CIMA,
You wrote:
<In 1987 with Inco's permission Homestake sampled the property for PGE's. After they had completed the work program, they proposed a $900,000 joint venture. Inco turned the proposal down >
You just hint a very important point, if Inco thought that there was not potential in this property, then probably there is not, otherwise they certainly would've put a drill hole in this property before paying the 4 billion dollars they overspent on Diamond Fields, now, to Starfield credit, Inco bet the farm on that deal and they almost lost their shirt in the process, they are certainly not the smartest investor as we think, Inco had to get additional resources since Sudbury was becoming too expensive to mine, and the deposit getting depleated, in hindsight, probably the deposit was not worth more than 1.5 billion, it seems to me that Friedland sold them a dream along with the deposit. If you follow the trail on Diamond Fields actors, it is worst than the curse of the mummy: Friedland lost millions in Indonesia, Falconbridge Pickard's died of heart attack, Sopko lost credibility with the deal, Boulle lost his shirt in Africa in failed penny stocks, on second thought perhaps Starfield can find a deposit and sell to Falconbridge at discount to complete the DF-Mummy curse.
TC |
