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Gold/Mining/Energy : Patrician Goldmines (PXX, A) -- Ignore unavailable to you. Want to Upgrade?

To: John Trudeau who wrote (137)	4/6/1999 11:23:00 AM
From: Craig Smith	Read Replies (3) \| Respond to of 192

HI John: Sorry I have not responded to your notes sooner. With the market down, Craig has had to find employment elsewhere until we get a major financing. I have been trying to get a jv or other activity going, but there are few takers. There is no urgency in the market to do anything by any participant, so getting attention has been difficult. Paul Jones and I made a strategic decision to stay out of the La Rocher or PGM plays as area plays can draw down cash without helping, and that seems to be the case at the moment. We have great confidence in Argyle, which has very good numbers in the Garvey veins, averaging 1/3 oz au over 1/2 m for 100+m., and ranging as high as 15+oz au in one sample. There is still some money to come from the sale of some African properties. I am hanging in as best I can. I do own a significant stake in the company, having put over $300,000 of my own cash into all three companies in the last 18-24 months. Things are similar to the 1991-93 market for juniors...dead... I believe they will turn around, but not until the internet gambling takes its toll on the internet traders. The level of speculation in the market now is beyond anything I have seen in any market since I started as a broker in Calgary in 1976, including the hot oil/gold market in 79-81, in both dollars being waged and prices being paid...any one of a hundred internet stocks are now at a market cap exceeding Bre-ex, and the hype is worse...very strange and scary. I try to keep the companies' web site up so that info is quickly available. Keep the faith. I will check this site weekly. Robin Dow