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Gold/Mining/Energy : JABA INC.(c.jba)

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To: hedger who wrote (181)	1/13/1998 10:13:00 PM
From: MUDMAN	Read Replies (2) of 1044

Hedger: I spoke with James Alexander today and asked him specifically those questions. His response was that someone out there is selling stock in an effort to hurt the share price. Regarding the cash position he feels they have enough to last thru end of April. They will do private placements to nurse it forward if it gets to that point. They do not want to dilute the shares at these prices. The drills should be turning soon on Hay Mountain (Phelps Dodge J.V.) upon securing a permiting - a couple weeks I was told. In addition, the company is very close to finalizing two more j.v.'s. The hope is to have drills turning on three separate properties within 60 to 90 days. It seems management recognizes that drills that are turning attract interest. Mr. Alexander, while stating he hates to see the stock price where it is, said that morale is excellent. The insider holdings are sunstantial here. It also appears that the Arequipa guys (Adrian Hall and John Young) continue to be heavily involved. My conclusion: I own +40,000 shares and have little reason to sell here. Sounds like they are doing the right things in a tough situation. Just for some perspective look at WTC.T and see what it has done. Also a jr. j.v.'d with a major. When from $1 in October to $5.80 today. I'm sticking with Guilbert and team on this one. If you want to call them the # is 800-863-1551. Good luck. Mudman

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