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Gold/Mining/Energy : T.ITE: iTech Capital (TSE)
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To: keith massey who wrote (927)9/20/1999 1:35:00 PM
From: Claude Cormier  Read Replies (2) of 5053
 
Hello Keith,

I have their June 30 financial as well from their website and of course you are right..total assets are at the level you say.

But cash and cash equivalent were at $18.95M which is $0.624/share on June 30.. SO I suspect we are now somewhat lower....but not by much.

Now. The Mediste note can certainly be worth much more than C$1.5M... but if things go bad it could be worth less... we will find out within 6 months, I guess. On book, the note is worth C$0.05 per share. If the Interent bubble stays intact, we could well see a value of $0.50-$1.00 per share... who really knows.... maybe much more if the market gives Medsite.com a crasy market cap of $1B. The big question is how much of the capital JDX will get of its US$1M. (BTW Keith...do you know how much US$ Medsite has received in capital over the last year... this might help up to figure out what % JDX may have ?)

The 7.5% interest in Loma de Niquel..is being diluted by Minorco spending dollars on development and increasing its on interest. JDX said it expect moderate cash flows from this source starting in Y2002. I would discount this asset totally for now.

So I view the book value as being $0.67 at the moment... going down approx $0.01 by quarter.

No need to say that I agree with you that JDX is a very good investment... very conservative IMO...and with excellent potential. The $0.62 level is rock solid...unless of course we have a crash.

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