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Gold/Mining/Energy : Homestake Mining

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To: Bill Grant who wrote (106)	8/22/1998 3:36:00 PM
From: Ptaskmaster	Read Replies (2) of 415

Anyone else here on the Harmon Statistical Data Set & HM thread think Homestake is a good buy at current levels? Homestake's second Qtr earnings press release of July 24th states in the text that Prime Resources owns 100% of the Eskay Creek mine in B.C., but the tables and lack of ownership percentages of PRU in the text, indicate that HM owns 100% of Eskay Creek. Wishful thinking? The web sites don't give recent updates and I haven't seen any current PRs on this. John Eng thinks HM's proposed share swap undervalues PRU by at least $1.50 a share, and recommends the purchase of Prime Resources shares. See Message 5137526 The Qtr2 PR also states that "geologic mapping and geochemical sampling programs on the nearby Prime block of the Corey property commenced in May to define drill targets." This was apparently successful. Kenrich Mining Corp, which JVed the "PRU block" of the Corey property to PRU/HM, reported that the diamond drilling program commenced on July 30th. See kenrichmining.com The Kenrich web site uses an interactive map to highlight some interesting showings and grades of gold and silver at various localities on the Corey property. Anyone know when assay results from the above drilling program might be announced? If Prime Resources is on to a reasonable exploration bet to find another rich Eskay Creek-like deposit, how would one conservatively invest in this situation? Buy KRC as speculation, buy PRU due to its healthy position, or buy HM which will gobble it all up at low cost and be listed on the Toronto exchange in Canada, in addition to current listings in the US, Switzerland and Australia?

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