BRE-X, Indonesia, Ashanti Goldfields, Strong Companies. Message Board

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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.

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To: Jimsy who wrote (22215)	5/4/1997 11:23:00 AM
From: Richnorth	of 28369

To All: Since the analyses were done by the "roll bottle cyanide" method, I guess it is legit to multiply 17.75 MMoz. by 1.12 (i.e. 12% increase) to give 19.88 MM oz. or ~20 MM oz. after rounding off. So assuming this is acceptable and the price of gold at current levels to be ~US$340/oz. and the cost of extracting 1 oz. gold to be ~US$200 (because payolas also have to be paid out!) the price per share works out to be about US$[20 x (340-200)x (1,000,000)]/[218 x (1,000,000)] i.e.~ US$12.8 per share or ~C$17.7 per share. If the lower figure of 17.7 MM oz. is used, the share price works out to be ~C$15.7. If my calculations are legit, tis not too bad for very early or recent buyers afterall, is it? I am probably naive in my assumptions. So please give me your comments. Richnorth

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