To: Kaena™ who wrote (8730 ) 12/19/1997 11:03:00 AM From: Abner Hosmer Read Replies (2) | Respond to of 10482
Kaena - I can't believe that you just recommended MGR to this thread. These guys have no credibility at all. Get this folks; on March 3 of this year, the company announces a gold anomaly on their Bumbat West property of 1700 x 200 meters, open in both directions. The zone is defined by 228 samples averaging 4.25 g/t, with values up to 65 g/t. Stock soars, drills are mobilized and then surprise, July 7 the company mentions in a few lines within another news release that they cannot reproduce these results, and suggests that maybe the samples did not come from Bumbat West after all. When someone on the thread expresses a little perturbation over the affair, the company pres, who posts on the thread, informs him that "we cannot be responsible for wishes." Anyone looking at this stock should examine the indider trading records for this period, you'll find them interesting. Mongolia Gold Resources Ltd - Kaiser says sell low-credibility stock Mongolia Gold Resources Ltd MGR Shares issued 24001373 1997-11-20 close $0.27 Thursday Nov 20 1997 John Kaiser, writing in the November 21, 1997 edition of the Kaiser Bottom-Fish Tracker, says Mongolia is a sell at $0.27. Mongolia was one of Mr Kaiser's 100 recommendations in the KBF Report of December 23, 1996. At the time, the stock traded at $0.69. Mr Kaiser says MGR tapped into the fad of extrapolating ore bodies from surface anomolies, in this case the Naimgan zone's supposed multi-million-ounce gold potential. The stock surged in March and April before follow-up sampling in May failed to confirm earlier results, and Mongolia "now has a serious credibility problem," Mr Kaiser states. The $14-million Bumbat Mine is in production, with output at a lower grade than expected. With the treasury low (working capital: $500,000), no financing planned, and gold around $300 an ounce, Mr Kaiser recommends selling MGR. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing)