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Gold/Mining/Energy : Chesbar Resources- CBI Montreal

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To: Syncrude who wrote (959)6/15/1999 12:20:00 PM
From: Enigma  Read Replies (1) of 980
Had a very good talk with Terry Flannigan today (BTW the AGM is in Montreal tomorrow):

1. Ve.

The results for the first hole and part of the second hole are excellent - 'as good or better than anything from La Salle 1'
The results confirm what was guessed from the visibles. The visibles on the remaining holes look good too. Samples from the remaining holes are out for assay. The zone appears to be running East/West unlike La Sallae 1 which was North/South. T.F. is very encouraged by this development.

2. Guatemala

Sampling from pits will commence next month - the purpose of this work is to see if the material is amenable to the leaching process which has been used in Cuba by Sherritt for years and is being used, with modification? under licence in Australia on three new projects. It's quite possible that the tests,if positive, will mean that even more of the resource can be recovered, since the previous owner was only considering transporting ore to a distant mill - and not using the leaching process in situ. There is no reason to suppose that the material won't be suitable, but it has to be confirmed in a 'pre-feasibility study'. CBI is in contact with other companies to monitor their progress. There had been some rumours that the new Australian operations had run into glitches - but Terry has been informed that these are the usual start up problems encountered by mining operations, and that things are on track.

Conclusion - great encouragement in Ve., and the Guatemalan situation has added, without dilution, an asset which could be a huge plus for this company, and is absolutely not reflected in the market price. d
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