SEMAFO (SMF - T) 1.785 Million shares trade !!! Message Board

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Gold/Mining/Energy : SEMAFO (SMF - T) 1.785 Million shares trade !!!

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To: Land Shark who wrote (5)	4/2/1998 7:24:00 PM
From: CBO	Read Replies (2) of 11

Sure still hold it... Let's see it like it is. The company has 31 millions in cash, 33 millions shares ==> almost 1$/share. They also have proven gold reserves of about 800 000 ounces in guinea and are ready to start extracting it in 1998 (they just told it at the annual meeting last monday) They are also actualy looking at 4 gold producers. Semafo wants to buy 1 or 2 of them... They also are looking for a joint venture in their Ghana project ( 2 prospects for that including the company that holds the permit just beside SEMAFO's property) They also have a lot of offers for their properties in Burkina Faso (more than 20 properties) since the local government now allows only 1 permit per company... They are the biggest player there. And don't forget the Kaloum property (Nickel). They got holes with more than 4% of nickel there and according to SEMAFO it could be the biggest surprise this year. They own 50% of this property the other half being owned by Afcan mining (AFK - Montreal. Only ñ 11 million shares). It is told that INCO and Falconbridge are VERY interested in that one. According to the company, the total drilling budget for 1998 is 7 million dollars instead of the 15 millions they used to spend. This is in order to preserve the precious 30 some million dollars they have in cash. So, I think that the current price is really under the real value.(personnal opinion) Cbo

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