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

To: froland who wrote (2585)	1/8/1998 10:51:00 PM
From: Dundee Maples	Read Replies (2) \| Respond to of 4571

Just back from meeting. I was very pleased. Ken took better notes so I will let him post first. ( Then I rambled on ... sorry) The faxed material is very positive IMO, and I think it errs on the conservative side. The geologist who wrote it, works closely with BCMD and has visted all the mines and looked at them and historical material carefully. There was one very negative stockholder in attendance. His main gripe was that Jim made $100,000 and he and the board had voted themselves options. I didn't mind him bringing up the point, but he wouldn't let go of it. ( I get very confused when someone owns a company they have major gripes with ??? If I felt the way he did I would sell.) He went on and on and... . The people from BCMD have great respect for Jim and defended him intently. I was very impressed. Not just because of the respect for management from the mine workers (stan, Vern, Bill, ...) but because BCMD doesn't duck any questions no matter how distasteful. Oooops I am running on. Oh well. Vern said that they had produced 460 ounces of gold since July 16 to Dec 31. They can run the mill 3 shifts to process 90 to 100 tons max. Stan said they just finished a 40 foot cross cut tunnel under pillar 4. Yesterday the move vertical 10 feet.The pillar is at least 30 feet wide. After pillar 4 they can get 5,6,7,8,9 and 10 (they are all differrent sizes). They(management) are working on the management plan and hopefully will be done in 4 to 6 weeks. The plan should be release by Jim (in some form). It will lay out how they will use funds and what mines will be their focus in the near term (0 - 12 months). I got the feeling that they would concentrate on 2 mines (they mentioned that money would limited the number they could bring into production) and do exploration ... in some others. I am tired. Hopefully I haven't made to many grave errors - spelling or otherwise. Remember this is just one man's opinion ... . Finally, I would like to note that of all the inferred resources they mentioned were all at 1 ounce per ton (wow!). Also their production cost is low - around $195 or so. With the gold market as it is, this makes BCMD a powerful contender - great potential IMHO. Just look at the stock action today. Gold dropped, gold stocks got beaten up, and BCMD was up 6.06%. I am pleased and I think we will do well in the long haul. Don't get impatient, don't get greedy, don't get scared, sit back enjoy yourself ... I think we a good chance of having a winner. I will review my notes tomorrow and add tidbits. Dundee (please do your own dd, think of this as an antedote)