PHILEX GOLD INC (PGI) - TSE.... Trading at under 30% book Message Board

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Gold/Mining/Energy : PHILEX GOLD INC (PGI) - TSE.... Trading at under 30% book

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To: Michael M. Cubrilo who wrote (6)	4/25/1998 9:41:00 AM
From: Pierre J. LeBel	Read Replies (1) of 86

Allo... Allo... That is my way to say Hello! Spent some time last night reviewing the February 17th news release giving some unaudited numbers for 1997. To be honest, I am a bit surprised that audited statements for 1997 have not yet been released and posted to their web site ten weeks later! Earlier today, I emailed Philex and requested that they send me a copy of their 1997 annual report, containing the audited 1997 statements as soon as available. It is almost impossible to comment without a complete set of numbers. For example, in 1996, they raised over US $ 23,000,000 on the market. At December 31st 1996, they still had US $ 16,838,000 left in the bank. According to their recent news release, they had less than one million dollars left at the end of 1997! I do not want to sound negative but, it raises some questions about the need for more money and further dilution. The chart looks terrific! Is it the price of gold which is causing the buying interest recently (you will see similiar chart pattern with Dayton (DAY) for example) or is there something specific to Philex? In the meantime, I am loading up on junior gold exploration companies with lots of cash in the kitty: Black Swan (BSW), Valerie Gold (VLG) and Indochina Goldfields (ING) among others. I will be back to you once I have received and analysed the 1997 statements. Good Luck and have a very nice day. Pierre

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