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Memorandum Agenda Item 11e 05/15/2000
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Memorandum Agenda Item 11e 05/15/2000
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Board Meetings
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5/15/2000
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Agenda Item 11e May 22-23, 2000 Board Meeting Alamosa River Watershed Project
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Meeting
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L<B>and</B><B>mine</B> Page 4 of 20 <br /> based Galactic in 1984. The company was a legal shell when Friedland took <br /> it over in 1981 and began trading it on Vancouver's volatile and loosely <br /> regulated stock exchange. <br /> • Many of the stocks then traded in Vancouver were for mining schemes, said <br /> Douglas Linkletter, a vice president with Bank of America's Canadian <br /> subsidiary, who followed the exchange. <br /> "It was fairly loose, and there were some shady characters in the market," <br /> Linkletter said in sworn testimony to state and federal attorneys in <br /> November. <br /> But Friedland was not considered shady, Linkletter said. He was viewed as <br /> a legitimate businessman with a dream of starting a global mining company. <br /> Friedland, who was then in his mid-30s, had come to the mining industry by <br /> an unusual route.A former liberal arts major, he had traveled to India during <br /> the 1970s, where he became a devotee of Eastern religions. <br /> He described himself on one legal document from the early 1980s as a <br /> "self-employed tree farmer." <br /> But others describe Friedland as a charming financial operator with a <br /> perpetual stream of mining plans. <br /> Risky deals"were Mr. Friedland's lifeblood,"said Charles Russell, a <br /> Galactic executive. <br /> "He wanted to go in 5 million directions at once,"said Gerald Wyman, also a <br /> Galactic executive. "Robert would get an idea that this is what we should do <br /> and want to go in that direction, and then the next day want to go in some <br /> other direction." <br /> But Linkletter recalls that Friedland put together a team of executives at <br /> Galactic who had mining and financial experience, and that the business <br /> community was impressed. <br /> "Mr. Friedland had a good reputation at that point in time of being able to <br /> raise the capital to get this thing done," Linkletter said. <br /> Friedland's goal in 1984 was to mine gold near the ghost town of <br /> Summitville, in south-central Colorado, two miles from the Continental <br /> Divide. He wanted Summitville to be the"flagship"of the budding Galactic <br /> empire. <br /> The Summitville area had been picked over by miners throughout the 19th <br /> and early 20th centuries. But a new mining method called "heap leaching" <br /> was developed in the 1970s that offered the chance for Galactic to recover <br /> gold from ore that had been discarded as unprofitable. <br /> The method involves piling ore in a heap, then spraying it with a solution of <br /> cyanide and water. The gold bonds with the cyanide solution and is <br /> recovered through a drain at the bottom of the heap. The liquid then is <br /> chemically processed to separate out pure gold. <br /> The method produces only tiny amounts of gold—less than a half-ounce <br /> from a ton of rock, in some cases. <br /> • But if a company moves enough rock—and if gold prices are high enough <br /> —the operation can be profitable. By the 1980s such mines had operated <br /> successfully in several states. <br /> http://www.denver-rmn.cominews/0507smmtl.shtml 5/7/00 <br />
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