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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: paul ross who wrote (85651)	5/22/2002 6:49:33 AM
From: E. Charters	Respond to of 116819

Gitennes Resources had good geologist who found several good properties and proceeded to drill them off in NWT and South America. Gerry Blackwell. He fell afoul of two principles. One that it is impossible for a pure exploration company to keep its stock price high as they don't earnm any real money by selling or optioning properties. Two is that it may be extremely difficult to drill off a mountain shear zone without using a very large diameter low-speed high-torque drill such as used on oil rigs. I suggested this to them when it became apparent that the diamond drills that they were using, basically manned by men inexperience with blocky mountainous drilling such as you find in BC, were only getting 20 or so feet a shift. They basically squandered their money on an exploration program that was way too slow. They sold the property in NWT incidentally to Dome and that was the last heard of it, and the mentioned property in Peru in the mountains was sold to Cambior, and that was that for Gitennes -- who then got caught in the gold price downdraft. I downgraded Gitennes about 4 or 5 years ago, after they sold the Peruvian property. I disagree with companies who disavowing expertise in development drilling to push stock and refusing to develop. There is another Canadian company in Southern Peru with an interesting gold property that they have held on to and to give them credit they are trying to develop it. They are running into leftist political troubles which are being helped by some domestic leftists. It is run by a guy from Kirkland Lake. He is no buddy of mine but the company, if they get the roperty off the ground should do well. EC<:-}