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Gold/Mining/Energy : Gran Colombia Resources Inc (TSE.GRM)
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To: Eric Rojas who wrote (23)11/10/1996 7:29:00 PM
From: Eric Tai   of 308
 
Eric Rojas, I don't think Conqusitador owns 51% of Marmato mine.
If you read the Oct 28, 1996 Northern Miner you will see
Conquistador's subsidiary Corona Gold is the one who gets
the 50.1% working interest in Mineros Nacionales (which owns the Marmato mine).
Conquistador owns half of Corona Gold.
So the total interest of Conquistador is only 50.1% * 50% = 25.05%

Gran Columbia also owns 48.25% of Mineros Nacionales, so
even Mineros Nacionales only has 49.9% interest left after
Corona Gold gets the 50.1% interest.
GRM's interest in Mineros Nacionales is 48.25% * 49.99% = 24.1%
not much less compared with Conquistador.

In addition, Mineros Nacionales only has 830 ha of land in
Central Marmato area. But GRM has an additional 2436 ha of land in
Central Marmato which Conquistador does not have any interest on.

Eric Tai
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