Major drilling TSE-MDI Message Board

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Gold/Mining/Energy : Major drilling TSE-MDI

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To: Michael Bidder who wrote (25)	12/1/1997 10:23:00 AM
From: John Veltheer	Read Replies (1) of 71

One must wonder how the state of drilling is these days with the falling price of MDI shares??? The CFO of the company says everything is on target. So I figure that panic selling of everything even remotely related to precious or base metals is the cause of MDI's decline and nothing more than a buying opportunity (as much as I hate that phrase). Existing mines like Grasberg will need MDI drilling there for years and gold will have to go a hell of a lot lower to put them out of business. Regarding the $11 book value - that is determined by Midland. I agree that analysts are putzes but you have to assume that that value is reasonable. I sure as hell ain't going out to NB and adding up all their stuff. The other thing to consider is the 1.1 million share cross on Nov 12 at $28. Whoever dropped $30 million bucks must have done some due diligence and saw good value. That fund is out about $8 million bucks at current prices and will eventually start to push this stock back up. I am sure they have a few more bucks up their sleeves. JEV P.S. Stock is up 1.10 as I write this and Gundy is bidding aggressively.

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