T.ITE: iTech Capital (TSE) Message Board

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Gold/Mining/Energy : T.ITE: iTech Capital (TSE)

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To: Claude Cormier who wrote (924)	9/20/1999 11:40:00 AM
From: keith massey	Read Replies (1) of 5053

The 2nd quarter financial came out on Sedar on June 30, 1999. Total asset are at $21,518,000 with zero debt. (.72/share) Bonds have dropped a little but foreign exchange has gone up. Based on the current numbers and burn rate I peg the cash at $19.3-19.7 million or .65-.66/share. However their investment of 1.5 million (Can.) in Medsite.com is as good (or better) than cash so I would say their true cash value is around .70/share give or take a penny. The old investment in Loma de Niquel is valued at $1 million. JDX is planning on selling this when prices increase. Claude maybe you could help out on what they could sell this for....since they put a value of $1 million on the property Nickel prices have jumped fairly dramatically. Loma de Niquel is a laterite nickel deposit in Venezuela. Annual production at 35-40 million lbs nickel annually over 27 year, capital cost of are estimated at US $450 million. The asset is owned by Minorco. In Oct 1998 the Boards of Anglo American Corporation of South Africa Limited ("AAC") and Minorco announce that they have agreed in principle to combine their businesses to establish Anglo American plc ("AA plc"), a United Kingdom company with global operations having its primary listing on the London Stock Exchange and listings on the Johannesburg Stock Exchange and other major European stock exchanges. Best Regards KEITH

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