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Gold/Mining/Energy : Gold Price Monitor
GDXJ 128.07+0.7%Jan 16 4:00 PM EST
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To: Chas. who wrote (17056)8/31/1998 8:23:00 PM
From: rainman  Read Replies (1) of 116889
 
Chuck-

I am no gold expert by any means. I do have some recent info however, from a junior I have been follwing. Info that is being forwarded to shareholders which I requested to be faxd to me. Here is the profile:

1)Chairman of the board of directors is Dale Hendrick. Mr. Hendrick exposed the BreX mine in Indonesia (believed to be worth billions) as a fraud.

2)Drilling results on 1% (1000ft x 300ft to a depth of 300ft) of the property reveal 18,500 ounces of gold. The COs total property is 10,000ft x 5,000ft. It is likely that gold exits at the same recoverable percentage to a depth of 2400ft which potentially means approx.15 million oz of gold. Property is in Nevada near Homestake (Carlin Trend).

3) The cost to mine gold here is probably one of the least expensive places to mine gold at $200 an ounce. Homestake recently announced that it is mining gold at $129 an ounce.

4)Majors are prepared to pay $30 to $100 an oz for proven reserves,therefore, at the lowest looking at $450million.

5)Ther are on 11 million outstanding shares.

I have know idea how it will play out. You need to do your own DD. Send me a private message and I will let you know the company I have been following to try to keep in the spirit of this thread and not posting companies.
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