LETTERS TO THE EDITOR (May 11, 1992)

In its 1990 annual report, Glimmer Resources stated it has reserves in Hislop Twp. in northeastern Ontario of 1.07 million tons (968,190 tonnes) grading 0.34 oz. gold per ton.

When one compares this data to the producing Silidor mine’s 1.8 million tons (1.6 million tonnes) at 0.17 oz. (mining rate of 700 tons per day with milling offsite), or to the Golden Patricia mine which initially had 620,000 tons (560,000 tonnes) at 0.57 oz. (mining rate of 300 tonnes per day), or to any of the several other profitable examples, why is Glimmer such a lacklustre market performer selling for only $1 per share?

Surely its location augurs well for future earnings (Glimmer has a 40% interest in the property, Hemlo Gold the remaining 60%).

If there is no hope for such tonnages and super grades like this one, what must be found for a “winner” these days both for the market speculator and for the investor interested in dividends?

E.W. Thomas

Edmonton, Alta.