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Gold/Mining/Energy : South Pacific Resource (C.SHF)
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To: Ronald W.Millar who wrote (1942)2/7/1998 8:12:00 PM
From: Miles  Read Replies (1) of 1980
 
When I spoke with Bob C he and informed me that they have cut costs down to a minimum. As I'm sure you all know, Cam is no longer with them and all directors have taken a significant cut in salaries. Basically, they are trying to spend just the interest of the 2.5M generated from various financial instruments. As well, they have about .4M American in an indo bank. He is not sure whether all of it can be recovered but there is cash there. They are reviewing various projects outside Indo but no major decisions to date on what to pursue. I am not worried about insolvency as they have more cash than most juniors, but they have to expand. Once they do so it should be easier to raise money for certain projects. I implied to him that it seems as if the company is sitting around waiting for the market. He just about jumped through the phone at me as he said he takes great offence to the suggestion that they are sitting around collecting a paycheck. He is apparently leaving to continue takes about JV'ing out the other properties. Bottom line, most juniors have little cash and go from PP to PP to fund projects. We have a good cash base but we need something that is going to attract attention. He said they are trying to find properties that the market will like. I hope they can find something soon!!!
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