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Gold/Mining/Energy : Bomax Resources - BXS.VSE
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To: pete meyer who wrote (203)7/15/1998 9:04:00 AM
From: Sudhir Khanna  Read Replies (1) of 313
 
Peter,

Jim has also helped to take stocks from pennies to dollars. His current holdings in Bomax were accumulated at $1, $0.30 and now at $0.15 (the shares issued for the loans are mostly his and the Bomax lawyer). Also, take a look at the volume over the last year. I don't think he has had much chance to sell his shares (in-fact, this is when he has been putting his own money into the company to keep it alive and thus the shares issued at $0.15).

I agree with you that every company goes through their cycles. I have taken a cautious approach to BXS and will continue to do so until they prove themselves. What I am interested in however, is an opportunity to make a profit. Does the current management have an incentive to perform? A clear YES. Will they have a good story to tell if the property is vended in? YES. Can the property (if vended in) support the current and to be diluted stock price? Although this is a speculative comment at this stage, I would have to say YES.

Your cautious approach is good and one that I speculate with. Bomax has not made shareholders happy over the last three years. However, for new speculators, I think it represents a profit opportunity well worth the associated risk level.

The owner of the property under review has forwarded a cheque for $300,000 to Bomax so that it can complete its due diligence process. The president has converted his loan to shares. The engineer is flying away this week to complete the due diligence process. The timing for a speculation looks right to me.

I look forward to your comments and further discussions.

Sincerley,
Sudhir Khanna, P.Eng.
Editor, The RESOURCE INDICATOR
goldsheet.simplenet.com
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