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Gold/Mining/Energy : Eaglecrest Explorations
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To: David Rowe who wrote (12)10/1/1996 12:26:00 AM
From: Dean Bristow   of 639
 
I received a similar response from Lindsay (IR Guy with Eaglecrest). He stated that drilling should begin again this week and is planned for 25 holes. They will be 50m step out holes in order to start forming a calculable resource. This will all be done on the Trinidad concession which I believe has had some drill results published earlier this year. Lindsay also told me that results of substance wouldn't start rolling in until mid to late October. They will putting a "status update" release out shortly.

To answer some earlier Private Placement questions, I think they are willing to take as much money as people will give them right now. Lindsay said they were funded through Christmas. He made this sound like a positive, however, I look at it as Christmas only being 3 months away and thus not a very long time and therefore not a lot of cash. He also made comments as to internal debate over how to spend money and being prudent with their cash. My read was that money was tight and that they are "going for it" with this next batch of drilling.

My best guess is that if this stock is going to be any fun we will know by the end of October. Otherwise, it could be a long and painful slide while they start over at the raising money stage.

Lindsay or Tom Brady (both Investor Relations) can be reached at 1-800-776-6557.

In case your wondering about my sour note, my average cost in EEL is $3.75, so take my pessimism with a grain of salt.

Dean
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