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Gold/Mining/Energy : Birim Goldfields Inc. (BGI-T) -- Ignore unavailable to you. Want to Upgrade?

To: Brian MacDonald who wrote (299)	9/27/1999 10:07:00 PM
From: Baba 2	Respond to of 922

brian, thanks...great work..

To: Brian MacDonald who wrote (299)	9/27/1999 11:52:00 PM
From: jacq	Read Replies (2) \| Respond to of 922

Brian, I read this agreement differently than Kaiser does. I only have the press release to go on but it isn't as positive as his figures. I can see a total of about $1.975 MM US cash infusion into Birim (BGI) within the next several months from the open pit heap leachable deposit from the dilutive share sale and the debenture that will have to be paid back those two amounts total nearly $1.0 MM US. There was no value placed on the underground Mampon deposit nor was there a timetable as to when the orebody would be mined. I would think that with Ashanti's strength in the area that it could mine that in a couple of years. I remember when gold reserves used to sell for $25 per ounce in the ground. Birim is not getting that kind of money for surface ounces which are much cheaper to develop. At Mampon there remains 425,000 ounces of reserves ( and hopefully many more ) If they got $20 US per ounce over the next two years that would total $8.5 MM US. but at present this is conjecture. We don't know that there are 600,000 mineable ounces for absolute certain. We don't know the production schedule for realizing these ounces we don't know the $ value per ounce for the underground resources. If you or Kaiser know these significant details I would be extremely happy to share them with you. The press release at present gives a far less rosy picture.