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Gold/Mining/Energy : Medinah Mining Inc. (MDHM) -- Ignore unavailable to you. Want to Upgrade?

To: Mike Gold who wrote (7688)	12/12/1998 10:38:00 AM
From: Joe Bilich	Read Replies (2) \| Respond to of 25548

Mike--first of all, let me say I would love to have the problem of dealing with Bema paper as opposed to Medinah paper. That would be a big step up. Bema is a logical player to look at any serious property in Chile. They have had a long-standing presence there at Aldebaran and for years were working to prove up and ultiamtely sell their Cerro Casale deposit. So--they have a proven track record in Chile. Obviously BGO or any major would add tremendous credibility to MDIN, which sure could use some. My only take is -- why does it have to be Bema? (Of all the gin joints in all the world...). I owned BGO several times on and off through the development of Aldebaran and Cerro Casale. I ultimately sold out because I became convinced that BGO management consistently did things for the benefit of BGO management, not shareholders. Lots of promises made that were not kept, a pattern of "leaks" whereby info seemed to go out to some who could trade ahead of news (consistent volume rises in advance of news--not the trivail news, but important stuff), a pattern of warrant compensation and repricing that rewarded management even if the stock price collapsed. Ultimately there was a stubbornness around control and independence that resulted in them passing, I believe, on better (for shareholders) deals for Cerro Casale that the sweetheart deal they ultimately cut with Placer. This is really not a long term problem--essentially it just means that IF Bema were to be involved, I would use any surrounding excitement as a possible exit point rather than relying on Bema management to maximize the value of the deposit for shareholders over a period of time. As someone else properly noted, the quality of Bema management or paper is the least of our worries at this point in time, with MDIN at .08 and the printing presses for new shares apparently running full speed. I just wish it was someone other than Bema. I am a little surprised that MDIN would say that so-and-so is looking at things at some specific point in time.