MIRAMAR MINING (MNG) Message Board

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Gold/Mining/Energy : MIRAMAR MINING (MNG)

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To: PaulM who wrote (234)	5/29/1998 2:35:00 AM
From: Bear	Read Replies (1) of 457

Miramar will lose money as long as the Con Mine is shut down, so the .12 annualized earnings projection is premature. Also, the leaching problem in Northern Orion's current Cuba gold operation doesn't help. In addition, even if they did reach .12 earnings in a year, this wouldn't be sustainable because their hedges would be used up soon thereafter. At that point in time, unless gold has gone up significantly, the Con Mine will have to be shut down and Miramar will have to take a big writedown and spend money on the shutdown. Also, it is doubtful that Agua Rica can be profitable at $.75 copper and $292 gold. So Miramar's future is heavily dependent on higher metal prices. Bear

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