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Gold/Mining/Energy : Abacus Minerals Corporation (V.AMC)
AMC 2.405-7.1%3:59 PM EST
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To: Frank Sprenger who wrote (14)3/6/1997 9:03:00 AM
From: the mouth   of 397
 
Good question. According to Barrick they don't have the resources (man power etc.) to do the work on a timely basis. They already have an investment in AMC and know that AMC can do the work now. If any of the 6 properties have any value Barrick can back-in for 50%. I guess this particular area is not a high priority for them. Don't forget this was Lac land and not Barricks.

Also, the majors are more willing to let the juniors do the exploration work now and they will cherry pick the good projects. This reduces a majors risk and they can concentrate of production which is what a major does best. The juniors are better able to do the E & D then a big major mining company. Obviously Barrick doesn't think this is the next Busang but 2 majors had Busang in their pockets (including Barrick) before BXM discovered it.
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