Bema(Bgo) and Arizona Star Message Board

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Gold/Mining/Energy : Bema(Bgo) and Arizona Star

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To: Bruce Laur who wrote (17)	8/12/1996 11:20:00 PM
From: Richard Mazzarella	of 10482

Bruce, thanks for the info. In the last announcement by Bema, Bema expects to produce 233k oz/yr. If their costs are <$100 oz, the earnings are $300/oz. 233k x $300 = $70MM earnings. Since Bema owns half, $35MM/70MM shares = $0.50/share earnings. A P/E of 20 x $0.50 = $10/share fair value for the stock (the 20 P/E because future gold will be >> $400/oz). Do you think that this is too far out of line? PS, I see that the price of AZS is proportional to BGO. What is the advantage of owning one over the other?

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