GITENNES Exploration (ase:GIT) Message Board

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Gold/Mining/Energy : GITENNES Exploration (ase:GIT)

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To: Elizabeth Andrews who wrote (1054)	11/21/1998 7:55:00 PM
From: E. Charters	Read Replies (2) of 1092

I think it was obvious from hole 10 anyway. I don't know who underwrote. Teck bought a million shares at 4 bucks. It was a case of lack of guts to tackle the problem with real look ahead. They went on effing up. Finally as gold slid and the drilling was grim they changed drillers. Then they went underground. In truth in the 30's and 40's the companies used to go underground right away and test the vein by mining. Staying on top and drilling the piss out of it as they chose to do in the 70's and 80's did not work. The people did not have the experience or models to understand the structures or the ore. Almost 21 gold mines went under on medium priced gold that was above the planning price. There was a lot of weakness in the gold system as most geologists had not been trained in structure in a real environment and not at all in the economics of mining and development. The only successful gold mine in Canada to start since 1996 was started by a group whose manager was not even a geologist, but a Haileybury Technician. River Gold. And it was started where everyone avers is a dead gold camp. Wawa Ontario. It has become one of Canada's highest Revenue earning mines. I tried to do the same thing with limited financial resources but the investment community is drawn away to the allure of foreign jungles. So far I have yet to see one mine start in all the vaunted overseas edxploration reaching into billion of dollars. If I get my tailing pond in operation next year I will be producing at a profit where Gitennes will most probably be in cocoon mode. With their money I could have produced about 12 million in profit from one property that I used to own. To develop mines you need three tiers of people. Geologists to find ore, engineers to develop ore and plan mines and miners to mine them. Without all three you are lost. Canada at time has been missing one or the other component. I doubt that they will keep all three into the next century. mailto:echarter@vianet.on.ca EC<:-}

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