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Gold/Mining/Energy : DAYAK GOLDFIELDS INC. (DAYK)

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To: Buck who wrote (17)4/30/1997 10:54:00 AM
From: Ron Everest   of 20
 
Here is the calculation for the current market:

IPJ trading at C$3.50 x 1.1 = 3.85

DAYK trading at C$1.20 x 3 = 3.60

Thus, DAYK is trading 25 cents under its intinisic value. This is true if the prices remained at $3.50 and $1.20 and the merger closed.

Best regards,
Ron E
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