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Gold/Mining/Energy : TRIVALENCE MINING

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To: Elizabeth Andrews who wrote (472)	6/28/2000 10:22:00 AM
From: Phil Cressman	Read Replies (1) of 527

Certainly some of the exploration costs are amortized but a lot must be allowable expense items and with the setting up of the South African mine (Parmageit- spelling is no doubt wrong) which is now in production and start of exploration in Botswana some of the dollars you're concerned with must have something to do with these. The total overall expense ratio's haven't changed a great deal but it's a good question. You mentioned earlier, 'good mining practices' and whether or not TMI was indeed doing a good job. If you consider the steadily increasing production of diamonds from the alleuvials and greatly increased cash flow from same it don't look too bad. Given that TMI took over a mothballed (poorly I believe) operation they've come a long way in a short time. Did they do everything right the first year? Very unlikely but it sure looks like they learned fast and now are benefiting. In some ways I'd like a lot more outside investors and a larger trading float but the insiders have roughly 75% of the company. Do you really think they're going to be throwing away their own money without trying to get the most return possible? Comparing them to most junior mining companies they don't appear to be milking the treasury for management's benefit. Trivalence is actually making money as well as developing a wider base of operations and considerably more Blue Sky opportunities. Given their current share price it sure doesn't look like a bad investment.

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