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Gold/Mining/Energy : Exall Resources/Glimmer Resources -- Ignore unavailable to you. Want to Upgrade?

To: James N. Wilson who wrote (552)	4/14/1998 5:48:00 PM
From: Winzer	Read Replies (3) \| Respond to of 1319

James and others, I talked to Richard McCloskey today and he was kind enough to update me on the following: Reserves - The increase in the mineable ounces from 257,000 to 400,000 plus the 160,000 probable to give 560,000 ounces was very exciting. The reduced grade was also noted but 9.98 is still attractive. It was noted that about 50,000 ounces were produced to date. This means that cash flow is paying for operations. He said that the 260/oz was due to less ounces produced, and that the weighted annual average is $220. Development vs Production - When mining there are two options. Either you do your development in ore or in waste. The present practice of development in ore has the benefit of producing the ounces to sustain the operation. In addition, the ore body is being redefined by the intersection of the areas where the previous information was from drill holes. He stressed that the mine was still in the development stage. Litigation Update - Waiting for the appointment of a referee. The terms of reference, definitions etc should be finalized by this Thursday (April 16). The claim of both parties would be based on this interpretation. The final determination will be made by the referee. And the process could be complete by the summer. Caution I may have gotten some of the details of the litigation proceedings a little confused; but my main point here is that he said "summer" without specifying - early, middle or late. So with no experience in these matters, I leave it to your imagination. Thus, for those of us who have followed James's excellent analysis even using the 7.6 MM FD GME shares, should know that we have an extension of the period whence we can pick up more GME (and EXL) shares. Cheers Winzer