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Gold/Mining/Energy : Pangea Goldfields T.PGD -- Ignore unavailable to you. Want to Upgrade?

To: salva who wrote (211)	4/4/1999 2:52:00 PM
From: Jimsy	Read Replies (1) \| Respond to of 1178

Salva - PGD-tse will be an interesting situation now that Barrick has taken over Sutton next door, and also took over Rangolds share of Golden Ridge. I would now expect PGD to drill stepout on the Tulawaka 145gms/ton over 5 meters to expand into confirmed tonnage. Then what? Management of Pangea is well respected and certainly in the business to develop a growth company as opposed to running their stock up and down. In light of the gold price situation, a rich deposit at Tulawaka becomes very important because of low costs, near the surface and a front run for production on the longer term Sutton deposit. In this case PGD could sell out their share to Barrick, or subscribe to a takeover, or stay in the project to become a joint producer. Whatever, I believe that the management will look after the shareholders interests on this one, as they have a very good reputation, and will be looking to maximize thier business opportunity as well. I could visualize a takeover of PGD by Barrick of all projects and if so we might get an idea of the price by looking at the number of shares of Sutton, the price paid, the offer for Argentina Gold and also the number of shares. Since Barrick are now in the area committed to Sutton, I might lean towards a takeover, since Barrick would most likely want control of the project before putting their money into it. So, PGD with $10 million in the bank, and a good deposit at Tulawaka, plus Golden Ridge, plus all the other projects could fetch a takeover offer in the neighborhood of $200 million. Now with only 20 million shares out, this becomes a pretty good prospect to keep ones peepers open on, especially as more good drill results come out of either Tulawaka, or Golden Ridge, or any of their other projects in the region.