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Gold/Mining/Energy : Bema(Bgo) and Arizona Star -- Ignore unavailable to you. Want to Upgrade?

To: Terry Swift who wrote (8119)	10/28/1997 8:46:00 PM
From: Lorne Larson	Read Replies (2) \| Respond to of 10482

Terry If this thing for sure is going to be a mine for sure why didn't Clive insist on an immediate buy-in by Placer? This would have been a much better deal for BGO/AZS. My guess is that an immediate buy-in was what Clive was originally looking for, but Placer was insistent that they needed more DD. In terms of shareholders approval corporate law in Canada provides that a sale of a substantial portion of your assets obtain shareholder approval. However as was pointed out to me earlier at this point there has been no sale - only the granting of an option. Shareholders approval would therefore be required when the option is exercised by Placer. The fact it isn't often done with juniors doesn't mean it isn't the law. Does it really make sense that BGO/AZS can dispose of 1/2 of a 27 million oz resource at a directors meeting? Have another look at the process followed in the Inco/Diamond Fields deal for Voisey Bay. Regards