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Gold/Mining/Energy : Gold Price Monitor

GDXJ 117.61

+3.0%

Dec 19 4:00 PM EST

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To: goldsnow who wrote (4639)	12/22/1997 4:41:00 PM
From: Bucky Katt	Read Replies (1) of 116815

GS-- I submit that if they had waited, they could have gotten the co. for at least 1/3 less. No one was lining up to buy Plutonic. This was not like the fight for Santa Fe gold. However, since they are using shares as currency, who cares? Maybe they (HM) know their own shares are way overvalued, so they figured, hey, what the hell. Maybe we will have the opportunity to buy HM at 5 bucks. ""Plutonic is one of Australia's leading gold producers, but its share price has tumbled from above A$7.50 in mid-1996 to A$1.95 recently before closing on Friday at A$2.80. A trading halt was applied to Plutonic shares on Monday. Plutonic's results slumped to a net loss of A$63.06 million in the first half of calendar 1997, following a severe write-down in the carrying value of its mines. Plutonic chairman Paul McClintock said the deal was supported by the company's 34 percent shareholder Malaysia Mining Corp Bhd (MMCB.KL), which has two representatives on the Plutonic board.""

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