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Gold/Mining/Energy : Int'l Pursuit (T.IPJ)
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To: SwampDogg who wrote (774)3/31/1999 2:15:00 AM
From: Ron Everest  Read Replies (1) of 835
 
IMO they really do have a strike in the N,E & W Mahakams in Kalimantan. They spent mega bucks to develop these finds. It remains my view that they never properly reported their strikes on the Sebuluh fault. They continue to hold the Sebuluh and Mahakam claims. They spent a lot of money developing the Hinoba-an property and had a deal to vend just before CU price dumped big time. I think that they placed too much reliance on the Hinoba-an deal going through. They also spent a lot of money in Mongolia for which they never have properly disclosed their findings. There was also the buybacks of shares which cost them a lot of $$$. In hindsight, they would have been better off not buying back the shares, however, IMO they have discoverd the goods but the AU price, the AU sentiment, CU price, the Bre-X scam and the Suharto fallout all negatively impacted the company. What a gut wrenching time for those holding Indo equities....!

At these prices it is not worth selling, so many are hanging on. I believe that Dattels is a pretty good business man and will hang tough for the right JV. If any one of us were put into his shoes, we would likely have lost heart too. Just some backcountry views for what they are worth.

Best regards,
Ron E
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