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Gold/Mining/Energy : TVI Pacific TVI (TSE)

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To: Tim Cruise who wrote (52)	10/23/1997 7:43:00 PM
From: keith massey	Read Replies (1) of 152

I sold all of mine at .29 last month after buying in at .17. I loaded back up today at .15. I will average down if it drops anymore. I don't expect it to fall much further if at all. As soon as it started dropping I called the IR to check what was up. 1. Working capital still 5.8 million 2. Cash flow coming in from the both the 80t/day mine and their oil subsiduary. Estimated cash flow around 100,000-150,000/month 3. The Rapu Rapu joint venture was great news since they get $3 million in free drilling + $200,000 in cash. They initial feasibility study showed some good promise. 4. The initial results from the lourdes and panaon projects were very good although grab samples really don't tell you much. They are presently looking for JV partners for these projects. 5. The buenavista results were also good. They are presently doing exploration on the land (started Sept 15). No news on when the 2500M drill program will start. 6. FROM MY POST A LAST MONTH ""If you check the figures on the mine from the news release 1997-06-09 you will find that this mine will have a profit of $84(U.S) million dollars ($115 million Can.) over it's 7 year life span. The initial cost of building the mine of $31(U.S) million is being covered by a loan which will be paid back within a year and a half of opening the mine."". Since I wrote that they have increased the reserves significantly and will now be able to operate the mine for at least 9-10 years and will increase there profits to approximately 100 million (U.S). I was informed by the IR that they are in talks with a JV partner to run this mine. The JV will make a large cash payment to earn a percentage of the mine. I don't know how much cash they will get or how much percentage they will keep of the mine. In summary: Sorry if I sounded like a promotor but I am just stating the facts. The main problem with this company is that they have 90 million shares out and this fact is keeping the price down. Reason for the price drop. If I had to guess why all the selling today I would guess it was from investors who were getting margin calls and needed money fast. For anyone who didn't know the Hong Kong exchange dropped by 15% today and the NYSE and TSE were down a dramatically at noon. Why else would anyone sell so much stock at its all time low when the company has great fundementals. Best Regards KEITH P.S I sold MAD on the run-up when the news of drilling came out. I mentioned in my last post when it was at .81. It ran to 1.05 a week later. Hope everyone made money

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