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

To: James N. Wilson who wrote (556)	4/15/1998 2:39:00 PM
From: Winzer	Read Replies (3) \| Respond to of 1319

James, I hope that I can explain this to your satisfaction. But essentially, when a orebody is drilled from surface, and the data suggests that there is enough ore to justify production, one of the decisions to be made is where to place the development drifts. If the company is well financed, they may decide to put the development drifts in waste because they would then be able to put the stopes in the ore. By putting the development drifts in the ore zone, there is good news and bad news. The good news is that there will be ore credits (ozs) from the tonnage milled. The bad news is that some reserves will be lost because of pillar (for ground support) requirements. In addition, development drifts are a lot more expensive than stoping because stope pilots are quite expensive rounds (as opposed to slashing and benching). In response to BrokerG's question, I guess that it would suffice to say that EXL was very rough on George Kent, who was short of cash to mount any kind of resistance. Then the McCloskey group came to the rescue of Mr. Kent and stood up to EXL (S. Roman) quite well. The bottom line is that EXL appears to be the bully and GME has proven to be the group that has shown class and has been the beneficiary of previous rulings. As a professional, Richard McCloskey P. Eng. has a code of professional conduct to uphold and appears to have done so. Both principals are able to talk to each other civilly; but when it comes to standing up for the rights of their shareholders they differ. Richard was very disappointed that the 2,000,000 "blue sky" ounces were announced. And GME only recently got a copy of the Roscoe P report. EXL makes all the calls. RM believes that GME has enough to become the operator; but this would mean that some cash (financing) will be required. GME has the management team ready (in the wings) should this option be the chosen one. Lets hope that the move by GME to settle this thing quickly and out of court will happen soon, before BrokerG brings h/er/is 1,000,000 shares to the EXL meeting to get some answers out of EXL. I'm playing both sides of the fence on this one with the larger bet on GME. Right James? Cheers Winzer