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Gold/Mining/Energy : GITENNES Exploration (ase:GIT) -- Ignore unavailable to you. Want to Upgrade?

To: E. Charters who wrote (1041)	11/9/1998 6:34:00 PM
From: charred	Read Replies (1) \| Respond to of 1092

Where do they say 1.5 million ounces? The fact is that they have less than 500,000, probably 250,000 ounces. Management wouldn't have release this if the reserve wasn't close. Think about it. This talk of yours reminds me of Albino and Santa Elena. 1.4 million ounces with no drilling. About your estimates, take a look at the news releases with the underground maps. It clearly shows that the high grade zones are pods or small blocks surrounded by low grade gold, less than 0.4 grams. Your estimate is typical of an armchair prospector. Keep dreaming. I believe it is not a crime to continue exploration however you have to look for someone to put up the cash. Why don't you do it and take 5 million shares. At 1.5 million ounces X $20US per ounce (based on Oroperu deal with Battle Mountain) = 30 million US 45 million CDN. This would equal $1.67 CDN per share. I'm not sure you can sell that one to a potential investor. At the present moment the considering the Oroperu deal the share price as I see it is worth $0.30 CDN. They have to still add value to the property or you'll see this price level. What they should do is to option the property to you or a major. I believe management is looking for partners. Use other people's money. Nothing wrong with that. Don't risk the shareholder's money anymore.