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Gold/Mining/Energy : Canadian REITS, Trusts & Dividend Stocks

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To: David Culver who wrote (594)	11/10/2000 11:49:52 AM
From: Lorne Larson	of 11633

I expect more details will be forthcoming. For example they indicate funds from operations of about 4.4 million, but indicate about 3.8 applied to debt. I assume the difference is related to capital expenditures of some sort. On the whole the statements look pretty good to me. The concerns I had were related to production and capex and these do not appear to be a problem. Based on debt of 19 million at the end of Q3, and assuming nothing has changed respecting their operations during Oct-Nov, they should have debt of about 16.5 million by the end of November. Cash flow at that time should be 16-17 million/annum. There formula for reinstating dividends was a debt/cash-flow of 1:1, so, as they put it in todays release, their target of Jan 15/2001 for a 1st payment is "well within our reach."

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