MHRC on the OTC market Message Board

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Gold/Mining/Energy : MHRC on the OTC market

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To: Flan who wrote (6)	5/23/1997 1:38:00 PM
From: Gutman	of 188

I spoke to a person close to Magnum, but not an insider. He estimates that, as a result of the acquisition, Magnum will be generating cash flow at an annual rate of $2.00 per share. Completion of the debenture offering ($125 million, nonconvertible) will be used to repay bank debt and defer principal payments until 2007. At current prices, Magnum is selling for less than 3X annualized cash flow, which compares will a multiple of over 5X for its peer group. Additional brokerage sponsorship is expected after completion of the debenture offering. The shares appear to offer good value at current price , 5 5/8.

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