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Gold/Mining/Energy : GHANA - Mining companies in this country

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To: Bobby Yellin who wrote (30)3/22/1997 9:50:00 AM
From: chevalier   of 48
Bobby, I had a good chat with Jack at Ghana Goldfields yesterday and came away quite excited. The reason for the share price weakness is Merrill Lynch, who bought a lot of shares two weeks ago at $2.00 is selling them all and thus artificially driving the price down. At the Pampe concession, GHN is currently on hole thirteen. We have already received the first 5 holes assay results. Recent drilling was around hole #5- 59 meters at 3.224 g/t. Widths similar to this one have been encountered and if the grades are similar this is a potential two million ounce target. GHN has moved the rig to a new area north of this target and are drilling two holes at an underground mine target.
We should receive assay results in early April, so there is much to look forward to.
On another bright note, on March 25th the Ghanaian Forestry Department is expected to make an announcement regarding the Flagbase and other concessions that were ordered to cease drilling upon permit receival. It is hopeful and anticipated that permitting will be given out at this time(keep your fingers crossed). Upon permit, GHN should have the Pampe drill on site in a couple of weeks. The pads are already built so drilling could start immediately. I asked who else was awaiting the permit and found out that Anglo, Ashanti, Battle Mountain, Birim, ITG, and Nevsun were among them. I like the chances of a forward step occurring due to the fact that Ashanti has major pull in the country because of the Ashanti Gold mine.
I am planning on adding to my position, barring a complete market plunge next week, as higher share prices are on the horizon, with assays in two weeks and a possible approvable to recommence work on the Flagbase concession.
Let me know what you think.

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