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To: goldsheet who wrote (60848)	11/11/2000 4:45:51 AM
From: d:oug	Respond to of 116965

Bob, (off topic) search for gold lost at sea... Visa Gold Explorations (CDNX: YVL) otcjournal.com This company embodies the famous Humphrey Bogart line in the Maltese Falcon: "It's the stuff that dreams are made of". Canadians have a well known history for embracing small, speculative issues. The Vancouver Stock Exchange was infamous in the 70's and 80's for the occasional huge winner in the natural resources sector. About one in two thousand stocks went crazy, appreciating literally from pennies to $20 on up. Many others went to zero. Visa Gold Explorations, Inc. (CDNX: YVL) •Stock Listing: Canadian CDNX Exchange: YVL (Yahoo Quote Symbol: YVL.V; OTC Journal Quote Symbol: YVL.CA) •Estimated Shares Issued and Outstanding: 22 million •Estimated Public Float: 5 million •Closing Price and Volume: $1.04 on 72,300 shares •Market Capitalization: $22 Million •52 High and Low: $1.4/$.3 •Click Here for a current stock chart •Web Site: visagoldexplorations.com From the late 1500's into the late 1800's Havana was the main destination port for ships traveling with cargo to and from the New World. It is estimated that 13,000 ships found their way to Havana during this time period. Of those 13,000 ships, approximately 40% never made their final destination. Most sunk in Caribbean waters. At 5 o'clock on November 10, 1838, the Spanish Brigantine ship “Palemón” left Havana Harbor, captained by José Antonio de Ageo. Upon arrival in London, everything convened is fulfilled. As the winter months ended, the “Palemón” closed its registry on the 6th of March 1839 to set journey to Havana, it contained in its hold products loaded in London and France belonging to subjects of these countries for merchants residing in Havana. The amount of the merchandise was 5737.2 cubic feet in trunks, bundles and boxes of different sizes and weights which made the 136.25 tons of cargo with a freightage of 3 535.80 pesos. The ship was a Commercial Cargo Vessel weighing 164 tons, and probably looked a lot like the ship pictured below. At 3:30 AM on April 25, 1839, the “Palemón” ran up on the reefs of Cayo Verde just off the coast of Cuba. According to reports made afterwards "The Ship's Bottom Was Penetrated and Flooded Up to the Hold". The “Palemón” lay undisturbed for 161 years until discovered in August of this year by Visa Gold Explorations (CDNX: YVL) in partnership with Cuban Crown Corporation Geomar S.A. Historical BackGround Sermar S.A. is the Cuban Crown Corporation that controls exploration of all Cuban waters. Geomar S.A. is a subsidiary of Sermar S.A. Under a comprehensive, international contract reached with the Cuban government in February 1998, Visa Gold Explorations has exclusive rights to search for shipwrecks in the depths of Cuba's waters. Since May 2000, the company has located two sites, and has recovered many valuable artifacts from the shipwreck site of the “Palemón” . Officials at Sermar S.A. have documented on file over 2,100 shipwrecks in the Cuban waters. Many of these are located in one of Visa’s territories known as Galleon Alley, which is west of Havana. These waters remain largely unexplored due to the lack of resources for exploration. It is estimated by the officials that 20% of the 2,100 ships have significant economic value. With the collapse of Russia over the past decade, Cuba was forces to find replacement trading partners to support the needs of its people. US companies continue to be forbidden from doing business in Cuba, but a strong trading relationship with Canadian companies has developed. In fact, at the recent funeral of Canada's former leader Pierre Elliot Trudeau, Fidel Castro was seated in the front row. This developing partnership has opened the door for many new relationships and the long awaited exploration of the largely unexplored Cuban reefs. Visa Gold's Business Model Under the terms of the agreement, the Cuban Department of Patrimony has a right to 50% of the artifacts reclaimed, either in pure form or in cash. Visa Gold can apply its reimbursable expenses against the remaining proceeds, after which it receives 60% while its Cuban Joint Venture partner, Geomar S.A., receives the remaining 40%. Therefore, Visa Gold will receive the revenue flow from approximately 30% of the artifacts recovered. The only comparable situation is the well known discovery of the Spanish Galleon Atocha in 1985 by the infamous Mel Fisher. It took 16 years to locate the ship, but estimates place the value of recoveries to date over $400 million. No one anticipates the “Palemón” to yield the treasures of the fabled Atocha, but this finding is yielding spectacular treasures, and there are many other undiscovered ships in Cuban waters. The company has unlimited potential for growth as its relationship with its Cuban partner matures. Discoveries From the “Palemón” Just since August over 6,504 artifacts have been discovered and restored , with many more to come. Artifacts are being recovered on a daily basis which could prove to be extremely valuable. The company constantly updates it web site with pictures of the most exciting new discoveries. An example of the type of jewelry being recovered is the Gold Broach with Diamond, Emerald, and Ruby inlays and other beautiful pieces. Intact bottles of both wine and perfume have been recovered. Weapons including Flint Lock Pistols have been uncovered. The search and recovery boats go out daily to the site, where efforts are ongoing. Above is pictured is one of the boats involved in the projects and divers in action on the site. Artifacts are restored at a Cuban based lab by professionals using the latest technology, and handled with extreme caution.