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Gold/Mining/Energy : Ste-Genevieve Resources

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To: Dan Gregoire who wrote (20)	4/9/1997 1:28:00 PM
From: Francois Bedard	of 44

Dan, I've been an investor in KWG and SGV for over a year and I think both show a lot of promise. KWG is an excellent buy at these levels considering the fact that they will be producing gold out of Russia and Cuba by year end (read cash flow) and that the potential of most of their exploration targets is really good. KWG is also expecting great results out of their joint venture with FalconBridge in the dominican republic. I am told a news release from FB is imminent. SGV book value is probably in excess of $2 so as you said the only question is when will the market value it as such. It is difficult to remain patient with these stocks but I am afraid you will never see extreme valuations on these stocks again a la Bre-X, Cartaway, etc due to all the scandals of the past year and the recent cool down of the junior sector. Look at Bema Gold's valuation - same thing. I'm staying long on both however and expect great things from KWG in particular. Bonne chance a nous tous ! Francois

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