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Strategies & Market Trends : Winter in the Great White North -- Ignore unavailable to you. Want to Upgrade?

To: marcos who wrote (2762)	8/16/2002 12:31:10 AM
From: E. Charters	Respond to of 8273

There are investors of that class here and there. I do speak to some now and then. I do flirt with Bay street, but find the creek awful short and shallow. You get the fast shift. When Munk started Barrick he had low bucks but he had bucks. He had to go to the States. And it was hard down there. Nothing is harder than selling a mine. You cannot oversell it, but you gotta sell it. And it has never changed. Reading about people trying to get cash in Cobalt in the early 1900's is rare. They had silver veins as thick as your wrist that they could pry with crowbars, and the groups would go see CDN banks, and this is with say 20 mines running gangbusters, and it was like talking to the northwind in January. Nobody took "mining accounts".So these gentlemen would back out of the bank saying things like "you bankers don't give very much credit to mining accounts, but give us 6 months after we get going and you will be coming to us to borrow money." In the old days when they found the Timmins mines and the ones at KL, they had little to go on but the presence of gold in veins on the surface. "Good showings", as they called it. It meant a lot then. Now the pundits stand at the surface and declare the thing to be of indifferent potential not matter what the indications. But that has not changed either. When Harry Oakes was about 150 feet down and had a level out about few hundred feet, a New York company decided they would drill his workings. They drilled 3 holes and told Harry to quit right then and there. "You have 1/10 of an ounce over 3 feet. It won't pay" they said. "But I am in my main zone, and mining 0.50 ounces over 20 feet", Harry said. The Lakeshore worked. It went on to make Harry the richest man in the world in a few years time. He got it into production and he owned 50% of the shares. Quite a feat. They asked Harry how he knew about the rich values under the lake. " The best ones are all under lakes", he replied. They also asked him at the PDA how far down he thought the Lakeshore went. No mine so far in Canada had penetrated lower than 1500 feet in gold. This was the "basement cutoff" in the seasoned geological opinion of the day. "About a mile", he said. The hall erupted in laughter at the non-geologist's opinion. It went a mile. EC<:-}