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Gold/Mining/Energy : Int'l Pursuit (T.IPJ) -- Ignore unavailable to you. Want to Upgrade?

To: Traveling Man who wrote (600)	3/1/1998 4:38:00 PM
From: Ron Everest	Respond to of 835

I also have a concern with the rights in that not everyone involved may be in a liquid enough position to keep on an "evenly" invested basis with IPJ. Another thought though, if the rights are all taken up by existing holders or those who buy the rights on the market at that time, there will be a powerful amount of cash in the treasury. 28mm x Sh value/2 = ? If Share value was C$10 then the rights would bring in C$140 million. Too bad that the price of CU is so depressed. But, apparently the costs associated with Hinoba-an are under US45 cents and closer to 40 cents for the (.55%CU) they will be mining in the first 5 years. If these numbers are realistic, I cannot see Minoro walking away from this deal. In fact, there should be a good possibility that IPJ can vend their 40% carried interest. Should these events consummate IPJ will have enough dry power to find the next couple of company making discoveries. One would believe that Indonesia would be extremely anxious to have jobs created in the mining sector or anywhere else in their economy. This could be very opportune time for IPJ's ventures. My reasoning is that they have to have stability for their 200 million people and will not trash their economy further by dishonoring their commitments already concluded. Anarchy is another matter? Best regards, Ron E