To: Roman de Guzman who wrote (1061 ) 5/10/2000 7:45:00 AM From: Dan P Read Replies (1) | Respond to of 1321
Roman, Little Joe and others: Let us not lose sight of the fact that prior to the discovery of the new zone, the direction of the company was to become a producer within 1-2 years. Even if this new zone proves to be smaller than what was anticipated (even though it remains open as far as we know in all directions at this time), the stock will maintain a level of value, and I expect the company will continue in the direction of becoming a producer, with or without a major on board. The reflex selling of the stock seems to be the norm these days, with significant profits in the junior resource sector being few and far between. In the case of PFN for example, the stock ran up to $4, and has sold off to $1.30 or so. This in spite of hitting 13 out of 13 holes, with very good pgm values. I personally believe that this recent weakness presents an excellent opportunity to get in if one has missed out getting in at low prices. It is unrealistic to expect that every hole will be a bonanza hole, and some will miss. That is the nature of the exploration business. In any event, hole 14 had an average of .05 oz/t over 89 feet, which is still a decent value. A larger drill is now in use, and step out holes to the north-west are being drilled. It will be interesting to see how far the zone can be carried. Also, geophysics is part of the plan (may have already been done) and we will learn more in the near future. The smaller drill and another larger drill are being worked on and will be in use also within the next week or so. IWA will continue to work hard to determine what they have, and I expect that they will ultimately demonstrate the value of the new zone. I have held the stock for over 1 year, and have watched this company survive the worst bear market in the junior resources in recent memory. I intend to hold for the long term, as I expect this company will emerge either as a producer or as an owner of a substantially greater gold resource than has been demonstrated to date. Regards Dan