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Gold/Mining/Energy : Lytton Minerals

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To: VAUGHN who wrote (12)	8/28/1997 1:29:00 PM
From: Blue	of 92

Vaughn, regarding KLA, shares issued 23 million, fully diluted 30 million, "est. float" 3 million. You're right, management is crummy but 30% is a great percentage, they've got their full 30% and would only have to spend a couple million to help conduct a prefeasibility study. SUF has spent $7 million on the property and taken thousands of till samples. KLA has spent $1 mil I believe. I suspect Jennings is 100% certain that they have a highly diamondiferous source here. They are expecting to find something underwater. The significance of the land based announcement is that it was "unexpected". Interesting that you think it has such potential. By the way, KLA really needs this. They don't have any cash, in fact if it weren't for this I am sure the bank would be calling in the loan. (Just based on my amateur assessment of the balance sheet.) With this potential they should have no trouble doing a financing. Cash might be good for KLA, they may actually be sitting on a good palladium property with no way of developing it further. I think the whole junior sector is starting to turn around. By Christmas Bre-X will be nothing more than a stocking stuffer (any of 10 books). By the way, what is "blow"? (Aside from the obvious reference to Howe Street amusements.)

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