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Gold/Mining/Energy : SSRIF Silver Standard Resources

SSO 112.64

-2.2%

Nov 6 4:00 PM EST

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To: John H. Farro who wrote (51)	3/31/1997 1:52:00 PM
From: MICHAEL HOCKING	of 403

1) Part of the reason it has been dropping is they are wanting to do a stock offering around 6-6.75Cd to raise 10 Million CD to be used mostly for the Australian project and Lunnoe Project. Some insider selling was done to get the stock done to the point the funds would be agreeable on. They said 7.00 to high. Was supposed to happen in the next two weeks, however with the BRE-X fiasco they may hold off a little while in order to get the share price north of $6.00. SSO has 14 million in the bank, so don't be paranoid. Annual report due out on Thursday with more drilling results in it. Insiders will be participating in the Offering, when it happens. Pre-Feasibility due out in second quarter 1997 with full feasibility due out in the third quarter on Russia. Look for more Russian deals and South American projects soon. Drilling on the recent Mexican aquistion looks good. Only three holes drilled with the third very promising. More holes planned. 250,000,000 ounces proven is still the goal for 1997 and it looks good that will be more than achieved.

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