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Gold/Mining/Energy : Canmine resources
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To: Marshhawk who wrote (2599)6/5/2000 10:30:00 PM
From: Ralph Kern  Read Replies (2) of 2769
 
Your point is well taken.
It is premature to talk about what Canmine is worth on paper since 'paper value' as you indicate is not to be relied upon. A metal inventory of 1/2 billion or even 1 billion might not change matters much. On the other hand feedstock+refinery+debt financing+cash flow is another story. Unless I have been misled by management the only missing link is financing and refinery upgrade. Assuming the announcement of a July date for refinery modifications is correct(see last press release) and refinery modifications require 2 months of work, the plant should be commissioned in September/October and commercial production should begin by Q4. That is what we have all been told. I see no reason to doubt these timelines. Therefore we have an obvious discrepancy between what CMR is saying it will do and what the market suggests it won't do. Either the market is always right(as you suggest)or people are in for a big surprise.
Do you have an apt proverb for this situation?

Ralph.
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