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

To: timbouctou who wrote (971)	5/18/2000 10:15:00 AM
From: Enigma	Read Replies (3) \| Respond to of 1178

Strategic thoughts: Bulyanhulu South, etc: I don't know if you've got the Annual Report yet? As the majors jostle for position in the region - the locations of the properties becomes more interesting: If a newcomer like Placer were to get Pangea presumably Tulawaka would become the center of opererations. But for ASL/Au and ABX, Geita and and Buly respectivey are their established centers. Yet Buly South - dead next to Buly itself is an ASL/Au j/v!! Whereas Tulawaka is much closer to Geita than to Buly. If you read the annual report ASL/AU can earn 51% of Buly South by spending $4 million in the 5 year period to October 2000, and increase this to 60% by completing a bankable feasibility study by the same date. After completion of the study ASL/Au can increase its interest to 75% by making acash payment of US$50 per ounce on 15% of net proven reserves and $30 per ounce on 15% of probable reserves. One has to ask how likely it will be that these happenings are logistically possible? Will ASL/AU rush to completion -fearing a Barrick (or outsider) takeover of PGD? Is completion possible in the time frame? Or will ABX be spurred to early action by it's knowledge of the Buly geology and reef trends? I find it very interesting that the stock is so firm given the weak POG and low volumes (past couple of days excepted). PGD has such a portfolio of emerging mines and prospects that many others must be thinking along the same lines. FWIW