To: Dean
Re: Your message:
Hi Greg, just saw your post on the SI thread and admit I am somewhat
puzzled that you would put a rather negative to neutral comment out on
the YRI stock. I realize that the exploration stocks are all hammered
now and may take a year or two to rebound and forget the Bre X fiasco.
You however are suppose to keep investors upbeat, a month ago you woould have invested $100,000 in the stock and today how much? Can you give me an idea as to when the COW's will be signed and if any work is being done in INDO at the present.
As for the seniors you are seeking to JV your projects I think will be
waiting quite some time. I don't recall any deals being made this summer.
P.S.
What happened to all newsletter writers who said this stock was a "MUST BUY"EVERY PORTFOLIO SHOULD HAVE IT" ETC..
Where are they now?
Bob Bishop, Brian Fagan et all
Thanks
DEAN:
I did not intend to make any negative or even neutral comment about Yamana. I have only quoted someone else's comment with which I disagree and which has clearly had a significant impact on our share price. I do not see my job as one of hyping the stock: I'm just trying to give as much information on the Company as I can, keeping it accurate and in keeping with the demands of the OSC, SEC and investors. I realize that it may seem odd to quote a critical comment but what I quoted to Jason was what has been said.
As to my own view, Yamana has more going for it today than it did a year ago, when the market was, arguably, overheated. We have found gold in Santa Cruz, Vanguardia, Indonesia and Papua New Guinea. Any of these three could be world-class projects. We have also found promising base metals in Tierra del Fuego, both in Argentian and in Chile, as well as good gold numbers on the Chilean side. Another potential company-maker -- in anyone's terms -- is our ten-property Northern Porphyry Belt project in the richest copper belt in the world with initial tests on the first three adding to the initial promise.
What other, young, pure exploration company can offer the same sort of portfolio?
Yes, I could rave and I could promise but that wouldn't help. It also wouldn't change the fact that we have done nothing to cause this down market but we are adapting by tightening our belts somewhat. Otherwise, it's business as usual because we have heard / learned nothing which would tell us that we are on the wrong course and we have learned a great deal which tells us we are on the right one. $100,000 on YRI? At these prices, that's an even easier decision than it was when it was higher. Absolutely. Without question. It's a buy and averaging down. Again.
As to Indonesia, senior government officials told us as late as last week that the 7th Generation COW's should be signed before the end of the calendar year. We believe what we have been told, although we would not assume that it will turn out to be accurate. The reason that we are interested in the signing is that we have more than 30 people working there in an area where we are getting excellent geochem and geophysical results. As I have said frequently in recent months, there is no point in saying much more about Indonesia for now. The herd says it's a bad place to be. Just as the herd said it was the only place to be a year ago. The heard was wrong then and it is wrong now.
Deals are very tough in this climate. Time will...
There are a number of newsletter writers who have said generous things in the past about Yamana but we have now reached a point where too many investors are afraid of exploration stocks, no matter how prospective their properties. As a result, many newsletter writers, such as Brian and Bob, are saying nothing in writing about exploration juniors. At conferences, where they have a chance to meet people face-to-face, these and other writers have continued to offer their support for Yamana. Give us a good hit, in South America or S.E. Asia, and it will be much easier for them to raise the flag again. I hope to be able to make that announcement in the not too distant future. Sooner than "a year or two."
Greg |
