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Gold/Mining/Energy : ybm magnex

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To: Michael Parmentier who wrote (2)	4/12/1997 6:43:00 PM
From: Richard Lam	of 16

Michael: Just received the proxy and annual report today. Relatively speaking, mangement is not paid very well in terms of actual salary but they all have large amounts of stock options to account for that. Read through the annual report, I find it very well writeen in terms of informing shareholders of their industry and the oportunities for growth. Throughout the report, managemnet's expansion plans for 1997 are fairly well laid out. The only risk I see going forward is the risk of inventory write down b/c they hav epurchased substantial maounts of scrap magnet material for reprocessing. It is paramount that YBM completes the planned acquisition to gain the additioinal magnet production capacity. Other than that, everything's looking bright.

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