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Gold/Mining/Energy : MIRAMAR MINING (MNG)
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To: jim watson who wrote (61)5/30/1997 1:28:00 AM
From: Bear of 457
 
I agree with you about the explanation given. Miramar's production is hedged well above the current spot price, so I don't see why they would defer gold sales in hopes of the price of gold going up. (See p. 30 of their 1996 Annual Report.) I hope that the bad earnings news was mostly of the price of the stock already.

I was at the New York Gold Show today and as a result am more bullish on Miramar. I was told by a lady at Miramar's booth (didn't catch the
name) that Miramar is going to make an acquisition in the near future,
although she wasn't clear on whether it would be done directly by
Miramar or indirectly through Northern Orion. She also said Miramar
intends to make more acquisitions, and also might buy more of Northern
Orion. Rick Rule, a California natural resources broker, said that Walter Berukoff has refrained from buying properties because he felt prices were too high. Apparently that is no longer the case. Looks like Berukoff's holding on to all that cash for so long may turn out to be a good strategy. Rick Rule and Adrian Day expressed very bullish sentiments on Miramar. Adrian Day, who recently started a mutual fund, said he is buying all the shares he can under $5.25 (apparently Canadian dollars) for his fund. Scott Frazer said in his last issue of The Natural Contrarian he may put out a buy signal on Miramar in the June issue. So hopefully the downside in Miramar will be less that you fear.

Bear
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