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Gold/Mining/Energy : Black Swan

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To: Pierre J. LeBel who wrote (3065)	7/22/1998 7:02:00 PM
From: Dale Kohler	Read Replies (1) of 3186

The Board now believes that management is in a position to plan and implement a new strategy which is focused upon: 1. actively seeking to acquire or establish profitable production or near production operations that have low costs of production, relative to industry averages. Such operations need not be in gold; So, the change in focus is a move from developing the Brazilian properties to trying to identify a takeover target. With the collapsed prices of mining shares a competent management should be able to uncover plenty of great buys among the already producing companys out there. Can our management do it? Don't bet on it. Also, it looks as if Giglio was booted completely. He is only still on the board because of his large personal stake in BSW. I wonder if the other members feel cheated somehow after looking closer at all the properties they bought? I do appreciate the company reassuring me that my shares are worth $1.04 each. I was thinking they were only worth .19 Oh well, I probably won't have anything to say until the next press release. Talk to you all next year. Dale

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