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Gold/Mining/Energy : Golden Eagle Int. (MYNG)
MYNG 0.0700+5.7%Feb 21 4:00 PM EST
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To: Ironyman who wrote (583)12/11/1997 3:35:00 PM
From: CIMA   of 34075
 
You likely win on the production cost per ounce regarding the Cangalli shaft. They were probably higher than both of us estimated but you were closer. However, if I read what the release says right they're estimating a $120/oz cost on the open pit which would mean I win. Based on 88mm shares out and $2.25mm per month net income the EPS would be around 30 cents per share. At a PE of 20 that means $6.00/share. However, I don't know if the shares out are fully diluted ( likely not ). If you double the 88mm to 176mm it still comes to $3.00 per share. With this many shares out a reverse split could be an option for the company though the impact would be negative for shareholders short term. Terry Turner said he would give us some numbers to work with around this time and I applaud him for doing so. Though they are conjecture at this point it means management is sticking to its word. I would like to understand better how the company remains in compliance with its contract by not meeting the Dec. 6 deadline because the annual report clearly stated this was an obligation that had to be met along with the $3mm mining development investment and the $200,000 social development loan/grant.I don't doubt what he says is true, I just want to understand the contract language better. Any comments?
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