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Gold/Mining/Energy : Golden Eagle Int. (MYNG) -- Ignore unavailable to you. Want to Upgrade?

To: Ironyman who wrote (583)	12/11/1997 12:37:00 AM
From: CIMA	Read Replies (1) \| Respond to of 34075

Well, I hate to splash water on the embers BUT a friend of mine ( no pun intended ) who also holds shares had a chat with Sabrina today. I will try to be accurate but remember this is third person reporting. First, he said she didn't seem to know too much about anything new. Regarding a press release, she said the two new sites are not producing yet. When asked about the importance of the Dec. 6 deadline she said that would not cause GE to lose its rights to the property. She said a press release costs a couple of thousand dollars and money is tight so they won't release until the new year when there's some news. She added they didn't have the money to update the website. They still don't know production costs and have no news regarding assays yet. She said she's getting a lot of calls of complaint from shareholders. Terry Turner is aware of this and said he wouldn't want to be in her shoes having to field those kinds of calls all day. She said she assumes ex-employees are dumping their shares right now, but isn't sure. She added she gets no salary and receives share options for her work. She also added that there's no broker support for the share price and that no investor should be putting their life savings into a speculative stock like this.

To: Ironyman who wrote (583)	12/11/1997 3:35:00 PM
From: CIMA	Respond to of 34075

You likely win on the production cost per ounce regarding the Cangalli shaft. They were probably higher than both of us estimated but you were closer. However, if I read what the release says right they're estimating a $120/oz cost on the open pit which would mean I win. Based on 88mm shares out and $2.25mm per month net income the EPS would be around 30 cents per share. At a PE of 20 that means $6.00/share. However, I don't know if the shares out are fully diluted ( likely not ). If you double the 88mm to 176mm it still comes to $3.00 per share. With this many shares out a reverse split could be an option for the company though the impact would be negative for shareholders short term. Terry Turner said he would give us some numbers to work with around this time and I applaud him for doing so. Though they are conjecture at this point it means management is sticking to its word. I would like to understand better how the company remains in compliance with its contract by not meeting the Dec. 6 deadline because the annual report clearly stated this was an obligation that had to be met along with the $3mm mining development investment and the $200,000 social development loan/grant.I don't doubt what he says is true, I just want to understand the contract language better. Any comments?