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Gold/Mining/Energy : BLACK HAWK (TSE:BHK)

BHK 9.560

+0.2%

Dec 3 4:00 PM EST

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To: Steve Johnston who wrote (269)	9/18/1999 2:17:00 PM
From: gilbert leblanc	Read Replies (1) of 545

You can not margin a stock under $2.00. I don't know who is selling but it is probably a mutual fund or a shareholder whose tired to have this dog in his portfolio. If you look at the action of the past week, it was a very bad one for the gold producers. A lot of new lows, for example, CAMBIOR that we bought at $3.57 thinking that the bottom was reached. BHK was and still is a speculative stock. Right with the POG at $US 255, they are break-even on cash-flow. Recently, we noticed that REDAPRE has right now more than of 10% of the common shares outstanding. Insiders are accumulating under a corporate plan. This is a light buy signal because they got their shares at half the current market price. Even with this big advantage, they must feel bad to see (like small shareholders like us) their assets dwindled. Fortunately, I think that even with a low POG, BHK can still managed their debt level. Yours truly, Gilbert Leblanc Editor of The Insider Edge and The Canadian Value Stocks Letter

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