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Gold/Mining/Energy : MIRAMAR MINING (MNG)
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To: Bucky Katt who wrote (89)7/9/1997 12:45:00 AM
From: Bear of 457
 
Miramar has been holding up better than most other gold stocks in the
current gold price plunge. One reason for this is that the stock had
previously plunged for reasons that were largely temporary in nature.
The March quarterly report says they stockpiled 23,000 tons of refractory ore that quarter to be processed later in batches. They hope this method of processing refractory ore will lower cash costs to $300 per oz. Since they are selling at a hedge price of
$417, they are (at least for a while) going to make a good operating profit per ounce. In light of the wipeout in the industry, their past policy of holding onto a large cash hoard looks pretty good now.
The quarterly report also reported good news about the 104 zone at
the Con Mine: "Seven widely spaced holes have intersected significant
gold values over an area extending 1,800 feet vertically and 1,500 feet laterally--an area similar in size to other major ore trends at the Con Mine which have produced between 250,000 and 2.5 million ounces of gold." If this zone is large, they might expand production
at the mine, which could reduce cost per ounce to well under $300. This quarterly report and Northern Orion's indicate things are going
well for Northern Orion. Just about the only thing that isn't going well is the price of gold (although copper is showing major signs of
weakening too).

Bear
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