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Gold/Mining/Energy : JABA INC.(c.jba) -- Ignore unavailable to you. Want to Upgrade?

To: hedger who wrote (154)	11/24/1997 8:37:00 PM
From: MUDMAN	Read Replies (4) \| Respond to of 1044

Hedger and All: I just finished a 30 min convesration with Dr. Guilbert (he called me). To summarize before I go into detail: I feel this company is back on track and that management realizes that 1997 was a lost year. They seem to have the right people in place to make things happen. The two former AQP guys are Adrian Hall, a lawyer who is now handling the jv negotiations, and John Young, who is handling the financing side. (mr. Ideziek is not associated w/ JBA). Both have been involved with JBA since May 1997 and both became JABA USA board members in Sept 1997. Mr. Hall has 130M in options and Mr. Young 110M. Mr. Young is also participating in the current private placement. The bottom line: these guys are involved and incented to make this work. The current cash position is $700m US. It is expected that new money will need to be raised in Mar/Apr 1998. Dr. G clearly expectes the stock price to be higher at that time. The company he said is VERY CLOSE to announcing three jv's with majors. THIS IS BIIIIIIG NEWS IF IT HAPPENS. One major in particular wants to be drilling Mammoth Wash by January 1st!!! As Dr. G said, "we are not short of good ideas we are short of money". Clearly he sees the leverage in arranging jv's. Current insder ownership is +-30% : Mr & Mrs Briscoe: 21% Dr. G 7%. The biggest threat to JBA at this point in Dr. G's eyes are 1) having the jv's fall thru; 2) failure to find anything when drilling; 3) if POG goes to $275 and copper $0.70. Dr. G thinks that 1998 will be an important and exciting yr for the company. He clearly realizes that without drilling there are no results and that without no results no one cares. I personally feel 1000% better after speaking with Dr. Guilbert. The Sharpe situation was a distraction in 1997. This is now gone. Mr's Hall and Young seem like aggresive/make it happen types who aren't there for a double. They clearly see something here. As a matter of fact Mr. Guilbert was going into a meeting with Mr. Young after he finished with me. I know what I'm doing tommorow: strapping on another 10,000 shares. That gets me to 52,500. I might be crazy but I like who is along with me for the ride. Hope this is clear and helps out. MUDMAN