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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: Art Pesner who wrote (8120)1/14/1998 2:22:00 PM
From: Jan A. Van Hummel  Read Replies (1) of 20681
 
To Tom,

Tom,

I found that Bre-X had 215 mm shares outstanding. This was after a 10-for-1
split as I recall.

So the $230 you mention would have been a pre-split price putting the market
cap at abt $5 billion based on an estimated 70 mm ozs of reserves.

Just for the sake of argument, mind you this is just playing the numbers
loosely, if Naxos would have a similar level of proven reserves, one can
argue that with abt close to 40 mm shares out there (with the Johnson option
exercised) we would be looking at abt $120/share for Naxos.

I would also argue that given the high Au-content at FL it will be easier and
less costly to extract larger amounts of gold, which should enhance Naxos'
value even further.

Now, if the proven reserves are even larger than the 70 mm Bre-X claimed
I leave the extrapolation to you.

JMHO

Jan
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