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Gold/Mining/Energy : Bema(Bgo) and Arizona Star
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To: modon who wrote (57)8/17/1996 7:30:00 PM
From: Anthony Wong   of 10482
 
Greg, after reading up all the newspaper articles on Bema this week, looking back at the trading volume of the stock, I think that this stock should have support at around C$11 (US$8.50) level. This stock is in play, it should go to C$15 in the next few weeks. My reasons are as follows:

1) Insitutions are anxious to find the next play. The Arequipa play is over with. Ditto Diamond Fields. Bre-X may have more to go, but most of the easy money has been made. Bema is comparatively safe. It has a operating mine; even without Cerro Casale the company is still worth something. Almost everyone want to believe the story.

2) There had been many block trades in the past 2 weeks (TSE), indicating big buyer interest. Mutual funds have bought stock; they want to make a huge gain on this one to boost up their performance (the share price of the majors like Barrick, Placer Dome aren't doing that well.

3) The bought deal of $88 million announced on Friday (August 16) meant that some 8 million shares are bought at $11; these shares won't be sold for 1 or 2 dollars' gain. Please also refer to my post at #62 in reply to Ken.

Personally I think Bema is a safer play than Arizona Star. As a takeover candidate, I can't see anyone taking over Arizona other than Bema.

Best of luck.

Anthony
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