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Gold/Mining/Energy : MIRAMAR MINING (MNG)
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To: aknahow who wrote (66)6/2/1997 1:38:00 AM
From: Bear of 457
 
Northern Orion's 1996 Annual Report says they have 74 m shares outstanding and 8 m options outstanding. A quote on a Canadian
exchange is in Canadian dollars unless the stock symbol ends
in .U, which means it is in US dollars.

The lady at the Miramar booth at the NY gold show also said that
Northern Orion would like to sell its interest in Agua Rica and use
the proceeds to buy projects that are closer to production.

I was surprized and concerned to read in Miramar's proxy statement
booklet, which I got by mail a couple of days ago, that Miramar wants
the shareholders to authorize the issuance of up to 200 million preferred shares. The booklet says this would allow Miramar to take
better advantage of opportunities to make acquisitions. I voted "no" on my proxy. Miramar already has a large amount of cash. If it wants
to issue preferred shares, it should explain more precisely what it
wants to buy. For example, if it wants to buy out Northern Orion, I
would approve.

Bear
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