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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: re3 who wrote (81240)	5/28/2000 9:42:00 PM
From: Earlie	Respond to of 132070

Ike: You are right on the money with respect to much of the picture, but not all of it. GSL has had the good fortune to have discovered and then systematically drilled out one of the largest gold deposits in the western hemisphere. That is the good news. The bad news is that their property is in Columbia and many market participants see that jurisdiction as a dangerous place to do business. Also gold is of course no longer of any use or value (s), so the stock languishes. As a result of both serendipity and connections, the company has hooked up with parties that do serious financings within China. (Softbank and Deloitte Touche). Since there is no value in further drilling the gold deposit (spending money to prove up an even bigger reserve makes no sense in the current environment), the company has borrowed a large sum which will be used to further its Chinese interests. I'm a fan of junior gold companies with big reserves, so this one has been of interest for some time. This latest wrinkle may or may not pan out, so I'm doing serious due diligence on the Chinese situation (as much as one can do under the circumstances). So far, so good. I'll post as I learn more. I'm sure glad that the company did not sell the gold property as I believe some of the larger firms will eventually bite, just to pick up the massive reserves involved. Kinross already owns 25%. Best, Earlie