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Gold/Mining/Energy : Colossal Resources - CLPZF - Colbalt in Zambia
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To: Adam Levar who wrote (64)1/29/1997 7:19:00 PM
From: Tom McIlwain   of 501
 
Adam: I talked to IR today. Apparently, the funds from the debenture financing are going to be used to finance a "new project" and announcements should be coming out in a little while. Also, some announcements about their pilot project with the refinery?? or whatever it is in South Africa - regarding increasing cobalt purity of their output.

I have been expecting that some new acquisitions would be forthcoming at some point this year and it looks like it may be sooner rather than later. However, I don't know what the time frame is and didn't even ask.

Anyways, something in the works... so patience for the time being.

Also, IR attributed the recent weakness in the share price to investors being confused about the recent press release increasing the debenture financing, not the Vantage situation. With press releases for bot coming out on the same day it is kind of hard to tell what triggered recent selling, but I am willing to go with their explanation.

Tom McIlwain
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