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Gold/Mining/Energy : Precious and Base Metal Investing

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To: marynell who wrote (325)	10/26/2001 9:48:12 AM
From: russwinter	Read Replies (1) of 39344

The following is my junior list, stocks I either track or hold. Arguably this list is a good representation of much of the best prospective ground in the world. There are certainly others, but I show it to illustrate just how distorted this junior market has become. These companies better start defending their share prices or one of us might just take out a home equity loan <G>. The numbers given are generally through the second quarter. Trackers will have to update their own names as these outfits are continually raising small amounts of cash via PPs and option exercises. I use undiluted shares unless the stock trades in the money (rare anymore). Best source is usually Sedar:http://www.sedar.com/ The 39 companies (I have omitted GAB and FGX as a separate class)here have a combined market capitalization (MC) of only US$345 million as of last night's close. They have net working capital (WC) on hand of about US$100 million as a group. Actual enterprise value (EV) therefore is only $245 million. Therefore, if someone could get $50 million invested (no easy task short of direct funding) at these prices, he or she would have a controlling interest stake in the whole list. Probably worth 1/4 billion just on tax loss carry forwards alone. By comparison the following "mid tier" producers have MC of: Glamis $228 M, Meridian $727 M, GG $930 M (Companies like these should be aggressively using their stock as currency for swaps!!) WHAT'S WRONG WITH THIS PICTURE!! GREATEST POSITIVE ARBITRAGE PLAY IN THE WORLD!! US$ MC WC EV Anatolia 10 3/4 1 = 9 3/4 Annoraq 7 2 = 5 Birim 3 ? = ?* awaiting ASL royalty payment Coral 2 1/2 1/2 = 2 Corner Bay 16 4 = 12 Corriente 10 1/2 3 = 7 1/2 Cumberland 14 3 1/2 = 10 1/2 El Dorado 17 1/2 neg 16 = 33 1/2 Freewest 7 1/2 2 = 5 1/2 Great Basin 15 7 = 8 Geomaque 3 1/2 neg 4 = 7 1/2 Gold Reserve 18 1/2 17 1/2 = 1 Golden Goliath 7 1 1/2 = 5 1/2 IMA Exp. 4 3/4 1 = 3 3/4 Kensington 13 1 = 12 Inca Pacific 3 1/2 1 = 2 1/2 Minefinders 17 1/4 1 = 16 1/4 Madison 2 1/4 1 1/2 = 3/4 Moydow 6 3/4 2 = 4 3/4 Metallica 23 2 1/2 = 20 1/2 Mineras Andes 3/4 0 = 3/4 National Gold 1 3/4 1/2 = 1 1/4 Nevada Pacific 2 1/4 = 1 3/4 Nevsun 4 3/4 1/2 = 3 3/4 Orezone 1 1/4 1/2 = 3/4 Pacific NW Cap 5 3/4 1 1/2 = 4 1/4 Playfair 1 3/4 3/4 = 1 Rockwell 4 1/4 1/2 = 3 3/4 Rubicon 4 1/4 1/2 = 3 3/4 Solitario 7 1/2 5 1/2 = 2 Southwestern 28 18 = 10 Starfield 12 1/2 = 11 1/2 Sultan 8 1/4 1 = 7 1/4 Tan Range 11 1/4 3 1/2 = 7 3/4 Tenke 8 1/4 3/4 = 7 1/2 Virginia 9 1/2 7 1/4 = 2 1/4 Wheaton River 24 15 = 9 Xcal 4 1/4 1/2 = 3 3/4 ** Goes without saying, double check data before investing

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