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Gold/Mining/Energy : Montello Resources

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To: JP who wrote (1625)	2/21/1998 1:50:00 PM
From: FRANK KENDRICK	of 4256

Hi JP and Gang, Questions: Why would Redwood want to not get the extra 20 % for the $5 million if the rumors are true about kimberlite being hit???? Why would DeBeers be talking to MEO/RWD???? Was it just to touch base or were they trying to work something out???? Did their interest perk up because of the hitting of kimberlite??? What kind(s) of situations would have one of these companies giving up complete interest in the property if kimberlite has been hit??? Or would it be partial??? Give up complete control for some serious $$$$??? Give up partial control for some serious $$$$ and keep small %??? Is it possible that DeBeers would finance just the last 20% for the $5 millions or more??? I don't think so because majors want control (at least 50%). I am not convinced that Redwood would get completely out if kimberlite has been hit. If kimberlite was not hit, maybe. But Redwood could wait longer on the drilling. If kimberlite has not been hit and DeBeers is interested, then why??? Kimberlite ....yes or no???? DeBeers wanting to get in....yes or no??? Your guess is as good as mine. See ya'll in the Bahamas!!! Frank

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