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Gold/Mining/Energy : South Pacific Resource (C.SHF) -- Ignore unavailable to you. Want to Upgrade?

To: George Hassen who wrote (1963)	5/23/1998 1:20:00 AM
From: AH	Read Replies (1) \| Respond to of 1980

This is not a disappointment, this is an outrage! I have been following, as a shareholder, several companies with exploration projects in Indonesia. SHF was one of the very few that stopped their activities last July. I hoped it would mean preservation of the SHF cash position. Waiting for better time. Very prudent, I thought at that time. To my surprise the capital shrunk to 2.5 mil now from above 10 mil in the beginning of 97. Last September they reported administrative expenses of '$ 462,344' for the period of 'Six months ended June 30'. On June 23, SHF reported 'The company's cash resources were $7.1 million at the end of May.' So they stopped doing anything and still managed to spend over 4 mil? No wonder that with only 2.5 mil they need a new financing and new suckers. At this rate, what's left is not going to last even half a year with NO ACTIVITIES on the properties!!! The company is a scam. Now they want us to give them a mandate for looking for new victims. I am a holder of 5K. I bought them one year ago. At the risk of losing all my money invested in the company, I will vote against: 1. the 4:1 rollback (a pretension that the company is a JUNIOR JUNIOR) 2. change of the name (I bought the shares of South Pacific primarily because of the name, that is how silly I am, but I like it very much) This company is a better shape than many in Indonesia. They have a deal with TECK "Teck and MM Gold will be entitled to acquire a 51% interest in the project upon the expenditure of US$3,000,000 for exploration during the next three years of which US$500,000 is to be spent in year one, US$1,000,000 in year two and US$1,500,000 by the end of year three. They will be entitled to increase their interest to 60% by the expenditure of a further US$1,500,000 in year four." What happened here? What about the diamond prospects? The political situation in Indonesia is closer to any kind of stability acceptable to a North American than ever. Why to pull out now? The 2.5 mil can take you longer way in Indonesia than anywhere else. My response is: I will keep my shares to vote: NO. Even if the defeat of the notions means depreciation of the stock down to $0. NO ROLLBACK. NO CHANGE OF THE NAME - I am not ashamed of anything. Go SHF, even if it means going down to insolvency My advise to the SHF management is: If you are not able to find gold in Indonesia, you are not going to find it anywhere. Retire or find another way of making money. My judgement on you, SHF, and on a personal note, you: Mr. Robert Chase: SHAME ON YOU.