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Gold/Mining/Energy : GMD RESOURCE

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To: FISHONFOUR who wrote (411)	10/14/1997 5:10:00 PM
From: Richnorth	of 1030

The answers to a number of your questions may be found on GMD's website, gmd-res.com. There, by navigating around a bit, you will find Howlett & Associates' viewpoint on Discovery and J. Taylor's guesstimate of GMD's shareprice if a number of reasonable assumptions turn out to be correct. However, my own back-of-an-envelope simplistic calculation is as follows. (The money already spent on exploration and development and the cash in the bank are left out of the calculation). Assuming 1. a maximum of 20 million shares out (fully diluted); (actual number of shares out is ~18.9 million) 2. GMD has 3 million equivalent oz. of mineable gold (with due regard to the potential of the base metals and diamond properties); 3. average gold price = ~US$330/oz. or ~C$(330x1.375)/oz. = ~ C$454/oz. then a fair valuation seems to be 20 percent of [(3,000,000 oz.) x ($454/oz.)/(20,000,000)sh] = $[(20/100) x (3 x 454)/20] = C$13.62/sh. ---------------------------------------------------- If the number of shares considered = 18.9 million, the share price =~C$14.41/sh. ---------------------------------------------------- Your comments, please. Richnorth

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