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Gold/Mining/Energy : Kazakhstan minerals KMC.U -TSE

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To: Mitch who wrote (11)	12/28/1997 11:02:00 AM
From: Tim Cruise	of 112

Wayne, it is not uncommon in this market for mining companies to trade at less than cash value. It may seem ridiculous, but this is not always the case. For example, what will the company do with the cash? If they do not spend it properly, then it is worthless. If they waste it on dead end mines, then they might as well have never had the cash. Good luck, Tim

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