James P, as requested, regarding the HOOVER post on KITCO.
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HOOVER REPORT;Rangy all sold out, they sold all interests
in gold mines. Another company bit the dust....
Know anything about this? Post the answer at Siclon if you would be so kind.
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Here's what I posted to Kitco the other day:
Date: Tue Sep 22 1998 18:10
POLARBEAR (Gold Fevor @ RANGY...Hoover should stick to selling vacuum cleaners!) ID#183109:
Copyright c 1998 POLARBEAR/Kitco Inc. All rights reserved
GOLD FEVOR, the HOOVER REPORT you speak of is an absolute joke. Whoever wrote this report for Hoover is either an absolute moron who did not bother to do any research on the company, or has some other agenda. Would you consider the list below as irrelevant? May I quote from Hoover " .Randgold Resources division ( which is prospecting for gold in Mali ) ."
"PROSPECTING FOR GOLD IS MALI"..WHAT A LAUGH. Randgold holds 20,000 Sq. Km throughout Africa, and has rapidly expanded their resource base to over 10 Million ounces. They have one mine in full production already, with the second already under construction, and #3, #4, and possibly #5 on the way, I'd call "PROSPECTING IN MALI" one of the grossest negative exaggerations I've ever heard of. In excess of 300,000 ounces of production by mid-1999, and at least another 200,000+ coming on line in 2000, this guy obviously didn't bother to do his/her homework. As goldbugs, does this attitude toward gold companies in general surprise us?.I think not.
geocities.com
PLEASE CHECK THE FACTS-You might even consider enlightening HOOVER on the truth.
CURRENT MARKET PRICE: $25,867,500
FACT: 11,252,000 RR shares $27,000,000
FACT: SUF diamond payment $10,000,000
FACT: 7,568,841 DURBAN shares $22,700,000
FACT: $20 Million share issue from RR $20,000,000
Lower Estimate: Transvaal Gold Mining Estates $4,000,000+
Previous negotiations at $14 Million.
Lower Estimate: OTHER ( Harmony options etc. ) $4,000,000+
Harmony Options alone worth nearly $4 Million.
Lower Estimate: Mineral Rights: 70,000 SQ. KM $35,000,000+
"Flack says Randgold plans to sell the southern African mineral rights, other than those at South Wits and the potentially diamondiferous Marsfontein in Northern Province, into a listed company in exchange for shares. He says independent advisers have valued the mineral rights package at $85-million. Negotiations regarding TGME and Randgold's 10% stake in Navachab are also under way."
TOTAL ASSETS: $123,713,723+
TOTAL Debt -$54,000,000 ( mainly long-term bond 2001 )
TOTAL VALUE: $69,507,200+
VALUE PER SHARE ( LOW ESTIMATE ) : $1.68
VALUE PER SHARE ( MID ESTIMATE ) : $2.24
VALUE PER SHARE ( BULLISH ESTIMATE ) : $3.08
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