BRE-X, Indonesia, Ashanti Goldfields, Strong Companies. Message Board

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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.

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To: Jon Huang who wrote (45)	7/7/1996 11:06:00 AM
From: Karl Zetmeir	of 28369

I spoke with BXM IR on Friday ... The BXM feeling is that the other properties to be split off into Bro-X have not received any valuation in the current Bre-X share price. However, preliminary exploration at Sangihe indicates the presence of possibly 2M oz of gold ... That's the basis for the initial valuation of C$8-10 when it starts trading. I tend to agree with BXM as I haven't seen any valuations that include any value for the additional two properties. I also asked if Bro-X would be treated as a dividend for tax purposes and was told the BXM analysts were investigating that issue now. Likewise, the valuation on BSR is very low ... a calculation was provide in a Financial Post article 6/26/96 indicating BSR is undervalued by C$5-6 based on their ownership of 23% of BXM's shares, their cash on hand (C$30M) and direct ownership in other properties. IMO ... investing in BXM is STILL in the early rounds! :)

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