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

To: Enigma who wrote (972)	5/18/2000 10:49:00 AM
From: Enigma	Respond to of 1178

Correction - in my previous post I referred to Buly South as a ASL/AU/Pangea j/v. In fact AU is not involved in this - but it is involved in Geita where gold from Buly South would be processed.

To: Enigma who wrote (972)	5/18/2000 12:05:00 PM
From: russwinter	Respond to of 1178

Enigma, As you stated, the October, 2000 timeframe is the deadline for many of these JV's to put up or shut up. The next five months should be an interesting time to be a PGD shareholder. I think the statement by Potvin in the annual says it all. Simply put, they intend to call the hand: "Should feasibility studies not be completed in October, 2000 as contemplated in joint venture agreements signed five years ago, Pangea could see its interest increase in the highly prospective Bulyanhulu South holdings and in the 1.8 million ounce Kahama project. Barrick gold must complete a feasibility study and arrange production financing by September, 2000 in order to increase its interest to 65% in the 2.2 million oz Golden Ridge deposit" Add to this Suguti/Ushirombo, Mincor must complete bankable feasibility by Oct, 2K. Looking at how this plays out, I think that ANGLY moves first for the whole company before October. I also believe ASL will be in play again as this unfolds, with ANGLY the likely winner. I see TNX as a beneficiary as well. I would imagine that ANGLY/ASL and ABX accelerate exploration on PGD projects, but black out news. PGD would want to get the news out to stimulate the stock price, but may have a hard time doing so on properties where it's not the operator. That's why there may be more going on at Golden Ridge, Buly South and Kahama (pre-offer news blackout)than we are aware of. Therefore Tulawaka would be PGD's news release card, with a flurry of annoucements all summer. It would be in PGD's self interest to get a bidding war going, but preferably at higher POG. Their strategy is now probably in dynamic flux, watching and waiting. Make sense to you guys?

To: Enigma who wrote (972)	5/18/2000 3:02:00 PM
From: timbouctou	Read Replies (2) \| Respond to of 1178

One would think that time is running out fast for ASL on Buly South to meet their commitment. Unless they can reach a new agreement soon with PGD to extend the deadline (not in PGD's interest, IMO) or conclude a diferent deal, it seems that they would lose the property. If that is the case, why would they continue drilling and spend more money on this property? The (only?) logical conclusion would be that they have started to make the "bankable feasibility" study or feel that they still have time to do it... The drilling results that we have seen so far do not seem that they are in a "feasibility" mode! The beauty with PGD/MDN is that they have something attractive to all potential bidders: Anglo and Ashanti (value of and proximity of Tulawaka to Geita+ potential of Kahama and Buly South and their other undeveloped properties) , Barrick (value of Tulawaka (not proximity IMO), Golden Ridge, Buly South and their other undeveloped properties), Placer, Homestake, Newmont, GoldCorp to enter the Tanzania play with a mine (Tulawaka) and a good portfolio of undeveloped properties. What is also amasing is that the more they drill, the more attractive the properties become: so time is on our side. And even if POG do not increase, production costs are low, and Majors need to add to low cost properties/reserves to their assets. We should get more good news from Tulawaka in the coming weeks. It is a good time to own these stocks!