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Gold/Mining/Energy : JAB International (JABI) -- Ignore unavailable to you. Want to Upgrade?

To: Martin Wormser who wrote (1303)	11/19/1997 8:30:00 PM
From: Charger	Read Replies (1) \| Respond to of 4571

Martin - here is the sapphire reference: One of three foreign producers analyzing Brush Creek's ore recently reported that an abundance of sapphire is embedded in the rock sample. In certain geological environments, sapphires and diamonds are often found together. sacbee.com I also wanted to address your statement that you thought it would be a good idea to have a mining company as a JV partner. I don't agree with you and here is why. The past performance of this mine was under different management, and, as we know, that management did not perform satisfactorily, there was a takeover, a lawsuit, etc. Having won the lawsuit, the present management has only just now been able to focus on mining. The company is currently hauling ore out of the mine at the rate of 60 tons a day, has hired an additional mining shift, is building raises, drilling through blocks, all on a "two-cent" reserve of capital. I do not see this as a bad performance. Though I follow your reasoning, I also can see where two "chefs" could spoil the golden soup. Either each have equal power and two different ideas about how to approach any given problem, or one has more power than the other, and we know what kind of problem that can cause. I would be in favor, should this turn out to be the scenario, that the JV be an "investor". We all know that there is more than one way to skin a cat. There are plenty of consultants, people with experience, etc. to draw information from. My understanding is that the company's recent hirings of the Mine Superintendent, their geologist, and all of the experienced personnel listed in the previous news release prior to Nov. 17, is the core of personnell who will mine the mine, produce the ore. The miners are the proven producers, the mine will produce whatever it has, the management team will promote the company, and the finances will be, I believe, well-managed by someone of integrity such as Jim Chapin.