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Gold/Mining/Energy : Birim Goldfields Inc. (BGI-T) -- Ignore unavailable to you. Want to Upgrade?

To: Bat Man who wrote (592)	8/8/2000 9:10:24 AM
From: russwinter	Read Replies (2) \| Respond to of 922

Exchanged e mails with both Simoneau and Jones. They both sent pretty in depth responses. First, I would characterize their feelings about the stock price as extremely frustrated and even angry. They believe with the track record and prospects the stock should be much higher. Mampon: They expect ASL to begin feasibility in September, with target for completion at year end. Production should begin then. Expectations are for an additional royalty of US 3 million for 150,000 to 200,000 oz. There is potential for considerably more as time progresses. Opon: GSR has the data, and is in contact. Our guys have no compulsion to give it away. Sounds like a deal will ultimately be made here as well. Akrokeri: Dominion (Shea) mentioned Homasi as having a 455,000 oz resource in their June 30 report , so this project figures in their plans. There is a possibility that Shea picks up the remaining 50% in November to the tune of US 1.5 million. If not BGI stays at 50% of what is shaping up as a very promising deposit. Finance: A high probability exists that BGI starts 2001 with all or some combination of funds from the foregoing. Indeed they could be cashed up well in excess of the current US 3.3 million enterprise value (23.8 million shares out X 24 cents = US 3.8 minus, plus 500 K cv. bond, minus about 1 million cash). This tiny little capitalization should give us pause as to the huge upside potential in these shares. Bui: They feel they've found the smoke, and are hopeful about the fire. Only 500m of the 6000m length at Tombe has been drilled to only 40-60m depth, and there was gold in virtually every hole. There are also 13 more prospects. I asked about drilling costs, and the good news is that they are very reasonable, estimated at $12 to $17 /m. So this is not a dead project by any means. Looks like alot of exploration ahead of us.