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 Gold/Mining/Energy : ASIA PACIFIC RESOURCES

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To: no name chump who wrote ()9/12/1997 1:26:00 PM
From: stephen e holt of 1437
 
Management decided to fire the mining consultant, and the feasability study has been delayed by another 3 months.

Griffiths McBurney & partners viewed this as bad news and suspended any recommendation on APQ, and stated they have "lost all confidence in the management of the company".

Current mining consultant H.A. Simmons will not complete the feasability study. APQ hired Kilborn to engineer a new mine plan, but will not provide an economic analysis. Micon will piece together the various engineering results and run some financial scenarios.

The analyst believes that the proposed process is flawed and will create a positive biased report, which will not represent a proper "bankable" feasability study.
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