Has everyone seen this?
December 16, 1998 - Letter from an interested party, not registered on the Company books, thought I'd
share the letter and my response with everyone.
Mr. Bruhjell,
As you can see our stock price is hurting, much like other mining
companies. However, opportunities like today have not come around in a
while.... You post progress on the web page. Why don't you send out a
PR?.. We as shareholders haven't not seen a PR since early October,
meanwhile we watch the MM drop the stock price daily. Most of the
shareholder bought in with the buyout rumor at .11 and now sitting at
.018....
Can you please do something besides post news on the web page and start
sending out PR... Possibly a release about the web page could catch a
couple of eyes....
Thank you,
Dear Sir:
We are of course interested in the stock price, I personally find the price
very attractive here, but then I am not a seller. Being a buyer is of course
attractive considering the price. As you can see we have good volume on
most days. When the sellers are finished and we (the Buyers) have all the
stock, the price will be very different.
PR's cost real money $495 USD per time with decreasing results. In fact, the
past three or four PR's saw no volume on the day of release or the day
after. We use the web site more and more. We get action from this as our
audience is on the Internet. Like you, who are obviously on the net and view
the web site, they read everyday and spread the word. We are trying to keep
up the demand for the 24-hour news that CNN and the boys have trained you to
crave. Alas, mining is slow and exploration takes time. We have done a great
deal of exploration this year, published it all. It did nothing for the
stock price.
Our current shareholders are holding or selling. If they were buying more
than the sellers, then the price would go up, basic economic principles. We
of course would like to see the stock price higher when we do a finance
package. In the mean time I shall buy low and hold.
Most of the people who bought into this high-risk Bulletin Board traded
stock wanted as you did to get rich quick. Mining never works that way. I am
running a mining company not a stock and am not here to make others rich.
They will do well as we progress. Spending needless money on PR's with
meaningless information is a waste of good money.
Unless something newsworthy occurs first, the next news release will be
when we start drilling at Isaac's Harbour.
We plan to be in the old workings by April 1999. Our production manager,
Douglas Boddy shared with me over the past few days that we could actually
be in there much sooner. We are still going to drill the four holes and
possibly one more on the Island. We have just about completed the assembling
of additional adjacent parcels using basic principles of economics, even
though our get-rich-quick friends have been upset by this in general, we
have managed to get good prices by behaving correctly.
The drilling will give us much needed data on the subterranean whereabouts
of veins. We will drill as much as 1000 feet per hole and could see five or
six veins in each hole, or none. We know from historical evidence that veins
are present and 48,000 ounces of gold was mined.
Remember that we will be under the earth, this is always dangerous and much care
and planning is needed as well as regulatory compliance. Since the WestRay
disaster many new mining regulations have been past and we are also very
concerned for the safety of our personnel.
The good news is that we have a stable underground environment and little
reason to suspect more than the normal dangers. I'm still predicting
February for the bottom in the gold market. It times well with our efforts.
If one blinks they could see the prices of gold shares change and miss it
all. We own a lot of gold. It is in the ground and we are going in to get it.
The stock price will take care of itself. Accumulate every chance you are
afforded. This is a very high-risk investment available at or near the bottom of its price range.
Thanks for your interest I hope this has answered your questions.
Jeffrey R. Bruhjell, president |
