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

To: Enigma who wrote (1110)	6/30/2000 6:45:27 PM
From: George J. Tromp	Read Replies (1) \| Respond to of 1178

Fri Jun 30, 2000 Barrick Gold To Acquire Pangea Goldfields in Friendly Deal -------------------------------------------------------------------------------- - Premium of 52% - Barrick Gold Corporation and Pangea Goldfields Inc. announced today that Barrick will offer to purchase all the outstanding common shares of Pangea in a cash offer of C$7.00 per Pangea share. The offer represents a 52% premium to Pangea's closing price of $4.60 on June 27, 2000. The value of Barrick's offer amounts to about C$204 million for the approximately 29.2 million Pangea shares on a fully diluted basis. The Pangea Board of Directors has unanimously approved the offer and has agreed to recommend it to its shareholders and to cooperate with Barrick to implement the transaction. All of the Directors and senior Officers of Pangea have agreed to tender their shares to Barrick's offer. When combined with Barrick's current holdings, this represents about 20% of Pangea common shares on a fully diluted basis. "We are pleased that we have negotiated exceptional value for our shareholders" said J.C. Potvin, President and Chief Executive Officer of Pangea. "This offer confirms our strategy of building a portfolio of exploration properties with a focus on the Lake Victoria gold belt of Tanzania," he added. The formal offer containing details will be mailed to all registered holders of Pangea's common shares as soon as possible after Barrick receives a list of Pangea's shareholders. The offer will be conditional on Barrick acquiring at least 66.6% of Pangea's common shares on a fully diluted basis. The only other conditions will be of usual commercial nature. BMO Nesbitt Burns Corporation Limited acted as financial advisors to Pangea in this transaction. Pangea Goldfields Inc. is a mineral exploration company with properties in Tanzania, Peru and Canada. Barrick Gold Corporation is a leading international gold producer with operations in North America, South America and Tanzania.

To: Enigma who wrote (1110)	7/3/2000 5:57:10 PM
From: timbouctou	Read Replies (1) \| Respond to of 1178

Does the propose deal stink? of course! Is it the last bid? I don't think so. Other companies have done their homeworks and are in a position to counter bid. We should not sell or tender our shares. I am convinced that we will see action from other (Franco/Goldfields, Anlo, Newmont, Homestake) soon. IMO it is a starter bid. I understand that PGD had received informal offers in the past and they had refused because no other companies were in position to make counter bids. Barrick wants the properties badly, they are ready to pay much more. As for MDN, they will certainly be included in an other bid by a competitor. IMO they will do all they can not to help Barrick. It is certainly not a frindly deal from their point of view. MDN is probably a good buy now. A share exchange will be better for most of us than a cash byout. I am pleased that action has started, and I am convinced that ohter bids are coming. BTW I was right on on timing the offer (last week of June, see prior post). I was dead wrong on the price : $13.75. We will see the final price of this coming bidding round! Cheer up!