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Gold/Mining/Energy : ECHARTERS -- Ignore unavailable to you. Want to Upgrade?

To: E. Charters who wrote (2840)	8/7/1998 10:07:00 AM
From: richard badauskas	Read Replies (2) \| Respond to of 3744

I thought that you would like to know that your namesake Charters Towers Gold Mines is out of receivership. Charters sued the receiver and the lender and won a settlement that resulted in the lender writing of most of the loans on the Charters mine, the terms are still confidential but my guess is a write-off of about A$20M resulting in an extraordinary gain and announced earnings of 5.8 cents per share (A$) and shareholders equity of 21.1 cents per share. Princeton Economics of the U.S. is now providing additional financing subject to due diligence and shareholders approval of a new issue. We should now find out in the next year if the old Charters Towers Mines do in fact contain major gold deposits. On another note have a look at the two Geo2 threads on SI, this is a very interesting high tech company that is developing new processing technologies for precious metals and also runs a Chinese gold refinery that has the potential to become a big cash flow contributor. Currently the refinery is refining 20t/p/d of concentrates, current expansion is underway to 50t/p/d and then in three annual steps up to 300t/p/d to give revenues of A$125M (US$75M) from refining and from gold processing in 2003. For a better understanding of Geo2 go to their website at geo2.com.au Geo2 plans a US listing for its ADR's late this year, market cap is only US$25M so there is a lot of upside.

To: E. Charters who wrote (2840)	8/7/1998 3:14:00 PM
From: E. Charters	Respond to of 3744

Well GIT released news. I like the results and the thing is heap leachable. They are miles away from tons or delineation of all the ore areas even. This IS slow. but I guess they figure price of gold will be better in the winter and they have time. I am not sure. I would bring in an oil rig, high torque low speed drill and D-E-L-I-N-E-A-T-E. HEAR THAT BLACKWELL? You have to know exactly where your ore is to P-L-A-N an open pit. And to 400 metres not 150. sheeeeeeeeeeeeeeeeeeeeeeeeeeeeeesh! echarter@vianet.on.ca CDN Mining Newsletter