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Gold/Mining/Energy : BANDORE
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To: James W who wrote (524)5/1/1997 9:43:00 AM
From: Y. Buffet  Read Replies (1) of 1692
 
My understanding is that an open pit resource in the ground carries a rough value of approximately $75 U.S. ( in this dreadful market )which translates to $5 per share per million ozs. To carry a higher premium things such as bulk sampling to determine stripping/recovery ratios would need to be carried out. Historically, in the Timmins camp such follow up work has often revealed a richer resource than initial drilling had indicated, due mostly to the complex folding that takes place in the rock. I believe based on information to date and referring back to Barry Allan's earlier analysis the most conservative preliminary resource calculation should come in at 1mil proven - 3 mil probable -5mil possible; a blue sky case could be made for 3mil proven - 5mil probable and between 10-15mil possible.
At this point it as perhaps as important as more good holes that management be strengthened, the board replace Hughes with a big hitter and that a focused effort towards a preliminary resource calculation is carried out and then built upon.
The stock is truly a bargain at these levels; twelve months from now hindsite will reveal any purchase under $10 was an opportunity. In other words in a year a Ban share in whatever form should have an equivalent value of $30.
YB
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