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Gold/Mining/Energy : MONETA PORCUPINE ME.t
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To: denis J who wrote (342)12/3/1997 1:01:00 PM
From: D LEE  Read Replies (1) of 440
 
"With michaud it is 60-40 (barrick-moneta) Barrick had wanted 70-30
on these claims also but did not get it.

as I said earlier there are plans to do some work on the property
this drilling season what and how much has not yet been released by barrick

there is no question in my mind that if the price of gold could only
rebound this property would be developed for sure."

Hence the reemergence of the question. and an ideal environment
for the accumulators. I see no reference to the price of gold
going down on Barrick's web page thus no indication of their
behavior responce should it do so. I know they know the price
of gold will be different by the time such a newly planned mine
can be put into operation, making this part of their formula
equation a non event. As well, they can continue for some
years selling their gold produce at $400.00 per oz. simply
ignoring the spot due to their well planed hedging.

"A worm may turn" as newly emerging rhelm of
expansion opportunities become available for Barrick
when less prepaired mining companies suffer the price decline
seeking to sell-off/simplify and consolidate for survival.
An interresting home town example can be seen at:
timminspress.com
where a Royal Oak Mines Inc. is feeling the pain
and a net loss of $62.5 million for the first nine months
of 1997 simply due to slumping gold prices.
Wouldn't they enjoy the $400/oz Barrick has insured themselves!

Perhaps a poor example of legitimate distraction that may
come to Barrick's table to be ballanced with the prospects
of opening a new mine. However, I beleive the bankers know
gold prices will be up when their selling commences
which works onto the time frame for opening the new mine
entrance even today. I also beleive, Barrick knows that better
than I do. They won't afford to be taken in by "blips",
rather, will seek to take advantage of them.
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