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Gold/Mining/Energy : Argosy Mining

AGO 85.01

-0.6%

Jan 16 3:59 PM EST

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To: Steven Coull who wrote (77)	1/10/1997 7:43:00 AM
From: Steven Coull	of 165

Ok here goes the update on Argosy: They are not presently drilling as they are waiting for their new assey lab to be completed. Once this is set up they will begin again. The lab should be ready by the end of March. Some assey results will be coming immediately from the Kremnica area. Specifically from various holes in the Sturec south area and 2 holes in the Katarina area. These should be good results based on what they have already found. By the way, apparently the mineralization in this general area comes right up to the earth surface so an open pit operation will be their primary choise. This means low production cost. Some drill results from the eastern area of Kremnica will be announced possibly the end of March. The general Kremnica area has so far produced the best results. Hole #7A was the best (we already were aware of this). It showed .141 oz/t gold and 1.22 oz/t silver at between 121.3 meters and 182 meters. They will now begin an offset drill of this hole as it seems to lie within a well mineralized area. Of course they will probably go deeper also. At the end of February they will report the results of the ore resourse calculations for the Kremnica area and right now it looks much better than they had expected. This should shake up the stock. By the way; the existing old shafts at Katarina and Sturec are in some places approximately 400 meters deep and they were originally blasted with gunpowder; FUN! The Pukanee holes were not good but they only drilled a 2 sq. meter area and the have a total area of 120 sq. meters. They say that they just drilled in the wrong place and will be better prepared next time. They also have not yet touched the Banska area yet. They feel this could be bigger than Kremnica. They are diong their homework on drill sites now. I will have the full story on the financials within a couple of days and will post them. However, I do know that they have $14,000,000. in cash presently and can raise another $16,000,000. from the present outstanding options and warrants if they so choose (at below present market prices). They feel that they will be able to have a cash flow from production without touching the warr. or opts. The government is presently very stable or at least as stable as you can get in a 3 year old new democracy. All the basic services are working well. No army to be seen. Police are reported to be "just like normal police in the USA" (is that good or bad ?). No problems getting staff but they are paying higher wages than anyone else. The president and the prime minister do not get along and are constantly at each other in public (sounds normal enough to me). They are working hard to get into the EEC. So looks as good as possible to me. I again told them directly that they need to promote more but as usual they are not interested in hype. All digested, things look good. I think this is the year for AGO. My prediction: value will go to $6.00 and level out until they start to talk production. Then it is a $12.00 stock or will be bought out by Barrick or the like. I am in for the long term and will buy more at this low (if I only had more $$$ free). Hope this helps. cousin.

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