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Gold/Mining/Energy : Goldminco Consolidated Mining Corp. GMC (was GMO)
GMO 0.01210.0%Jan 21 4:00 PM EST
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To: Ron Everest who wrote (566)8/27/1997 12:37:00 AM
From: H. Peter Jacobi   of 588
 
Ron,

I spoke to Gordon Hunter who gave me Tambanis' cell phone. When I got through to him yesterday, Aug. 25 he pulled off the road and we had a reasonably good conversation. He was advised to drill another 5 holes which he says he will not do because it would wipe out the $900,000.- which he has left in the treasury. Instead, he is looking at buying a used gold plant which I gather will come up for sale(auction?) on Sept.17 and hopes to get into production. He also mentioned that it will probably take another $500,000.- to re-locate this plant and to set it up properly on site. Then he switched topics and talked about going to New Guinea to look at property in about a month.
Then he mentioned that the share consolidation is necessary in order to raise more capital, I didn't understand his reasoning and with his Greek/Aussie accent he was a little hard to understand anyway. He did say however that he feels the Sept. 5 AGM in Vancouver will be quite stormy.

I cannot make it to that meeting as I'll be out of the country for a week but Gordon Hunter promised to send some of the rock samples from the property over to me to have a look. My background is mineral processing and I'm interested to see just how easy or difficult any gold recovery from the property would be.

Regards,

HPJ
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