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Gold/Mining/Energy : Bema(Bgo) and Arizona Star
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To: Terry Swift who wrote (683)10/30/1996 10:20:00 PM
From: Ken Benes   of 10482
 
I received a very interesting fax from Eldorado Gold, ELD.T concerning the exploration of some properties they have in Argentina which is in the eastern portion of the Maricunga gold belt. Throughout the release they refer to the Maricungua gold belt in chile which contains over 40 million ounces of gold. They elaborate further refering to the Cerro Casale and the Refugio Deposit as the main deposits in the Western Maricunga and they give reference to the Quebrada property as being another discovery. As they describe each of approximately 19 prospects on their property they reference them according to their proximity to either the Aldebaran, the Refugio, or the Quebrada.
The interesting point for me is Eldorado is no start up company, they have successfully moved from exploration to producer with a continuing emphasis on exploration. This company is highly regarded and was founded by Chester Millar of Glamis gold. They are budgeting 8 million dollars for exploration in this area and in particular they are choosing the targets that have similar geology to the Cerro Casale and the Refugio deposit.
While on a short term basis it is important how the investment community views the potential of these properties, I believe of much more import is what the mining community thinks of the Maricunga. Eldorado leaves little doubt that they think this is going to be a major gold producing district and they want to be part of it. Fortunately for Eldorado they already have some concessions and are willing to invest heavily in them. Companies like Teck, cash rich and needing more reserves and production must be salivating at the prospect of getting a piece of these properties.
It is in the mining community that Clive Johnson operates. We have chastised him on this board for his myopia is not drilling the high grade breccias as we give back some profits. I believe Mr Johnson knows as well as the people in Eldorado and a lot of other companies, that the Maricunga is real and their will be high producing mines with an enormous base of reserves in the district.
I myself fell in to the trap of wondering what the guys at Yorktown and Nesbit think of the Cerro Casale, I should have been looking at the guys in the trenches, the mining companies. Guys Eldorado is telling us what they think about these properties.

Ken
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