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Gold/Mining/Energy : Gold and Silver Mining Stocks

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To: goldsheet who wrote (418)	9/30/2000 3:40:34 PM
From: russwinter	Read Replies (1) of 4051

KRY is on the move, turning up the heat on PDG at Las Cristinas. The next logical step would be to combine GLDR (Brisas) and KRY (Albino). That would create more operating synergy at Km 88. There is already a mill at KRY's Albino that could process (cherry pick the low cost material) 250,000 oz thus greatly reducing the initial cap cost of Brisas alone or Las Cristinas alone. crystallex.com GLDR creates instant value for 6.7 million oz Brisas, and brings its cash horde into play at a crucial time. KRY's Albino and Carabodo has barely been explored. Meanwhile the Venz. govt can only be impressed with the contrast of PDG fiddling while KRY/GLDR presses into action. It is clear Venz. (PDG's 30% partner) has lost patience with PDG, and I think this would increase substantially the odds that PDG loses Las Cristinas to KRY. Both KRY/GLDR should play this trump card now. Or PDG should play the reverse trump card and buy out GLDR and KRY and employ the same synergy (22 million oz with upside). Best way to play is through GLDR, now selling at 65% of cash on hand, with Brisas valued at nothing. A stock swap combination would certainly go for at least cash on hand plus at least a couple dollars an ounce for Brisas (say 12 million). Total about 32 million or 1.40 per GLDR share. One would definitely want to hang on to KRY shares after the swap, given the Las Cristinas plum. A food for thought theory. I don't have any idea about the relationship between GLDR/KRY mgt. but this makes sense for shareholders of both. Given the upside of a KRY capture of Las Cristinas it should be done preemptively while gold is depressed. PDG should not be given the option to wait for higher POG.

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