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Gold/Mining/Energy : New Claymore Resources

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To: Famularo who wrote (283)	1/24/1998 10:32:00 AM
From: Just Wayne	Read Replies (1) of 531

Hi Frank: I agree, NCS is in relative terms, undervalued. I think it best to use the fully diluted shares outstanding which in NCS's case is about 4.8 million I believe, thus a current market cap of about 12 million (FD). Montello's FD market cap is currently about 21 million and Ashton about 135 million but these numbers are based on fully diluted shares back in October. Not sure how Kaiser got his value of 375. I think the other major consideration at this time has to be net land held in all of Alberta since no area has been ruled as producing potential diamonds out yet. NCS is sitting pretty here too with over 13 million gross acres which I believe is the largest of the juniors. As today's article in the FP exchange2000.com points out, NCS is a very thin trader and thus can be more volatile. Best of luck to us all. Wayne

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