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Gold/Mining/Energy : Neutrino Resources..Good Cash-Flow..
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To: John Stopforth who wrote (8)6/14/1997 8:03:00 PM
From: Richard Saunders   of 45
 
John/ as you note, NTO has grown in the past via merger & acquisition route. In addition to Avatar they have successfully done the "m&a thing" with Maxon Resources, Red Oak Resources & Dominion Explorers. All told, around $46mil worth of m & a which in turn translated into approx. $5.00/boe average cost............ an overall "reasonable" cost (imo). For NTO to really get going I think they'll have to start making proven reserves happen out of some of their exploration targets that came along with some of the merger/acquisitions. The recent Dominion acquisition added something like 17 new exploration targets and something like 9 will likely be drilled this year. If some of the targets hit big reserves then it is possible you'll see the price head closer to the $3 level but we'll see. I still personally don't like the fact that there are approx. 33.1mil shares on a fully diluted basis.....................
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