BLACK HAWK (TSE:BHK) Message Board

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Gold/Mining/Energy : BLACK HAWK (TSE:BHK)

BHK 9.650

-1.1%

Nov 13 4:00 PM EST

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To: gilbert leblanc who wrote (385)	6/14/2000 7:48:00 PM
From: Stephen O	Read Replies (1) of 545

Let's review Black Hawk at current time, after 1st qtr numbers. Cash flow .01c us per share = 1.5c Cdn, annualise this you get 6c Cdn. As a gold stock BHK is trading at 1.25 times cash flow. Total resources 2,558,500 ounces of gold = 0.019 ounces per share = $8 Cdn 43,013,800 ounces of silver = 0.326 ounces per share = $2.44 Cdn so for 7.5c Cdn you have a total resource worth $10.44 Cdn per share Total reserves 312,200 ounces of gold = 0.002365 ounces per share = $1 Cdn per share PS re Jascan BHK was hedged with call options out for 3 years at $273 an ounce. Now in Jan, after Jascan sold, BHK has call options on 50,000 ounces at $290. That will help this year if gold spikes up again.

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