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

To: E. Charters who wrote (1043)	11/10/1998 9:08:00 PM
From: charred	Read Replies (1) \| Respond to of 1092

Listen, RPA went through the data and came up with the reserve estimate. Okay, maybe they are a little low but I bet they are in the right ballpark. Gitennes did piles of work there, how much more drilling is needed? To finance this you will have to get an investor and dilute your stock even more or JV it. About drilling, I agree you need to drill the property. However, there is a time to say no more. Time to move on. Your estimate of 1.5 million ounces was based on no drilling. Now RPA comes in with this reserve. I'm sorry Charters, I don't believe you. I'll have to believe RPA. Give it up. Another thing, using $30US per ounce discovered is fine. I see 250,000 ounces X $45CDN = approximately $0.40 CDN. Your comment about $85 dollars an ounce for a Canadian Mining producer is accurate but Gitennes is not a producer. You should have asked Jerry this during your 3 hour talk. Now a producer is valued at $45 dollars an ounce, therefore can we agree on $25 per ounce for a non-producer.