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Gold/Mining/Energy : ARP - V Argentina Gold -- Ignore unavailable to you. Want to Upgrade?

To: Kevin Hamlin who wrote (1561)	12/9/1998 7:23:00 PM
From: waldo	Read Replies (1) \| Respond to of 3282

Kaiser says Barrick deal sank on lock-up clause Argentina Gold Corp ARP Shares issued 33,113,389 Dec 9 close $5.00 Wed 9 Dec 98 In the News John Kaiser, writing in a Dec. 9, 1998 Express, says Barrick's $5.50 bid for Argentina Gold sank because management, with about around 30 per cent of the company's 36.8 million shares shares, refused to do a lock-up deal. Mr. Kaiser also says Barrick's pre-emptive strike resembles its strategy in its successful $1-billion bid for Arequipa's Pierina deposit in 1996. Barrick developed an intimate understanding of Pierina before it made an educated geological bet. As for competing offers, the letter writer says it is probably too early for Newmont to top Barrick's $5.50 bid, but not too early for Newmont to make a $50-million or so equity investment in Argentina Gold at $5.50 or higher. That is what Mr. Kaiser sees as the most likely near-term outcome. Teck did something similar, buying three million Diamond Fields shares at a pre-split $36 in the early days of Voisey's Bay, Mr. Kaiser notes. Newmont bought 2.55 million shares at $1.98 in a private placement shortly after the first high-grade results were pulled. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com