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Gold/Mining/Energy : Geodex Resources - GXM.V (was Agate Bay ABE) -- Ignore unavailable to you. Want to Upgrade?

To: Hugh M. who wrote (168)	7/22/1998 3:10:00 PM
From: Baywall	Read Replies (1) \| Respond to of 210

Re: Chimborazo, Not having talked to management recently about the project I can't give an answer right now. Whether Cyprus will place into inventory or wait for a proposal from someone is unclear. Copper may rebound in the future. Some estimates say 3 years and so forth. Not many brokers are willing to finance base metal projects for now. Many projects are LT in nature, but financially, institutions take a ST view. The project currently being sought does not involve base metals. LVL

To: Hugh M. who wrote (168)	8/19/1998 2:12:00 PM
From: Baywall	Respond to of 210

Hugh, It is unclear from Mr. Maris's report whether Chimborazo will be considered in the future. The Lomas Bayas mine to the north produced its first copper cathode in July. Both this project and Chimborazo were roughly equal two years ago according to the analysts. As for the diamond prospect, the property has the "potential" for an economic deposit and thus has a proven resource. Previous exploration confirmed this. What will move Geodex's stock price. Ignoring a stronger VSE, probably stronger evidence that an economically viable deposit exists. Simply because some diamonds were recovered and kimberlite pipes exist on the property will not be enough. I am also waiting for the terms of any contract which may be signed in the future. Joint venture partners, stake in the property and financing considerations will also play a role. Maybe price will move upon signing, but nothing is certain. At least management is pursuing something and appear to have financing in place should the contract be signed. That how I read the report. LVL