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Gold/Mining/Energy : Canadian Hot Stock Club - CHSC
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To: ToySoldier who wrote (615)6/17/1998 10:23:00 AM
From: The Osprey  Read Replies (2) of 1307
 
Toy,
I posted this to MMR but since this is Canadian Hot Stocks Club and MMR is in the model portfolio I thought it best to post here as well so everyone can keep an eye on it.I am not hyping,just reporting what I found and encouraging anyone who is interested to do their own DUE DILIGENCE

To: ToySoldier (717 )
From: Osprey
Wednesday, Jun 17 1998 10:16AM ET
Reply # of 720

Toy,
I spoke with Mr.Battrum at 6:30 yesterday morning.Now Mr. Battrum knows who
Osprey is as a result of this posting and that is fine with me.

Here are the highlights as discussed.

(1)Mr. Battrum advised that the deal with Ridgewood was finalized.

(2)A Mr.Cai was mentioned as a person who was forming a company in Hong Kong with
Mr. Battrum to funnel the money out of the project for control purposes and ease of
transfer. Apparently it is easier to move money from Hong Kong than it is from
China.(Makes sense to me.)

(3)Apparently Mr Cai has to apply for a passport and visa to Hong Kong and this takes 10
days and the time is up on Monday coming.

(4)I was concerned re the drop in world oil prices and Mr. Battrum said the refinery in
China close to the Ansai Field is paying 19.70/Barrel us for gasoline and I got the idea
from Mr. Battrum this was a price that was fixed regardless of world prices.(Perhaps
someone can check this out or shed some light here)Apparently there is a market for all
that can be produced.Mr. Battrum was not concerned about this.

(5)Mr. Battrum also stated that the climate there is not unlike that of Calgary or Edmonton
and when I asked if it was monsoonal he said no and no problems for work program to
begin when ready.

(6)When I asked about the PP investors having an escape clause if the price goes below
the PP price he said they did not and they have a 120 day hold period from the date of the
PP which I forgot to get.

(7)Mr. Barry Whelan is the P.Geo with MMR and he is the same P.geo with ANV.Mr.
Whelan advised they have more comprehensive info to work with on the Ansai field now
that they have visited and done more work and we should be pleased with the news when
it is reported but he would not elaborate for obvious reasons.(This man is doing everything
by the book and is careful not to disclose any insider info and I respect this)

(8)When I asked when a news release would be forthcoming he said soon but gave no
timeframe.(Once again by the book)

(9)The funding is needed to finalize the deal with Ridgewood and the work program
although Mr. Battrum said the work program can be done a bit at a time so the whole
4,050,000US in the budget is not needed up front as I underrstand it.

(10) When I asked if the next PP would be brokered or non-brokered Mr. Battrum was
non-committal and said he hasn't decided yet.(IMHO it will be non-brokered but time will
tell)

I must point out that Mr. Battrum was very professional and co-operative and I presume
is working with the best interests of shareholders at heart and he wants this deal to go
through with no problems and I re-iterated the need for some news to keep the
shareholders informed.

I would suggest anyone who would like to call Mr. Battrum to do so and ask any questions
I may have missed that should have been asked.

As a synopsis I do not see the price going below .18/share and some good news is coming
so IMHO these are firesale prices.Remember that financing has to be done soon and to
prevent dilution I would suspect the price to go up to a higher level.Look for a NR possibly
next week and prices to move up slowly and controlled.(This is my opinion only)

Osprey
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