Bema(Bgo) and Arizona Star Message Board

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Gold/Mining/Energy : Bema(Bgo) and Arizona Star

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To: Goldberry who wrote (376)	10/21/1996 7:39:00 PM
From: Terry Swift	of 10482

Graham: My crystal ball is broken. If the results come out as ho-hum it could trade down again; BUT, inevitably the fundamentals will prevail and, based on the information on the CC deposit that Bema has given me, AZS can be worth anywhere from C$18-28 depending on what a major is willing to pay for its gold in the ground. As I stated in an earlier post; based on the sale of a similar deposit in Argentina in May, 1995 I calculate AZS to be worth C$28 right now. But that is using total reserves of 25 million ozs (which is what Bema estimates they have based on the drill results) and a gold-in-the-ground value of US$62.50 an oz. Some analysts will tell you it won't sell for more than US$40 an oz; Barrick bought Arequipa for at least US$89/oz and possibly as high as US$140 an oz so there are a lot of possible scenarios here. It's impossible to say where its going to trade in the short term. Let me say this; Bema will not lose money on its PPM of Star at C$14.00. You must also keep in mind that BGO/AZS has a lot of drilling to do yet in the Maricunga district before they know what all they've got down there. Terry

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