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Gold/Mining/Energy : Canadian Diamond Play Cafi -- Ignore unavailable to you. Want to Upgrade?

To: Chas. who wrote (2488)	2/12/2005 8:31:32 AM
From: james flannigan	Read Replies (1) \| Respond to of 16213

Chuck.I tend to think to be fair to mpv shareholders(as fair as Debeers can if they know the meaning of the word????) they would wait for the FS to be released.To launch a takeover before would raise questions as to why Debeers would want a mine that they say is uneconomic to mine.This could also involve a class action law suit from MPV shareholders,thinking that Debeers fudged the numbers.While fudging the numbers may be a stretch,think they have made them low to stay under the 15%IRR so they could advance Snap instead of KL.I also do not think they paid too much for Snap.The tonnage on DBRs web site says 22mt at Snap,but we know that Randy Turner thought it contains closer to 40mts.If this is the case Snap was a bargin.With the JV deal it is a double edge sword.The deal is great,the partner sucks.If we would not have gave Debeers control of our claim,we would already be mining diamonds from KL IMO.This is a good lesson for investors buying into a Debeers JV.You should expect many years of "dead money".While Iam into my knees in MPV,I would stay away from any future Debeer JVs.We shareholders in MPV are always in the dark.We are into a new year and have heard nothing from MPV management.I hope Debeers buys out MPV soon as Jan and his clan will be on the unemployment line where they belong rather then collecting his $400,000 per year while he has left the company on auto pilot. James