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Gold/Mining/Energy : GITENNES Exploration (ase:GIT)
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To: Sans Souci who wrote ()11/13/1998 3:31:00 PM
From: Pete Mimmack  Read Replies (1) of 1092
 
Spoke to IR yesterday:

1) Quite a few people have called expressing surprise at the low resource number. Many people have walked the site and believe there is a lot more gold.

2) GIT believes that just 15 more holes to the N and S will double the current estimate, even if it is done just as conservatively. Those 15 will be part of the next, 50-hole program.

3) Drilling, of course, is on hold til there's money available. A deal is being pursued "aggressively", tho' no time frame was given and the list of possible companies still includes "many majors and Jrs with cash." So it sounds to me like it could be a while.

4) Further work on Azul also awaits cash.

5) Down to < $1 million Cdn.

Pete
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