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Gold/Mining/Energy : Vista Gold (VGZ)

VGZ 1.780

+8.2%

Nov 10 3:59 PM EST

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To: Richard Mazzarella who wrote (194)	5/13/1998 2:20:00 PM
From: Jay Anderson	Read Replies (1) of 379

I like the shares at this price and expect share value to increase with the POG. When they say it costs $207 per ounce I believe that amount just refers to the actual mining costs and doesn't take into account the administrative costs associated with the company. This would explain the discrepancy you refer to. I just wondered if hedging gains are included in the net profit or not.

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