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Gold/Mining/Energy : Bomax Resources - BXS.VSE

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To: Michael Oh who wrote (22)	11/15/1996 3:37:00 PM
From: Johan van Slooten	of 313

Based on the expected cash flow and EPS next year, when they will be producing 1000m3 granite at a price of US$800, I came to a reasonable level for the shareprice of between C$1.50-2.00 first. This in reaction to the announcement of the acquisition. After that, it must be able to see a steady rise to the C$3.00-5.00 level over the next year. This is based on an Earnings Per Share scenario of around C$0.80-1.00 in 1997 and 1998. Of course, they first need the acquisition, then early next year they need to have production to be brought up to 1000m3 (which is planned) and at last they need more clients for selling the granite. I hope we will see some action soon, but it seems unwise to me to sell right now.

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