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Gold/Mining/Energy : ORI Omni Resources, TYG Trumpeter Yukon, AKA Arkona Res.
ORI 41.26+1.5%Nov 7 9:30 AM EST
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To: Blue who wrote (270)10/1/1997 1:03:00 PM
From: Al Cern   of 444
 
John,

Anyway you slice the pie you still get the same thing in the end. I don't own ORI but I sure wouldn't be happy at the 2/1 exchange. However, both companies assets are undervalued at present so, ORI shareholders at least get the benefit of BYG's undervaluation if and when the amalgamation happens. The present situation doesn't benefit anyone (because of the perceived complexity) but what is really important is that new mill. The tonnage is clearly increasing to the point where this mill is crucial, especially with the number of shares that will be outstanding at the end of the excersize. My rough calculation was 75,000,000. They will need a lot of throughput to generate the kind of stock price we would like to see. As mentioned earlier, the only uncertainty that remains in my mind is what happens to AKA. I like the thought of owning a company with 35 to 40 cents/share in the bank, a 30% carried interest in an ore body that is still open in three directions, and the TallyHo claim, which hasn't been touched in many years. The latest indications as to reserves is 250,000 to 300,000 ounces based on drilling to date, so if this ore was mined it would generate over $2.00/share at today's prices, assuming costs of under $200/ton. And there is probably a lot more there.

Sincerely,

Al Cern
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