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Gold/Mining/Energy : Pacific Rim Mining V.PFG
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To: Phil Jones who wrote (7858)11/25/1997 8:38:00 PM
From: Bill Jackson  Read Replies (2) of 14627
 
Phil; There are too many shares in strong hands for control to be snapped up that cheaply. It is possible that assorted companies have slowly bought at low levels and amassed a good position in an anonymous manner. Barrick and his friends??, who knows.

If CMS and friends keep control, then Barrick must purchase the residual 30% of the diablillos holding company from PFG, at a negotiated price. It is also possible for PFG and Barrick to develop a mine on Diablillos. B would pay 70% and PFG 30% of the costs and split the profits the same way. Barrick usually does not do this, they prefer a lone hand. But if B offers too little for the 30% it is an option forPFG. Of course B can also wait for 20 years??
By and large once a mine is proven the area will get drilled off on close centers and a fairly precise "confirmed reserve", or bankable reserve will be calculated. This will then be sold for $X per ounce, depending on the price of gold at the time. Obviously low gold price means less per ounce. I suspect this will occur next May/June after the summer drill program that is now under way has been fully analyzed along with the drill off holes. The crash of juniors has cut exploration, and now drills are cheaper, assays are faster, so more drills can be used to get faster answers.

Bill
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