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

To: baystock who wrote (704)	11/9/2001 8:10:48 PM
From: russwinter	Read Replies (1) \| Respond to of 922

<drilling around their existing mines> Nearby mines is the great aspect of Dunkwa: Prestea and Bogoso to the south, ASL's Obusai (almost all expensive, 192 cash cost, underground now, so surface material is very desirable) to the north, and even Tarkwa isn't that far. And remember ASL's deal only covers a small part of a highly prospective 240 sq. km Ashanti trend concession. Sounds like the first check is for US$3.5 million. Further royalties will be $30/oz for oxides and $10/oz (POG below 300, scales higher) for refractory. There is already 700,000 oz of both at Mampon, and could easily be more, as about every shallow hole so far has hit good material. Then you have GSR to the south with an existing plant and short of ore. At 18 cents, BGI has a market cap of $2.65 million. ASL already owns 10% of BGI stock. I have little doubt that both GSR and ASL (and others) have offered good money ($8 million plus the first check is my SWAG= about 80 cents, if I were GSR or ASL, I'd stock swap my overpriced US listed stock) for this one, but Simoneau is hot to trot on Bui once he gets the funds. He may be right, but I'm concerned because even discoveries don't translate well to increased stock prices in this sector. I'd like for him to cash us out, but I guess that's an oxymoron for some of these explorer types.