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Gold/Mining/Energy : Int'l Wayside Gold Mines Ltd (IWA-VSE) -- Ignore unavailable to you. Want to Upgrade?

To: Little Joe who wrote (498)	10/24/1999 9:17:00 AM
From: Dan P	Read Replies (6) \| Respond to of 1321

Joe: I can answer most of your questions. First, Frank Callaghan did the presentation, and I had a chance to talk to him, also. He is very enthusiastic about the prospects for the company, especially with regards to starting production. As most of us know, the cost of starting production is not going to be prohibitive, and it looks as if the company is likely to get help from some third party, although there was nothing specific said about exactly who, how, etc. The company is in confidential discussions with third parties, and so they were not at liberty to discuss this. This show just followed the Denver show, and was very poorly attended (maybe 100 or so). We have seen this at important bottoms in the gold/nat resource cycle. I believe that some promotional plans are underway, but as we all know, that too takes money. Resource calculations are in the works, and we should have them soon. The presentation was much more focused on the prospects for the future, and the goal is to pour a bar of gold in 2000. They had some great maps and diagrams of the project, and for the first, time, I began to understand the geography. They have submitted permitting paperwork to the BC govmnt for the proposed open pit mine, and also presented some of their specific plans for mixing the open pit material with higher grade ore from the BC vein. They would like to do 4000 tons per day, at an average of .2 oz /ton or so. Taking 2700 tons from the open pit (at .1 oz/t) and mixed with BC vein material (.38 oz/t. They are talking about a 2.5 mill oz resource from the open pit area, and 300,000 to 500,000 oz from the BC vein. The audience reaction was favorable, but there was not a lot of interest. Again, I think that this is just the nature of the times, and the same attendees come every year, and they have heard the wayside story many times before. What they don't understand, however, is that this time it is different, and IWA is a steal at these prices. We could see a 100,000 to 200,000 oz production, per year, with a year 2000 startup. Put a price tag on that, in a good gold market!! Regards Dan