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Gold/Mining/Energy : Precious and Base Metal Investing

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To: seventh_son who wrote (32049)	11/3/2004 10:24:50 PM
From: Amark$p	Read Replies (1) of 39344

Thanks, that is a nice analysis... Do not follow Northern Dynasty as closely as GBN and ANO which are much better plays IMO if you can stomach SA risk. Believe your criticism of HDI management is a bit harsh, HDI has an excellent management team (one of the best in the world) but yes one should be well aware of their propensity to issue PP and issue management options, but their actions in regard to PP and options are within industry norms it appears to me... ANO will be highly interesting since HDI apparently will not be able to issue any material PP/options since this would reduce Pelawan shareholding and thus violate BEE 51% ownership guidelines. HDI actions with GBN are noteworthy since no new PP has been issued in almost 2 years (last PP was Jan 03). That has to be some sort of record for HDI...!! I will be disappointed if GBN issues a PP anytime soon, GBN should be able to internally finance Burnstone via Hollister internal cash flows... Would not mind a new GBN PP so much if it came at prices above US$2.25 and was without warrants. But issuing a PP without warrants would be a first for HDI... FWIW, HDI management largest ownership positions are in ANO and GBN. just my opinion...

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