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April marked the beginning of the busy season for Kalimantan. A few noteables have gotten underway with drilling programs. Several other noteworthy ones may have escaped attention. This may just be one of them. I recently spent an hour on the phone with Bruce Toad, the company geologist. Here is a brief synopsis. KALIMANTAN ISLAND The company is in the process of completing 2,000 meters of drilling on several alluvial properties. The properties are located on the NW coastal area, on the Central Kalimantan Arc (gold belt). The best prospect is on elevated ground (no run-off samples) and showed surface grading of 2.33% Cu and 100ppb Au. Drilling of 2-3 holes is scheduled to be completed in a few weeks. He was definitely excited. ZIMBAWE The drill rig (which was purchased 50/50 with another JV) has arrived in Zimbawe where they are making arrangements to begin drilling their (4) 100% owned properties ON the Greenstone Belt. The total surface claims area is 60,000 hectares (11,000 - 17,400 - 11,000 & 20,600). His favorite property has been surface mined for gold by local prospectors for years. Unfortunately for them (but great for us) is that once they get down to 10 meters they can't go any further because they hit the water table. There the gold is mixed in with massive sufide deposits. He can't wait to get his drill down into that one. He was originally scheduled to be in Zimbawe by the 1st of June, but due to the recent activity on Kalimantan, he hopes to get there within 2 weeks. Drilling on these properties is scheduled to begin immediately upon his arrival. It is Bruce's opinion that the market just woke up to the fact that there was another company besides Pacific Amber and South Pacific that was doing some serious drilling, not just sitting around Jakarta still looking at the maps. Keep in mind that very few people seem to be aware of their African properities right on the Greenstone Belt. Drill results from both the Central Kalimantan Arc & Greenstone Gold Belts - all within 1-3 months? Personally, I think the party's just getting started. Price movements are important, but it always boils down to good fundamentals after all. And, if you look at the price movements, it appears to be at, or very close to another buying opportunity. Definately a speculation, but worth a look. For more information contact Bruce at 1-800-465-1191. VESTED INTERESTS: I took an initial position at C$1.05, then doubled my position at C$1.50. I will not sell my position except perhaps to cut losses if both sets of drill results fail to support the investment. Good fortune, JED | ||||||||||||||
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