Madison Enterprise, MNP/VSE Message Board

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Gold/Mining/Energy : Madison Enterprise, MNP/VSE

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To: baystock who wrote (244)	4/10/2001 1:14:31 PM
From: Claude Cormier	Read Replies (1) of 285

RR, I can only agree that the group has lost money for its shareholders in both MCE and MNP. However, dumping MNP at this price in not reasonable. First they have only 46M shares outstanding, not 52M. In options they have 3.3M at $0.17 which is above current prices. They only issued 206,000 shares at $0.12 to cover that 25% of employees salaries. Given their reduced salary expenses, They might issue max 400,000 per year that is if they maintain the same staff. They have $1.9M net in cash which is good for almost 3 years at current rates. They have a resource of 2M ounces that will be profitable at higher gold prices ($325-$350 or so I guess). I would not buy for sure, but I would not dump. There is no doubt that the stock will react very positively to a major advance in gold prices. I could be wrong but that is my opinion.

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