BRE-X, Indonesia, Ashanti Goldfields, Strong Companies. Message Board

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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.

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To: (no name provided) who wrote (77)	7/30/1996 10:24:00 AM
From: Karl Zetmeir	of 28369

PMFJI ..... I'm NOT an accountant ... But made the following ROUGH calculations ... Gold @ $400/oz <G> ok .. I can be optimistic! Production -$175/oz Per BXM IR Dept Gross Margin $225/oz Not figuring taxes Indo Govt. -$ 22.50 They have a 10% participation? Net $202.50/oz Mine Production 2.5 million oz per year per BXM Net Oper. Prof. $506,250,000 No. Shares Out 220MM Per Share $ 2.30/share P/E Multiple 20 (WAG methodology) <G> Value based solely on cash flow: $46/share Obviously this doesn't account for size of the resource and doesn't account for the fact the resource may be tripled or quadrupled from the present calculation. Love to hear other opinions ...

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