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

To: Winzer who wrote (382)	10/27/1999 1:54:00 PM
From: Brian MacDonald	Read Replies (1) \| Respond to of 922

Winzer, On October 25, 1999, the 'Resource Opportunities' newsletter, put out by Lawrence Roulston of West Vancouver, did a piece about Birim. He reiterates several of the benefits of the deal that we are all familiar with but he also has some other points that bear remarking here. In brief, he states: - "Uncertainty over the fate of Ashanti has kept investors on the sidelines. In reality, Birim is a win-win situation". - " Birim would (also) receive a royalty on all the production coming from the sulphide portion of the deposit. Based on the current estimates, that would total $US 6.0 Million. A further royalty is payable on all gold mined from the 40 sq. km. area subject to the deal." - "In spite of Ashanti's current liquidity crisis, the company is determined to go ahead with the deal. Lonmin, which has made a takeover/rescue bid for Ashanti, has also expressed its desire to see the deal proceed." - "If Ashanti does not conclude the deal, Birim will find another deal at least as good, especially since the original deal was negotiated before the gold price rally." -"Birim intends to put the cash proceeds of this deal to work quickly. It has identified 4 drill targets on the portion of the Dunkwa property that it will retain. One of these is close to Golden star's Bogoso mine"..... "Golden Star has already indicated to Birim that it would be interested in acquiring any additional ore that Birim can delineate in that area." There are other good things he has to say as well but I think you get the picture. He likes the prospects for BGI. Brian BTW, Wood Gundy was the main buyer yesterday as well. That large order, thru WG (I presume), continues to be reduced through selling. However, it's good to see the bid stay so stable and not be pushed downward. Somebody wants a good size position in Birim. It wouldn't surprise me to see another big chunk on the bid if this one gets eaten up. This looks like 'long-term' money that wants in.