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Gold/Mining/Energy : Global Platinum & Gold (GPGI) -- Ignore unavailable to you. Want to Upgrade?

To: Richard Mazzarella who wrote (7611)	9/26/1998 10:48:00 AM
From: Tim Hall	Respond to of 14226

Richard, <<IMO the problem here is either Sabin's greed, or GPGI's lies.>> Aren't you being a little hasty? Don't forget all of that rhodium. Remember, it takes months to process. VBG Tim

To: Richard Mazzarella who wrote (7611)	9/26/1998 1:10:00 PM
From: Ed Fishbaine	Read Replies (3) \| Respond to of 14226

Richard, To all: As you know Mike McKay will be at the mill for several days starting Monday. His purpose is to review in detail the procedures being used to process the ore. He will be watching the operation from start to finish. I have spoken to him to get his take on what is happening. What follows is my interpretation of his remarks and does not represent his specific statements. He believes that the problem at the mill is a deficiency in quality control. Also, as I understand him, he believes that the head ore is quite rich in pgms and there is no question that GPGI possesses a reliable and economic method for the extraction of precious metals. The quality control problem is based on inadequately documented production steps. Regular samples of the resin columns as the resin is being impregnated have not been taken and incompletely saturated resin has been sent to Sabin. Sampling errors based on randomly saturated resin have resulted in unreliable assays. Shipments to Sabin have been premature and caused by pressure to get into production. However, why there has been delay in getting into a viable production mode is an important question. In addition to sampling errors there have been repeated modifications of the procedures without documentation and therefore without ability to develop a clear understanding of what works. He does believe that a specific procedure works and that this must be followed. Apparently R&D is being fused with production and obviously these two should be kept separate. McKay is writing a Production Manual which he expects will be put into practice within two weeks. Specific steps will be required to be taken in specific order and documented. Regular and consistent sampling will be required. Shipments will be made only when it can be demonstrated by representative assays that the resin is fully saturated. This will be possible based on multiple columns whose loading is staggered. The aim will be to ship quality material and let quantity evolve in time. If these observations by McKay are accurate it is obvious that there has been inadequate managerial control of the functioning at the mill. If I assume that McKay is correct in his belief that the extraction process is viable if the operation is run properly then the problem for Global is not a technical one (except for minor inevitable adjustments of glitches), it is a personnel problem. My hope for Global is that McKay is correct and that the personnel problem can be solved. Otherwise things do not look too promising for the Company. Since I am perennially an optimist ( and have lost lots of money because of this disease) I think things will work out. And if they do we will own one of the most profitable investments of our lives. Let us withhold our judgment until we see what emerges over the coming weeks. Regards, Ed