MIRAMAR MINING (MNG) Message Board

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Gold/Mining/Energy : MIRAMAR MINING (MNG)

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To: dwight vickers who wrote (181)	11/27/1997 1:45:00 AM
From: Bear	Read Replies (1) of 457

Initial feasibility study out on Agua Rica: newswire.ca The study uses US$380 gold and US$1 copper. The problem is, gold is now $300 and copper $.84. The study also suggests the project will be financed 100% by equity--an enormous share dilution for Northern Orion. Obviously Miramar will buy a lot of those shares, and will have to dilute its own shares or borrow a lot of money to do so. Another possibility is bringing in another partner, which could reduce Miramar's stake in this to a very small fraction. But I doubt this will be built until gold and copper recover in price. Bear

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