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

To: Jon Matz who wrote (693)	5/2/1998 12:52:00 AM
From: Roughrider	Respond to of 835

Jon I think they could have or should have issued a press release days or weeks ago that this agreement was not going to fly yet. We were all waiting for the big day. So as we were all waiting they all knew it was not going to happen. I phoned the company today. Sally said they need more time. Said it was in IPJ and shareholders interests to extend. She did not know if there was a new date. Said Minoro was keeping them well informed of what they are up to. I am disappointed it didn't happen today. I hope within next couple of weeks they will be able to have a date. It should be fairly simple by now, here is the money we need, here's how we are going to pay it back. Can we have it yes or no. R

To: Jon Matz who wrote (693)	5/3/1998 11:01:00 AM
From: Ron Everest	Read Replies (1) \| Respond to of 835

Jon My bet is that the $15 million is not in question, but, that the $100 million must be approved and assured. Most institutions must vet such a transaction very carefully with experts in the field, all of which takes time. I am confident in Dattels and Burton and feel comfortable with recent financial events: ie: ...... cancellation of the warrants. Benefit is that unnecessary dilution is removed. They wouldn't have cancelled unless there was pretty definite arrangements pending. Expect an update on the Mahakam work next week as I was told by IR that sampling is ready for release and needed to be checked over by Bill Burton. He has been out of the country.. There are now more clusters. The poryphrys apparently are at a 40 degree slope, like the slope of a steep ski hill. IMO when the sampling is complete, drill targets defined and drilling commenced, IF there is bulk tonnage this baby flies very high. There will be very low non productive material to move as the poryphries are sticking up in the air. Would appreciate this tread getting more active and trading some views. Best regards, Ron E