accumulation, page-5

re: accumulation-- u spin ann next week? sent mail to RSG and the Sec called me.

1- U spin terms announcement expected by next week. There won't be any free shares, will have to pay.

2- Syama- negotiating with Mali gov both for the right to continue with underground mine once pit is exhausted and royalty rate to be given to gov. They are disappointed it hasn't moved more quickly. Said the project is not overly profitable at current rates. I asked about financing but did not get a good answer, but they won't issue options to finance. Then asked, "so it's at least 18 months before one could expect another mine(Syama)" and he replied, "I suppose that's a fair statement".

3- Said current Q at Ravenswood won't be good either owing to low grade. However, they did some drilling to confirm higher grade once they are done moving the low grade ore being mined now and said it should see substantial improvement at that time. However, he acknowledged that the mine relies on volume feed of ore, not a high grade relative to other miners; thus, profitablilty of that mine is relative.

I should have sold at 1.5. Not sure the U spin will add much to this one, esp since U mining in Q'land is verboten. They won't have good earnings, at the earliest, until, middle of 06 if then.