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Gold/Mining/Energy : denison mines

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To: marcos who wrote (98)	8/14/1997 6:03:00 PM
From: Lalit Jain	of 301

marcos, Nice to hear from you. Denison is looking technically weak. Fundamentally, I don't think anything is wrong, but I think with Ontario Hydro closing 7 of their reactors, investors think that Denison may be affected. I don't believe Denison is affected because it does not sell any uranium to Ontario Hydro. Also, Denison already has a contract to sell the output from the Saskatchewan (McLean mine). The current equity per share is $0.10, and the annual cash flow is about $0.15 per share. I dont think a consolidation of shares is in the works. However, if a 1 for 10 consolidation does occur (32M shares O/S after consol.), the equity would be $1 and the annual cash flow would be about $1.50 per share. If share price then falls to 40 cents, I think I will be buying a lot of shares. Cheers, Lalit Jain - on the recovery trail from Bre-X collapse

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