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Gold/Mining/Energy : New Claymore Resources

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To: jerry janko who wrote (185)	5/13/1997 10:45:00 AM
From: Just Wayne	of 531

NCS is still the best Value in the Peace River Diamond Play It's very quiet on this thread for a company with such potential! I did a calculation of relative values for some of the players in the Alberta play. - Note that New Claymore holds the largest NET land position within the Craton (about 18% vs. Ashton at 14%.) - This relative value approach only considers the market cap of the companies (share price X fully diluted share numbers), the and the net land ownership. - It only considers properties within the (arbitrary?) boundary of the Buffalo Hills Craton. - It does not consider the value of other properties or the working capital held by a company. Company Symbol Market Fraction of % Interest Normalized Cap.(M) Craton Held Owned Value ------------------------------------------------------------------ New Claymore NCS 17 0.21 88 1.0 Ashton ACA 160 0.48 30 12 Pure Gold PUG 47 0.48 15 7.6 Montello MEO 28 0.058 50 11 Troymin TYR 26 0.049 100? 5.8 Blackrun BKV 6.4 0.024 50 6.0 Big I BID 2.3 0.001 100 18 ------------------------------------------------------------------ Based on Closing prices and deals signed or pending, May 12 The smaller number in the last column, the lower the relative "value" of that company. It's calculated as follows: (Market Cap.) divided by (Fraction of Craton Owned X Fractional Interest) The above number is then divided by the value arrived at for NCS (in this case about 92) to normalize all values to New Claymore, i.e. ACA is trading, on a value basis, at 12 times the price of NCS. To put it another way, NCS should be trading at ($3.55 X 12) = $45 if the market gave equal weight to the two companies. Use similar formula for the other companies. Lets hope NCS and prove up a diamoniferous pipe and approach this price target!! The best to all players, Wayne

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