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Gold/Mining/Energy : NDT VENTURES

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To: charred who wrote (802)	7/27/2000 9:08:50 PM
From: Claude Cormier	Read Replies (1) of 992

<<The only negative point I see is that the deal is very expensive. >> Yes expensive but not more than PFG... it will cost them $25M to find 5 millions recoverable ounces of gold. The 20% interest on cash flows is a bit more expensive than the 3% nsr... but not by much. CAPEX could be much lower. Operating costs ? Well the grade will be lower... but every thing else appears to be better. All will really depends on metallurgy and recovery rates! The way I see it... two interesting deals. Of course, PFG has more ounces potential, but with NDE at a market cap of $9M or 13-14 times less than PFG, it has to offer much greater potential for capital gains than PFG. We can get a 10-15 bagger out of NDE, not so on PFG.

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