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Gold/Mining/Energy : BLACK HAWK (TSE:BHK)

BHK 9.560

-0.5%

Jan 23 4:00 PM EST

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To: nammir chucri who wrote (79)	5/18/1998 12:57:00 PM
From: Stephen O	Read Replies (3) of 545

Re argentine property. If Global does not come up with the money, I believe they have to do a public financing to raise it, then the property stays with BHK and Global are out. Re El Limon BHK and BWR have common top management. BWR has been running their mine in Honduras more and more efficiently every year. They know how to operate in Central America and I am sure they expect some cost cutting, economies of scale etc just from that. The loans from BHK to Triton are secured by the operating assets of Triton and will be cancelled once the merger is done and they are independent of any deal with Global. One of the loans was to secure the rights to the Argentine property for Triton. As regards BHK share price dropping since the merger was announced, there has been an arb going on between BHK shares and Triton shares. I think it has been a case of Triton shares dropping and bringing BHK down with them. Triton shares were $5.50 a year ago. Institutions owned the stock and with gold shares and Triton flaming out over the last 7 months they just want off. They sell at any price to get the stock off their books.

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