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Gold/Mining/Energy : Pacific Rim Mining V.PFG
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To: David R. Schaller who wrote (8790)2/24/1998 4:00:00 PM
From: Bill Jackson  Read Replies (2) of 14627
 
David; I agree, they would leave only if they have a hard and fast rule that we only mine gold over 3 Ounces. They must either work it to a mine via feasibility study or sell back to PFG. To abandon all that workand money spent because it will only make a silver mine and not a gold mine is not rational. I think they will make a decisison to operate it as a silver mine and buy out PFG(they do not joint venture as a rule).
However this is just putting myself in Barricks shoes and seeing how I would act. They may be wiser and say never silver, we think it will crater in 3-4 years to under $2 per ounce???. If they say never silver they must sell only to PFg at the stated price etc.

I suspect Barrick will not leav that kind of money on the table and will make an offer some time soon. Every month that goes by there is another 10+% values developed on the site. It has gone from 91M ounces to around 140M ounces over the past 6 months or so. With full drill out we could be well over 200M ounces)plus the extension properties) and Barrick has bought 70% of that for $10-20 million. Quite a deal, one that no-one walks away from.

So Barrick thinks:? if the deposit goes up by 10% and the juniors recover back to 50% of where they were with some recovery by gold those two factors will bring PFG back higher than its prior peak. If they will happen by the summer then how do we forestall that by making an offer while everything is still way down?,

This might be the reasoning behind some kind of mid March deadline.

Bill
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