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Gold/Mining/Energy : Waseco Resources Inc. -- Ignore unavailable to you. Want to Upgrade?

To: CIMA who wrote (12)	11/5/1997 7:36:00 AM
From: DRT	Read Replies (1) \| Respond to of 60

Not a problem, I too was somewhat incorrect on approval timing. There is no particular date for the Indonesian govt. to accept the feasibility study. Their joint venture partner is the President's brother, they have met all their obligations under the COW, so approval is a non-issue. As you probably know, financing an alluvial gold project will be no easy task (the first milestone to reach). The next milestone will be either locating or commissioning a dredge. The third milestone will be production. In the meantime, interim measures (no share dilution) were taken to address cashflow requirements to continue field work on Tikkakur($300,000 or so in permit fees due to Waseco in late November/December from Indonesian govt.). I would think that a news release on results to date is likely within the next month or so. Discussions with majors will likely heat up once we see 8th generation COWS being announced followed by drill results from Indonesia. This one is a long-term investment, but the potential is considerable if either Teewah goes in production or drilling starts on Tikkakur. IR are very honest people to deal with, absolutely no hype/just the facts. Their direct involvement in directing the company is why I have continued to increase my position over time - obviously averaging down from past price levels. Lets hope retirement will come a bit earlier as a result. DRT P.S. Unrelated/If you are not aware of Avalon Ventures (AVL - V), you may want to call Blackwell - news to be released today or tomorrow ('Big Whopper' rare metals discovery in n. Ontario will put AVL on the map!).