El Misti Gold Limited (EMG V) Message Board

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Gold/Mining/Energy : El Misti Gold Limited (EMG V)

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To: John Fairchild who wrote (311)	10/13/1998 7:53:00 PM
From: John Fairchild	Read Replies (1) of 513

Oct 13 - phone update (recorded interview with John Huguet 1-800-832-2550) The private placement from Aug 27 closes the end of this week. This money will be used to pay for assay results. Assay results outstanding. all of hole 6 - 823 meters all of hole 8 - 816 meters all of hole 10 - 681 meters remainder of hole 7 - 557 meters hole 3 - interesting but don't expect much (spotty) parallel to structure holes 4 and 9 were into faults (missed the zone) What they expect to receive in results which will be released as soon as the funds are forwarded. The balance of hole 7, all of hole 6, 1/3 of hole 8. Left outstanding will be the remaining 2/3 of hole 8 and all of hole 10. My comments - The last 64 meters reported in hole 7 was 1.03 g/t Au, 48.8 g/t Ag, 1.16 % Cu, 0.15 % Pb and 0.27 % Zn. Check out the table in Aug 14 NR it shows increasing mineralization at depth in this hole so it should be interesting to see the last 557 meters. Hole 6 is the furthest to the NE and hole 8 is the furthest to the SW. They are about 850 meters apart. They should be receiving the completed Santa Rosa feasibility study (third party independent verification) in Nov. This study is based on 146 holes drilled at 50 X 25 meters centers. Finances are very tight with CAN$1.8 mil owed to creditors (who have been patient). Next funding? Wait until their share price improves based on Sinchao results or the feasibility on Santa Rosa. Or at current prices will be up to the board. Needs - Satisfy creditors Next - phase II Sinchao drilling $3.5 > $4 mil or $6 > $7 mil US to put Santa Rosa into production (estimate without having seen the feasibility study). $14 million in options and warrants outstanding. IR stated they have been receiving many,many calls from concerned shareholders who are wondering whether Sinchao is a bust. John assures that they have a great deal of confidence in this property. If they had not made the property payment on time they would have lost it as others were lined up for it. My comments - Obviously this company is suffering from a severe lack of investor confidence. They appear to be terrible at handling money. I guess they were and still are betting on the big results at Sinchao to save them. Apparently the third party verification for feasibility is new and cost them extra time and money on Santa Rosa.The market is obviously not keen on junior explores right now but maybe once they get the feasibility study for Santa Rosa in their hands the market may see them as more than an explorer. John

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