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Gold/Mining/Energy : Gold & Gold Stock Analysis

GLD 368.18

-0.5%

Oct 31 5:00 PM EST

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To: Sam who wrote (160)	8/31/2003 3:05:58 AM
From: Andrew	Read Replies (2) of 29622

Yes BGO has been heavily diluted, 350 million out give or take 50 million lol. AZS on the other hand still has only about 40 million shares, not much more than the 36.4 million in OCT 1996 when they did a Private placement for 1 million shares at 14$ Actually that is very slight dilution since then for 7 years, probably just options and warrants getting exercised. True the management is the same. Lets face it these guys aren't stupid, they know how to make money. Perhaps AZS is the prefered way. Just a theory. Cerro Casale becomes economic above 350 gold. Placer isn't likely to start a 1.3 billion US$ project until gold can sustain these higher prices. If one believes that gold can go over 400$, well all I'm gonna say is that AZS will be worth a lot more when PDG announces that they are going ahead with the mine and buying AZS. How can they not buy AZS? PDG has 51% of the 20 million ounce deposit if they pay 1.3 billion US$ to build the mine. Buying out AZS gives them another 25%. AZS current value per ounce 3$ x 40 million shares = 120,000,000 CAN$ market cap In USD$ 85 million divide by 5 million ounces 17 USD$ per ounce. IMHO PDG will probably pay closer to $100 or more an ounce at over 400 gold especially considering that more ounces likely become economic at higher prices. Just my 2 cents that this although speculative isnt a rediculous far flung scenario. AZS offers leverage like not many others from 350 to 450 gold. The stock could easily 5 bagger or more. I would rather speculate on this than on some exploration stock with no reserves. AZS will move very fast if and when gold gets over 400. Is it possible that PDG wont buy it if they go ahead with the mine construction? IMO not bloody likely. $1.3 billion US to get 51% means they can easily stomach paying half that for another 25%. BWDIK Message 14906568 Still holding half my NSU from 14 cents

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