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

To: baystock who wrote (1200)	10/9/2002 9:44:54 AM
From: winzer5	Read Replies (1) \| Respond to of 1319

Nice to see someone else with an interest in Glimmer Ram: I'm sure that Richard McCloskey will use his/our 48% of the Apollo Gold (APG on the TSX) 2,080,000 shares and 8.2 mln in cash to put to good use. On our own or more promising property. I would imagine that there are much better properties around that have been beaten up pretty bad when the POG was manipulated down to 250. There is a lot of good information on the APG site concerning the future development plans for the Glimmer Mine. While APG is aware that it has been a producer in the recent past, they are going into the development (extensive drilling versus exploration drifting followed closely by stoping - if there is one thing that I can highlight as being positive with APG's approach, it is the fact that APG has the luxury to do the development of this property in the correct sequence. i.e. drill, assess, then feasibility feasibility feasibility over the next 24 months. Higrading (in survival mode) does the mine no good ) In the mean time GME (and EXL) shareholders have a leveraged play on APG. So GME sold the mine; but in addition to the cash, it gained an exposure to 200,000 ounces from APG's US producers. Their average production costs are in the order of $US243 per ounce, in a re-start-up mode. So all in all, this sale of the mine may be the ticket that we have all been waiting for. Winzer