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Gold/Mining/Energy : CELTIC MINERAL RSCS (CA:CME)
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To: Pete who wrote (133)3/29/1997 12:26:00 PM
From: Ciao   of 161
 
A shell for about $7 Million (11 Million x 0.67). Based on
the cash position you indicated of $500-600K, the company
is trading at over 10X its cash position. Isn't that rich
for a shell? Are their properties worth that much?

I picked up CME 2 years ago at $0.25-0.30 when it was priced
as a shell at 2X its cash position. Unfortunately I sold out
early at $0.80.

With the fallout from BRE-X and the markets in turmoil, this
could be a signal for the beginning of the bear. Watch for
juniors to trade close to true shell prices, ie. closer to
their cash positions.

Good Luck to the faithfull CME shareholders. I may be back in on
this company, but at true shell prices.
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