menziesResponse from the big cheese
Good as always. As we previously announced we are drilling in turkey and the operator is organizing a work-over rig. As a matter of policy we do not put out reports if there is nothing material. While this is the practice of many companies - we do not. A material event in Turkey would be the intersection or towhees of oil and/or gas.
Putting out promotional press releases as is all too common is a two edged sword - you might get the market attention but the reward for failure is a dramatic drop in share prices and in any event its our view that the bulk of value and reliable value is in our minerals assets - if we get a spectacular result from our free carry in turkey - that's great - but my objective is to build a business. Hope that helps. I do understand the speculative investor position however.
Inferred resources - we do resource calcs frequently - but nothing that we would contemplate announcing - we have a lot more drilling to do and a lot more - good - results to announce once we commence drilling operations this year - as we will do. The drilling results have attracted a lot of interest.
Have a look at the latest images - from the website - we will be updating this with some new picks shortly - and a picture tells a 1000 words.
JM
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From: John McManamon [mailto:John.McManamon@Geac.com]
Sent: Friday, April 01, 2005 6:44 PM
To: jmenz001@cmi-capital.com
Subject: FW: hey there
Hi john,
Hows things in the Euromax camp? I was just wondering if you had any news on turkey and also I’ve been paying closer look at the Bulgarian gold drilling results and they are really quite promising – how far away are you guys from defining any inferred resources estimates for any of your Bulgaria properties. Also any luck on finding a smaller rig for Y1?
regards