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Gold/Mining/Energy : SRR Mercantile Inc. (SRA.V)
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To: CLK who wrote (45)6/22/1998 10:15:00 AM
From: John Lister  Read Replies (2) of 105
 
Thank you CLK. I am inclined to agree with you, and my conclusions are:

(1) This stock should not be in the Canadian market; and
(2) This stock is not understood by Canadian.

It should get a better reception by us in Europe. Madagascar is exotic but not as remote and harsh as Newfoundland or Mongolia. It is certainly more hospitable. The weather is mild and its beaches are splendid and food most agreeable. (I was told by a French friend, who still regard it as a French colony).

The Asian economic turmoil certainly would have affected the demand for gemstones, but that would also put other precious gemstones in the same shoe. The bottom line is supply and demand and the resultant price and sapphire deposits is becoming scarce.

Can the economics of mining sapphires (in Madagascar) work ?

This is where the uniqueness of their project lies.

Sapphires are mostly found in ALLUVIAL deposits. I believe that they will be able to mine (and produce) very (cost) effectively. It is going to be an earth moving and washing exercise. If they have the common sense, they should start getting into it.

There are only about 9-10 million shares out. Of which about 1.5 million are escrow performance shares. Any reason why you think the optimum number of shares out should be 5 million ?

John
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