From A to Zeev" -- SI Sacks Zeev Message Board

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Pastimes : From A to Zeev" -- SI Sacks Zeev

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To: Timelord who wrote (260)	2/20/1998 11:54:00 AM
From: Zeev Hed	Read Replies (2) of 708

Alex, with those junior golds the first problem is to find one where you can believe management statements. Then, if possible you try and find the valuation of the resources they have (very much like you do in oil, you take the total "Probable" or "Proven" resource (depending how "optimistic" you want to be), try and determine the cost of extraction (quite though, but below 3 gr/ton of gold you are starting to run into some problems of profitability), and then find out how many shares there are. Add to that expected dilution to bring a mine to operational status, and Voila. (do not forget to discount future cash flow at at least three times the 30 years bond rate). Zeev Zeev

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