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Gold/Mining/Energy : Bema(Bgo) and Arizona Star -- Ignore unavailable to you. Want to Upgrade?

To: Philip Choy who wrote (9927)	7/7/1999 4:26:00 PM
From: Syncrude	Read Replies (1) \| Respond to of 10482

Philip, Alas, today it is less a matter of WHEN the price of gold will recover, how much and for how long, than IF it will recover significantly and for a long enough period of time. It was Placer Dome itself that announced that it was review ALL of its projects and was shutting down most of its exploration offices. Whether Cerro Casale will make it not obvious. It would require a huge amount of capital that PDG does not have. They might prefer writing off a few millions rather than risking huge amounts. From your own calculations, the project is barely profitable and we don't know if your assumptions will be accurate. In any case, BGO/AZS management blew it, whichever way you want to look at it. But I am sure their pay checks keep coming in, regardless of the poor performance.