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Gold/Mining/Energy : VENGOLD VENGF this is real -- Ignore unavailable to you. Want to Upgrade?

To: Mr Metals who wrote (267)	12/18/1999 1:33:00 PM
From: Terry Over	Respond to of 350

Vancouver Suns full Friday Dec 17th story: Vengold to abandon mining, dig into Net Rod Nutt, Sun Business Reporter Vancouver Sun Vancouver miner Vengold is getting out of gold and going online. "Vengold currently holds cash and securities valued in excess of $70 million," company president and CEO Ian Telfer said Thursday. "We have identified the need for a significant pool of capital in the Internet and e-commerce industry. Vengold will focus on investing its resources in private Internet-related companies." Just a couple of years ago, the company had a 20-per-cent stake in one of the world's largest gold mines -- Lihir in Papua New Guinea, which will produce in excess of 600,000 ounces of gold this year -- and was intent on gaining control. Telfer said that strategy was derailed by the slumping price of gold. Vengold divested itself of five per cent of Lihir about a year ago and a further 15 per cent when the gold price spiked at more than $320 US an ounce a few months months ago. "We intend to sell the remaining five per cent next year," he said. Vengold will also divest itself of a number of exploration properties. "Ultimately, Vengold will be out of the mining business altogether," Telfer said. The company has hired two technical consultants with expertise in identifying the potential in new Internet companies. Their names will be released next year. In addition, Dennis Wing, director of International operations at U.S. investment bank Fahnestock & Co. has been appointed to Vengold's board. Wing was a founder and director of international finance at First Marathon for over 18 years and is a director of a number of technology companies. "We'll invest from $500,000 to $5 million in companies we target," Telfer said. "Implementation of this strategy will allow Vengold shareholders to participate in the rapid growth of the Internet sector via investments in private companies not normally available to the public." Vengold will convene a shareholders' meeting early next year to approve a new company name. The change in the company's business is subject to regulatory approval.