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Gold/Mining/Energy : Yamana Resources INC. T- YRI
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To: Greg W. Taylor who wrote (852)2/11/1998 12:42:00 PM
From: Greg W. Taylor  Read Replies (2) of 2346
 
Anyone interested:
This is something that was posted on the IPJ discussion group. If you go there, you'll see it in context.

To: RonS (526 )
From: Ron Everest
Thursday, Feb 5 1998 2:16AM EST
Reply # of 553

Interesting that YRI/ABX have not to my recollection ever revealed anything of materiality on their east Kalimantan arrangement yet they are hanging in there. Now Greg is saying that they are not fussy about Kalimantan. I believe that there is nothing of importance for them on their East Kalimantan property. They have probably mothballed it until the situation stabilizes politically.

For that matter, IPJ is not in an unenviable position with the Indonesian political situation. There might be a plus side to this also in that labor is probably quite inexpensive in Kalimantan right now.

Well, tomorrow is another day and wouldn't be surprised to see the COWs in the IPJ pasture soon. Must depart as the trading day starts at 6:30 am PST for us.

Best regards,
Ron E

----

I just want to note for the record that we are saying little about Kalimantan for the same reason we, and almost everyone else, has been saying little about it for many months now: fear and loathing in the market. I hope this situation is changing. It seems to be starting. But I'd just like to remind:

a) we were there before Bre-X became flavour of the month;
b) we were there because the area is prospective and precious-metals rich;
c) Barrick has moved out of everywhere in Indonesia EXCEPT our project; and,
d) Barrick is still there and we are there based on what we have seen geologically.

Nothing mysterious or nefarious. (No, I'm not saying we are sitting on an elephant. It's too early to say THAT.)

But just to correct the record.

Greg
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