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Gold/Mining/Energy : Pangea Goldfields T.PGD -- Ignore unavailable to you. Want to Upgrade?

To: salva who wrote (266)	10/7/1999 9:29:00 AM
From: Terry Swift	Read Replies (1) \| Respond to of 1178

salva: I think the Golden Ridge project in Tanzania currently being drilled by Barrick could be the big story. It is next to Barrick's properties it purchased when it took over Sutton and there have been rumors that Barrick has been talking to Pangea. It is quite possible the price rise of the past couple months has been due to "leaked" results from that project. The drillers see the cores as they come out of the ground and they're not stupid. Pangea has so many great properties in several countries, any of them could turn in to a major find; its a matter of getting them drilled before we will know the true value of this company. This company has huge upside potential. I hope Ashanti's problems don't hold up the drill programs on Pangea's Tanzania properties because I suspect there is lots of gold on them. Time will tell. Terry

To: salva who wrote (266)	10/9/1999 2:20:00 AM
From: Terry Swift	Read Replies (1) \| Respond to of 1178

salva: Nice comeback for Pangea today. I'd sure like to know what was driving it. Very possibly the unhedged junior producers and good exploration companies are going to outperform the major producers from here on up in this bull move; however far it runs. Regarding a takeover of Pangea; very unlikely, in my opinion. The reason is that Pangea has most of their properties JV'd with majors that can earn more than 50% of production by drilling, financing, and constructing the mine. Most majors, certainly Barrick and Anglo, wouldn't touch a company in which they were not in complete control of the properties. I see Pangea as a smaller version of Euro/Franco Nevada; i.e., acquire good properties, JV them with solid major producers who are required to do all the heavy lifting to bring the property into production, maintain a very liquid, clean (no debt) balance sheet, and sit back and collect your share of the production and royalty checks. For the right price Pangea may sell a particular property, but I don't see them as a likely takeover candidate. Too many majors have the right to own over 50% of their properties, which would not sit well with potential suitors. Terry