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Gold/Mining/Energy : Int'l Pursuit (T.IPJ)
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To: Traveling Man who wrote (742)12/1/1998 5:05:00 PM
From: NPValue  Read Replies (1) of 835
 
TM,

You have hit the nail on the head with regard to the squandered cash and securities. Or should it be embezzled cash and securities?

How in the world can any company spend US $23 Million (in 96, they actually had US$0.90 per share in cash/securities) over a two year period and have NOTHING to show for it????

I got into this stock because of the recommendations of James Blanchard and Jim Dines. Blanchard, of course, does nothing but a PR sales job on his recommendations, but Dines tends to be a bit more reflective - perhaps explaining why he has been around for 38 years in the newsletter business. But alas, Dines has his misses, and he (and I, and everyone else) really blew this one.

Doug Casey (a real newsletter charlatan) once commented that most of the "executives" in the junior exploration mining industry would have been imprisoned for robbing convenience stores if they had not first run into the mining industry. I am now convinced that this fits the billing for Dattels and Burton. It is inconceivable that they are this incompetent, so there must be shady events occurring for US $23 million to simply go up in smoke.

But, as you say, this is a hard lesson learned. This is by far the worst beating I have taken in my 13 years of investing. But hey - UP could be making a run for it to beat out IPJ!!
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