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Gold/Mining/Energy : Exall Resources/Glimmer Resources -- Ignore unavailable to you. Want to Upgrade?

To: James N. Wilson who wrote (720)	11/28/1998 11:45:00 AM
From: CLK	Respond to of 1319

Perhaps GME does not earn any money until Exall pays back its expenses? This could account for why Exall makes money now and Glimmer has no earnings? Just a guess but seems reasonable as an explanation of what to me so far has been the second biggest mystery around this play with the first being the lawsuits incredibly slow movement. Thanks if anyone can clear up this question on the earnings.

To: James N. Wilson who wrote (720)	11/29/1998 1:26:00 PM
From: Winzer	Read Replies (1) \| Respond to of 1319

James, Did some conservative calculations as to what can be expected from Glimmer JV once the looooooooooooooooooong JV dispute is settled. Your comments on my assumptions are welcomed. This is the low end of what I think/speculate is possible once the dispote is settled. This waiting game is not having any winners. This stalemate has reduced the values that both companies could have had if the problem was resolved. As you can see, from any way you look at it, GME will have the advantage, so Exall is probably the ones drrrrrrrrrragging it out. No one likes to lose, but what about the poor patient shareholder? Get it over with "gentlemen". GLIMMER GOLD MINE PRODUCTION Milling Rate: 1200 Milling Days 350 (365 - stats) Mill Recovery 95.00% Head Grade 0.215 opt Cash Cost $200.00 Gold Sales $300.00 Shares Outstanding (FD) Ore Reserves (Proven) EXL 30,000,000 480,000 oz GME 6,500,000 Annual Ounces Produced 85785 Total Revenue Produced $8,578,500 1) Revenue Split (EXL/GME) (65/35) Revenue Split (EXL/GME)(60/40) Revenue Split (EXL/GME) (55/45) Estimated Share Price @5X earnings = (65/35) (60/40) (55/35) EXL $0.93 $0.86 $0.79 GME $2.31 $2.64 $2.97 Cheers Winzer