gets tomorrow. It appeared to be firming up at the close.
Good luck to all!
Winzer
========================= Start of todays News Release===============
Exall Resources loses $4,983,318 in 2001
Exall Resources Ltd EXL
Shares issued 44,599,886 May 22 close $0.15
Thu 23 May 2002 News Release
Mr. Stephen Roman reports
EXALL UPDATE
Exall Resources has provided its consolidated financial results for the
year ended Dec. 31, 2001.
For the year the company had a loss of $4,983,318 (12 cents per share) on
revenue of $2,572,124 (52 per cent of Glimmer mine revenue), compared with
a loss of $4,077,346 (13 cents per share) on revenue of $10,047,522 for
2000. The statements include the accounts of the Glimmer mine joint
venture, in which the company has a 52-per-cent participating interest and
is the operator. The joint venture was accounted for under a proportionate
consolidation basis in the current year where the company included 52 per
cent of the assets, liabilities and loss for the year. Mining operations
were suspended on May 10, 2001.
In the first quarter ended March 31, 2002, the company had a net loss of
$133,385 (0.3 of a cent per share) compared with a net loss of $810,278
(2.1 cents per share) for the three months ended March 31, 2001.
The losses reported are attributable to costs associated with the
suspension of operations of the Glimmer mine and associated carrying costs
necessary to maintain the mine on a "care and maintenance" basis as well as
writedowns of long-term investments, primarily the investment in Oltchim SA
in Romania.
Oltchim SA
The company's representatives appeared in Bucharest court on April 23,
2002, for the initial hearing relating to the "force majeure" incident that
occurred at the Oltchim plant in August, 2001. After a short deliberation
of the issues a further hearing date of May 14, 2002, was set for further
discussions. The issues raised at the May 14 hearing necessitated further
hearings which are scheduled for June 28, 2002. It is not known at this
time whether further court deliberations will be necessary after June 28.
Management expects that the discussions in court may require further
hearings to resolve all outstanding issues.
Glimmer mine joint venture
Due to a currently vibrant gold market, the Glimmer mine joint venture
partners have received a number of offers from interested parties to
purchase this asset. The partners have agreed that a sale of the mine is
the best way to realize value for shareholders of both Glimmer Resources
and Exall. Further news will be released in due course.
(c) Copyright 2002 Canjex Publishing Ltd. stockwatch.com
====================End of News Release ================= |
