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Gold/Mining/Energy : East West Res. -- Ignore unavailable to you. Want to Upgrade?

To: dave brown who wrote (237)	10/2/1998 7:29:00 PM
From: Mase	Read Replies (1) \| Respond to of 253

I just received the East West 1998 Annual Report for the year ended April 30/98. Annual meeting is scheduled for Oct 30/98 in Vancouver. Is anyone on this thread going to attend? The report outlines a number of properties where the company has indicated it will be drilling in the fall of 1998 and the winter of 1999. In particular they talk about resuming drilling in the Nighthawk joint venture with Cross Lake in mid September; the commencement of ground geophysical work in August 1998 with drilling to follow on the Dougherty Lake - Timmins Township property; drilling of the Hepburn Township property in fall 1998 for gold and base metal targets; drilling of the Bonis Scapa Steele property in late 1998 or early winter 1999, and further drilling is planned for the Ogden Township property. Also, the Thomas property which is held 50-50 with Pacific VanGold Mines has had several significant anomalies outlined during IP surveys. (Note: PVM stock went from $0.18 to close at $0.32 today on a small volume of only 54,000 shares) With all of this planned activity it's hard to believe the stock price has fallen so low. Any possibility that a lot of this information wasn't released prior to the issuance of the annual report to allow for insider accumulation at extremely low prices? I note that during its 1998 fiscal year East West issued over a million flow-through special warrants at a price of $0.60 per special warrant and that they entitle the holder to purchase one common share at a price of $.65 prior to December 15, 1998 or at $0.75 per share prior to Feb 28, 2000. At a cost of $0.60 per warrant and an exercise price of $0.65 per share prior to Dec 15/98 someone inside the company and the investors must surely think that the stock would be significantly in excess of $1.25 per share before the end of this year!!! The question is, what do they know that the rest of us shareholders don't know??? Is the fact that the company spent $90,000 on legal fees out of a total of $300,000 in expenses (i.e. 30% of total annual expenses on legal fees) an indication of major investment and/or drilling contracts being structured for the fall 1998 drilling season. There was no explanation other than to say that one of the Directors is associated with this firm! I do hope that someone in Vancouver who is on this thread will attend the Annual Meeting and ask some very pointed and pertinent questions of the Directors. Anyone have any other comments about the annual report and fall drilling program?