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Gold/Mining/Energy : NDT VENTURES

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To: Enigma who wrote (926)	1/4/2001 10:22:13 AM
From: russwinter	of 992

I think overall the odds may be getting much better (than 1 of 100)for a find in today's market. Capital is constrained so there is less competition for good projects and the surviving juniors have a better chance to cut deals on the best situations. There is more inexpensive toiling geological talent out there and with a few notable exceptions (PFG) less promotion. In fact among the pure grassroots plays the market has put virtually no value on the prospects. Here are some typical enterprise values in US(after subtracting working cap) for promising prospects: NDE: 750K Intrepid: 1 million Radius: 1 1/2 million if ABX exercises warrants IMA: 2 million Nevada Pacific: 750K Anatolia: 1 1/2 million Solitario: 5 1/2 million and they are loaded including PGE's Annaraq: 4 million Although these are clearly speculations not T-Bills, we are not exactly betting on the come at these valuation levels. And of course there are the advanced stage projects where PM's have already been found and that have potential for additional ounces and new project discoveries: FGX, BAY, MFL, BGI, GBG, MOY, CBD to name some. All typically valued at a few dollars an ounce for their reserves.

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