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Gold/Mining/Energy : Exall Resources/Glimmer Resources -- Ignore unavailable to you. Want to Upgrade?

To: baystock who wrote (1174)	5/13/2002 10:03:24 PM
From: winzer5	Read Replies (1) \| Respond to of 1319

Ram, I recently did a review of the key postings on this thread. My review suggests to me that GME is only doing what a lot of other juniors do in the same position. i.e. in my opinion, they are "waiting out the downturn" in the POG. The only recent twist to this move is the resignation of the entire board. Again, I would suspect that this is in an effort to save on director's liability insurance premiums. These costs aren't cheap. I think that it is just good business practice (provided there is not something else going on that I have not previously considered). How do you explain a 200% increase in the value of GME's controlling shareholder, Matcheawan Resources (YMT.A-X) so far this year. There is a tempting 60k available at 4c. The key aspects to my study was the increase in reserves and the decrease in the cost of production up until the Central Banks started selling off their reserves. The Glimmer Mine to its credit continued operations until May 10, 2001 when the POG closed at US$268.6. When I did my study, the POG was at $312, a difference of ~$US43 or ~16%. My mining professors used to say that in a cyclical mining industry (especially base and precious metals), it is like waiting for a break in the dark clouds on the horizon after a tropical rain. For those of us that think we understand the mining game (in my opinion, Murray Bubbis- explains it the best), the comment by Exall is of questionable merit. Is it material or mud slinging? Did GME out-fox EXL by the mass resignation of the BOD? And this was EXL way of getting back at GME? Petty stuff eh? Once the "skies have cleared", there is enough pressure on GME from, George Kent, Bo McCloskey himself, TOM Capital, etc. When the timing is right, the filing requirements will be made so fast that the average investor will not know what hit them. An astute management team should be meeting as we speak, discussing their plans for re-commencement of mining. The biggest hurdle will be the financing of the re-commencement of mining. And you can only get this funding if the ("dormant") management committee determines that the POG has stabilized enough to recall the employees.(another arguement for contract mining, i.e. in a downturn there is not as much grief). As an aside, their GM is/was a contract employee. So, I am hopeful that once the POG shows that is is in a sustained up trend (looks like it based on Kitco graph over the past six months), we should be back in business at the mine. Because they both still have debts to be paid. EXL itself is at historical lows. If you are convinced that on opening, it should be at least 35c, there is an easy double waiting to be had. Matchewan, at 4c should also be an easy double ONLY SHOULD production resume. Of course GME was over a dollar before the mine closure. And when the mine closed the only negative aspect was the low POG. Most of my junior golds have done quite well, so keep an eye for movement on EXL and to a lesser extent YMT.A, and MCS (McChip). CAUTION: These are my personnal views, do your own DD before making any investment decisions. I do have a position in GME, EXL and YMT.A and believe that the Glimmer Mine is a world class deposit; but share values has been decimated by a bitter litigation battle (that was recently resolved) and a POG that is coming out of the crapper. Winzer

To: baystock who wrote (1174)	5/23/2002 11:42:25 PM
From: winzer5	Read Replies (1) \| Respond to of 1319

Not sure what to make of this; especially the last paragraph; which I will think is the key to this whole PR. However, it appears that the moment that we have been waiting for all these years have finally arrived. < Glimmer mine joint venture Due to a currently vibrant gold market, the Glimmer mine joint venture partners have received a number of offers from interested parties to purchase this asset. The partners have agreed that a sale of the mine is the best way to realize value for shareholders of both Glimmer Resources and Exall. Further news will be released in due course.> This solution, i.e. both companies (partners??) agreeing to sell the property outright to a third party was always touted as the most logical solution to the impass. Now they won't have to deal with each other to the detriment of the beleagured(sp?) shareholders. (read divorce, division of assets & for the benefit of the shareholders/children). We will stay tuned for the announcement of the details, as promised/suggested in (promising) last paragraph. As the "lead" and apparently only remaining (diehard) poster I wish to congratulate the combattants on the wise decision that finally recgonizes that the only way to exploit this mine successfully is to have it run by someone else. The full potential of this promising deposit can now be realized. As long as they don't give it away. I was beginning to get really upset (yet again) that we going into another gold rally with the mine shut down and GME not trading. Lets hope that the shareholders will be handsomely rewarded for their patience. Explains the volume(s) today in Exall and Matchewan. Some nice grabs of EXL by Hayward despite earlier "dumping" by Canacord. Also an excellent grab of 60k of Matchewan @ 4c. How long is that 50k @ 5c going to last? It would also be nice to see what attention EXL gets tomorrow. It appeared to be firming up at the close. Good luck to all! Winzer ========================= Start of todays News Release=============== Exall Resources loses $4,983,318 in 2001 Exall Resources Ltd EXL Shares issued 44,599,886 May 22 close $0.15 Thu 23 May 2002 News Release Mr. Stephen Roman reports EXALL UPDATE Exall Resources has provided its consolidated financial results for the year ended Dec. 31, 2001. For the year the company had a loss of $4,983,318 (12 cents per share) on revenue of $2,572,124 (52 per cent of Glimmer mine revenue), compared with a loss of $4,077,346 (13 cents per share) on revenue of $10,047,522 for 2000. The statements include the accounts of the Glimmer mine joint venture, in which the company has a 52-per-cent participating interest and is the operator. The joint venture was accounted for under a proportionate consolidation basis in the current year where the company included 52 per cent of the assets, liabilities and loss for the year. Mining operations were suspended on May 10, 2001. In the first quarter ended March 31, 2002, the company had a net loss of $133,385 (0.3 of a cent per share) compared with a net loss of $810,278 (2.1 cents per share) for the three months ended March 31, 2001. The losses reported are attributable to costs associated with the suspension of operations of the Glimmer mine and associated carrying costs necessary to maintain the mine on a "care and maintenance" basis as well as writedowns of long-term investments, primarily the investment in Oltchim SA in Romania. Oltchim SA The company's representatives appeared in Bucharest court on April 23, 2002, for the initial hearing relating to the "force majeure" incident that occurred at the Oltchim plant in August, 2001. After a short deliberation of the issues a further hearing date of May 14, 2002, was set for further discussions. The issues raised at the May 14 hearing necessitated further hearings which are scheduled for June 28, 2002. It is not known at this time whether further court deliberations will be necessary after June 28. Management expects that the discussions in court may require further hearings to resolve all outstanding issues. Glimmer mine joint venture Due to a currently vibrant gold market, the Glimmer mine joint venture partners have received a number of offers from interested parties to purchase this asset. The partners have agreed that a sale of the mine is the best way to realize value for shareholders of both Glimmer Resources and Exall. Further news will be released in due course. (c) Copyright 2002 Canjex Publishing Ltd. stockwatch.com ====================End of News Release =================