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Gold/Mining/Energy : Peruvian Gold Ltd. PVO -- Ignore unavailable to you. Want to Upgrade?

To: Elizabeth Andrews who wrote (490)	3/27/1998 6:12:00 PM
From: Robert Dydo	Read Replies (1) \| Respond to of 892

I did some more reading of GBU releases on Stockwatch. What was interesting in their statements where those two fragments: "The company is confident of becoming a significant gold producer early in the new millennium as it further explores and develops its Romanian gold projects" dated from 11/28/97 and second dated from 2/25/98 "Gabriel has received the initial results from the drilling and sampling program underway at the Rosia Montana project in central Romania. The program is currently budgeted to include 30,000 metres of reverse circulation and diamond drilling. This drilling program, in combination with an extensive underground channel sampling program, is designed to expand and upgrade the current resource of 2.6 million contained ounces (48 million tonnes at 1.7 g/t using a 1 g/t cutoff) to a proven and probable, mineable reserve status. Due to technical difficulties with the drill rig, only one hole (G10), has been completed to date to a depth of 102 metres. A second drilling rig has been mobilized and drilling has recommenced. Hole G10 was drilled at a 60 degree angle in the central portion of the Cetate mineralized zone which is currently being mined by small scale open-pit mining methods by a Romanian state-owned company." nice intervals which one was of 98m of 4g/t. The drilling is ongoing according to this news release. Rolly believed that David was there for ten days. With two rigs going at the same time probably more core was recovered, analyzed and assayed and yet kept confidential as PVO was doing dd. This one hole is pretty impressive alone what happens when there is three , four or more different holes with similar intervals? Obviously their goal of this program could succeed. They want to check depth up to 350m(from nr)that is roughly 80 holes of this length. With their cash, they had planned drilling till June of 1998. With our cash they can get more rigs, more people and equipment in shorter time. In its structure this deal does not make too much sense in this market conditions. Dilution is almost a suicide and you would think, that would be the last thing company with 0.90 per share do. This fundamental disaster could be only changed by two factors. Either there is more gold, like a double, 5 to 6M oz possibility or/and this resource can be quickly turn to production. In nr the targeted area is being mined as we speak, so is this a possibility in the short term for at least a small cashflow? I am certain that drilling program could be supported for years with PVO's money and the chance of POG going back to 360-400 could easily make this merger worth a thought, but this deal is being made now and increase of shareholders value doesn't come first to mind. We will not know more about it till probably after April 24, when the transaction should be completed. Trading Retail does not like it, but I don't think there was any block trades today, how was T.K behaving? GBU looks like they were always thinly traded, don't forget 60% shares are in hands of PVO. Regards

To: Elizabeth Andrews who wrote (490)	3/27/1998 6:22:00 PM
From: Robert Dydo	Read Replies (1) \| Respond to of 892

03/27/98 - 42 Trades for PVO Ex Time Price Change Volume Buyer Seller Marks V Mar 27 13:13 0.79 -0.20 7500 016 Yorkton 016 Yorkton T V Mar 27 12:47 0.79 -0.20 2500 009 Green Line 016 Yorkton T V Mar 27 12:45 0.78 -0.21 1000 012 Nesbitt 063 Levesque T V Mar 27 12:45 0.78 -0.21 3000 012 Nesbitt 014 Brink T V Mar 27 12:25 0.78 -0.21 3000 066 Versus 014 Brink T V Mar 27 11:56 0.75 -0.24 500 012 Nesbitt 035 Canaccord T V Mar 27 11:56 0.75 -0.24 2500 009 Green Line 035 Canaccord T V Mar 27 11:35 0.75 -0.24 5000 009 Green Line 016 Yorkton T V Mar 27 11:35 0.75 -0.24 2500 009 Green Line 052 McDermid T V Mar 27 11:35 0.76 -0.24 500 031 Global 052 McDermid T V Mar 27 11:19 0.76 -0.23 2000 031 Global 035 Canaccord T V Mar 27 11:02 0.77 -0.22 5000 063 Levesque 025 Midland T V Mar 27 10:42 0.76 -0.23 500 087 Wolverton 009 Green Line T V Mar 27 10:36 0.77 -0.22 5000 016 Yorkton 035 Canaccord T V Mar 27 10:36 0.78 -0.22 5000 016 Yorkton 035 Canaccord T V Mar 27 10:16 0.81 -0.18 2000 085 ScotiaMcLeod 063 Levesque T V Mar 27 10:15 0.85 -0.20 150 009 Green Line 087 Wolverton E V Mar 27 10:14 0.79 -0.20 1000 018 Georgia Pacific 063 Levesque T V Mar 27 10:14 0.80 -0.20 1000 012 Nesbitt 063 Levesque T V Mar 27 10:14 0.81 -0.18 1500 009 Green Line 038 Golden Capital T V Mar 27 10:14 0.81 -0.18 2500 009 Green Line 038 Golden Capital T V Mar 27 09:38 0.80 -0.19 1000 012 Nesbitt 024 Jones Gable T V Mar 27 09:38 0.80 -0.19 2000 031 Global 024 Jones Gable T V Mar 27 09:36 0.80 -0.19 500 031 Global 058 Oliver T V Mar 27 09:36 0.81 -0.19 5000 016 Yorkton 058 Oliver T V Mar 27 09:36 0.81 -0.19 5000 025 Midland 058 Oliver T V Mar 27 09:36 0.82 -0.19 3000 087 Wolverton 058 Oliver T V Mar 27 09:36 0.82 -0.19 5000 035 Canaccord 058 Oliver T V Mar 27 09:36 0.82 -0.19 1500 031 Global 058 Oliver T V Mar 27 09:12 0.82 -0.17 5000 087 Wolverton 038 Golden Capital T V Mar 27 09:11 0.81 -0.18 5000 063 Levesque 029 PI T V Mar 27 09:10 0.82 -0.17 5000 035 Canaccord 029 PI T V Mar 27 09:10 0.83 -0.17 10000 016 Yorkton 029 PI T V Mar 27 09:10 0.85 -0.14 1000 026 Haywood 087 Wolverton T V Mar 27 09:09 0.85 -0.14 1000 026 Haywood 087 Wolverton T V Mar 27 09:03 0.85 -0.14 3000 026 Haywood 058 Oliver T V Mar 27 09:03 0.85 -0.14 2000 031 Global 058 Oliver T V Mar 27 09:03 0.87 -0.14 10000 035 Canaccord 058 Oliver T V Mar 27 09:00 1.00 0.01 1500 089 CT International 035 Canaccord T V Mar 27 09:00 1.00 0.01 500 089 CT International 035 Canaccord T V Mar 27 09:00 1.00 0.01 5000 089 CT International 038 Golden Capital T V Mar 27 09:00 1.00 0.01 500 089 CT International 063 Levesque TW