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Gold/Mining/Energy : Pacific Galleon Resources

PFC 28.04

0.0%

Mar 3 4:00 PM EST

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To: andrew r harwood who wrote (418)	12/4/1997 7:57:00 AM
From: Bill Shugarue	of 443

Andrew:...Yes, it is true that I was expecting $3.00 a share for PFC and that they could have millions of ounces of gold on their different properties worldwide. That was before the Bre-x scam, before the price of gold dropped to below $US300 per ounce, and before nobody wanted to own any junior gold related stocks. Yesterdays (Dec 3rd) edition of the Globe & Mail showed that 138 companies on the VSE reached a new 52 week low trading price for their stock. Todays paper showed 128 companies with new lows. That meant that 128 of the 138 are still heading south. It is very unfortunate that things are not currently rosy in the junior gold mining sector. When you read the newspapers, nobody seems to know when things will turn around. I have been told that the company has enough money to keep the company going till the spring. At that time they hope to do a private placement to continue work in the Yukon. I also understand that they plan to do a joint venture on their West Africa properties early in the new year.

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