Goldminco Consolidated Mining Corp. GMC (was GMO) Message Board

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Gold/Mining/Energy : Goldminco Consolidated Mining Corp. GMC (was GMO)

GMO 0.0121

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Jan 21 4:00 PM EST

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To: Joe Veres who wrote (559)	7/18/1997 1:04:00 AM
From: H. Peter Jacobi	of 588

Yes Joe, the stock is now toast at least for awhile, I'm afraid. As I read the story between the lines, Peter Tambanis is low on cash, knows that he still has lots of untried territory but doesn't want to finance at present prices. Can't blame him! To carry on the business, he is taking one of few potions he has and will try to develop the near surface gold-bearing gravels in a cheap mill/ extraction scheme in order to put some cash into the kiddy and to be able to survive and drill another day. As far as our south seas trip is concerned, it is temporarily on hold at least till next yeatr this time. My guess as far as timeing is concerned is that the feasibility study will be positive, will provide the capital cost required (possibly $3 to 5 mill.) and if the company is indeed able to get a bank loan for that amount, that it will take at least until December before any actual construction/purchasing activity can begin. That would mean that even a simple milling circuit say consisting of screening equipment and a couple of Nelson concentrators would probably not be in place before next March. Hope I'm wrong, but in real life I can't see a much better schedule short of a miracle whereby they drill a 100m hole into the Alaska anomaly and produce 8.5 gms per tonne Au values. The way the market is at present I would even hold those assays back until the bulk of the pessimism has gone by. HPJ

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