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Gold/Mining/Energy : Waseco Resources Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Dave Tan who wrote (29)	1/21/1998 8:41:00 PM
From: CIMA	Read Replies (2) \| Respond to of 60

UPDATE: Mike Bird is reported to have had a meeting yesterday with the brother of President Suharto who owns 40% of the Tewah project. The meeting was to ascertain if he will provide his 40% of the financing of the project. If he declines his ownership drops to 20% and Waseco owns 80%. No results reported yet. Today Mike Bird presented the details of the feasibility study to the Ministry of Mines as part of the approval process. Following this, the final stage of the process is approval by the Ministry of the Environment. No results on today's meeting yet. Apparently there are 2-3 dredges currently available in the area. Securing a dredge depends upon government approval of the project and then financing. Rumor has it a major is still interested in one or more of their hard-rock properties which could provide funds. Also, (another rumor) following Diadem's lead, Peter Howe may be replaced as President of Waseco and the replacement would hopefully bring the contacts necessary to raise the funds to move the project along. In any case some dilution of the shares is likely, either by selling/optioning assets or an offering. IMO, at this point anything would be good for shareholders. Canadians are described as being gunshy of anything in Indonesia and Americans see Waseco as a steal and see a positive risk/reward scenario.