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Gold/Mining/Energy : Colossal Resources - CLPZF - Colbalt in Zambia
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To: Tom McIlwain who wrote (298)6/23/1997 3:15:00 PM
From: Dick Roy   of 501
 
Would like to see details of options granted, but on the face of it, doesnt bother me that much unless a good share of them are to Dil Gujral and immediate family.

FYR: checked Quick Source Reports on wsrn.com (outdated) but
info as of a year ago or so are:

book value : $1.13 million
shares outstanding: 5,455,000 (up from over 3 million in 1995),

so there was significant dilution last year. These options
may not matter much if they get their s--- together. It's
still a relatively small float (plus the exposure from debentures)

I'm more concerned about their accounting methods

what is book value of the co. now ? C$15 mil for equip based on
replacement value or what? Did they actually spend $15 million on plant/
equip? I asked their IR about it, no reply so far. I asked for
the appendices. Once I have chance to review all would like to talk to their controller.

how is inventory valued etc.?

(There are differences between Canadian methods and USGAAP
(U.S. Generally Accepted Accounting practices) and many individual methods taken to suit each co. for tax reasons or
to dress up their statements. (In my small co we used to sit down with accountant and legitimately cud come up with widely
differing statements depending on what rules we decided on)
Large cos use widely accepted methods but footnotes are still important
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