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Gold/Mining/Energy : Bema(Bgo) and Arizona Star
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To: the Chief who wrote (8322)11/4/1997 4:33:00 PM
From: Dale Schwartzenhauer  Read Replies (1) of 10482
 
I do like the deal as it gets Cerro Casale to production should PDG elect to complete the feasibility. I don't have a direct interest in either issue but rather in the region (see BDE thread). It's also quite clear that the market is revaluing the shares of BGO/AZS based on the terms. I've noticed over the years that these issues do better during exploration when reserves are being added than they do in development. As production nears (not a foregone conclusion) the deal takes on new significance as potential cash flow becomes a more likely reality. This was true of the Refugio if I recall correctly. So, it could be a long haul for shareholders, especially if being under C$3 is a constraint for Euro money funds. This could also lead to a rollback if raising the price is the only way to prevent a mass exodus. The action now is for traders and day-flippers; speculators should be gone and investors should wait for production, IMHO. See you at Romarco.

Dale
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