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Gold/Mining/Energy : ECM.VSE - El Callao Mining. -- Ignore unavailable to you. Want to Upgrade?

To: Mark K. who wrote (1076)	12/27/1997 3:28:00 PM
From: Abner Hosmer	Read Replies (1) \| Respond to of 1253

Mark - The board of ECM is composed solely of Bema insiders: Clive Johnson Courtney Neeb Kim Phillips Barry Rayment Roger Richer Johnson, as you may know, is President of both BGO and ECM. Johnson, Rayment, and Richer all sit on the board of AZS. Dr. Rayment is also a former President of BGO, and as I understand it, was responsible for the aquisition of the property where Cerro Casale sits. Phillips has been an officer of both AZS and PUM. Neeb, I believe, is one of the original property owners and also participated with Johnson and some of the others in a venture called Labyrinth resources. This is just a partial listing of the ventures in which these gentlemen are mutually involved. Investor relations for ECM is the same as that for Bema, so are the geologists. Yes, Bema may own only ~40% of the stock, but that is more than enough to give them complete effective control of the company. What you must understand is that the remaining 60% is mostly owned by people like you, me, and vargas, in addition to some mutual funds and probably some brokerage houses who have aquired positions. Unless you are able to organize and control 85% of the outstanding shares which are not held by Bema, you are not going to get anyone on the board. Whereas if Bema wants to aquire ECM they need only gain the approval of 18% of the remaining shareholders to achieve the extra ~10% of the total required to put them over 50%. I don't think that will be very difficult for them. Tom