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

To: timbouctou who wrote (1128)	7/4/2000 3:49:42 PM
From: Enigma	Read Replies (2) \| Respond to of 1178

I don't suppose the officers and drectors have tendered because the offer is not in the mail yet. If a higher offer comes through then they will get the higher price. We all assume, probably correctly, that ABX will get this company. The only hope IMO is for a company who is a rival of Barricks to make a nuisance bid - to ensure that it costs Barrick more in the end. Someone told me that at PADAC the Barrick speaker almost boasted that production from Pangea properties would be going through the Buly mill eventually. A fait accompli in his mind even back then. I agree that another major might look at this thing - see the closeness of the parties and decide to up the ante - not by much - so the worst thing that can happen is that they win the property! But most likely Barrick will bid higher - so there may be some satisfaction in forcign a rival to spend another $50-$100 million form its treasury. The official reason for delays on drilling results from Tulawaka, Golden Ridge, and even Muhama is backlogs at the assay labs. So we have to take this at face value - although if Barrcik is holding back on drilling results at Golden Ridge it would be improper and not in accordance wilh full discloseure.