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Gold/Mining/Energy : Golden Eagle Int. (MYNG)

MYNG 0.0700

+5.7%

Feb 21 4:00 PM EST

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To: Henry Volquardsen who wrote (4415)	6/6/1998 3:32:00 PM
From: Claude Cormier	Read Replies (2) of 34075

<< IMO they will need to do third party verification even if they want to go the JV route. No major is going to get involved in a development stage project, no matter how large it is reputed to be, based on internally prepared studies. That is exactly what happened in Bre-X. They will require audited third party verification.>> Well BXM case, you should remember that Barrick and other suitors including Freeport did their on audit before Strathcona came in. If a JV is in preparation, you can be sure that the contenders will be on the ground sampling for themselves. And this will be enough to kick in the JV is their DD is successful. Neither MINE nor the senior partner will need a 3rd party if this is the route MINE is pursuing. If they are not successful in attracting a senior to look into a possible JV, then they will need 3rd party audit. But that could well mean that they don't have that huge resource in the first place. At this stage of the game, I don't know of any senior partner that would bypass the opportunity to take a very close look at a junior who says it has 6M proven, 75M indicated and 150M inferred. CC

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