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

To: salva who wrote (948)	5/9/2000 6:01:00 PM
From: Enigma	Respond to of 1178

Someone posted here - and I believe the company confirmed same - that PGD has a right of first refusal on MDN should anyone bid for the stock. I think this was a condition of the financing that PGD took down. I may have got this wrong, but this is my understanding. I have no idea of the location and quality of the new property. ABX's right of first refusal on Tulawaka extends only to PGD's 70% I believe. Maybe PGD has a similar right on MDN's 30%? Most likely someone will take a run at both PGD and MDN and if the bid is accepted by PGD it would waive its right to MDN. Lots of permutations and computations? Maybe MDN is simply trying to make itself more attractive, after all it only particiaptes at the moment in Tulawaka whereas PGD has a whole slew of properties.

To: salva who wrote (948)	5/10/2000 9:04:00 AM
From: timbouctou	Read Replies (3) \| Respond to of 1178

If you noticed, MDN is not disbursing money for this property nor is it increasing the number of shares on the market. So it cost them nothing in the short term and it makes them potentially more attractive (to Barrick?). Not a bad move. Naturally, if no take-over occurs, they will?might have to initiate a drilling program for which they will have to finance (normally through share issue). I do not think that it has any meaning in terms of being discouraged. Do you or anybody else know if Homestake has shown any interest in Tanzania? One possible play would be for Homestake to try to steal Tulawaka to Barrick, pretty much the same way they did it in South America. Or they could buy a solid position in PGD/MDN and negotiate a trade with Barrick, should Barrick pursue its interest in buying PGD/MDN. Does this make any sense? Or is Homestake totally out of the picture?