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Gold/Mining/Energy : CURLEW LAKE RESOURCES (CWQ-VSE)

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To: Kevin Vickers who wrote (244)2/17/1998 1:41:00 AM
From: Dale Schwartzenhauer   of 701
 
Kevin: I was never in BEA/STF on any recent position. CWQ is relatively priced given its smaller interests and lesser shares outstanding. Currently, the price of BEA divided by 3.27 gives CWQ's value on Turner Valley alone. At today's $0.70 close on BEA, that makes CWQ about $0.21«; the current market is $0.22 - $.25. The other interests are certainly worth more than « ct, and in any case provide a defensive fallback compared to a company with Turner Valley holdings alone. So, the other issues are a more pure play, but the market has priced CWQ with very little premium and thus make it a better buy (at least today).

Dale
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