AFRI "African Resources, Inc" Message Board

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Gold/Mining/Energy : AFRI "African Resources, Inc"

AFRI 10.05

-3.1%

Jan 16 9:30 AM EST

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To: Sapper MSG who wrote (508)	12/3/1998 9:01:00 PM
From: Sapper MSG	Read Replies (1) of 1151

Talked to Rick and Leone today. Leone said letter was to go out in 7 to 10 days. Apparently there has been dialogue between the two concerned and pretty much an agreement has been reached. If the other hedges, we are prepared to play hard ball. This Pierce guy is an older gentleman who is suppose to be highly respected in California. He has exclusive rights on the story and then several other radio stations will get the information. They also plan on a PR to reuters or news wire. "My Opinion" "The other company has had a bad stock week due to pulling a planned high yield bond offering. The last thing they need is bad press now". He was talking $2.00 a share in a few weeks. Rick told me a few things: 1. They are in the process of financing the acquisition of the rest of the mine in AZ. Apparently the soil survey tests were conducted by the government, estimates of 1.5 Billion, and can be used as collateral for financing. More or less selling gold before it gets mined. Should be able to produce 50 ounces a day with the new equipment. 2. Will use a part of this financing to purchase larger dredgers for West Africa. Again, all the required documents are in place. 3. Monday will start an aggressive Radio marketing campaign in several different states finding new investors. I told him I felt that a positive revenue would do more mor the stock than the PR. He disagreeded. Said he thought he information getting out to potential investors is the best way to go. My guess is we ran short of capital and had to finance to get the equipment to finish. Think this is OK. Sounds like things are falling into place. Both were upbeat and confident they have a good plan and can execute it within a short time. I told them information and news will always help. Best I could do. Sapper

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