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Gold/Mining/Energy : SVG:VSE Spire Ventures Ltd.

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To: Elizabeth Andrews who wrote (14)	9/17/1998 9:56:00 AM
From: pal	Read Replies (1) of 44

Liz I received you response and as usual it was very informative, however, i don't follow your' rational with the numbers. FGX is trading now at appro. 11.00-12.00$ with 16million shares out.If they have 2225000 ounces, the current share price reflects a "gold in ground" value of about 45.00$ US.Your' value of 30.00$ US would reflect a current share price of about 6.00 Canadian.It's way above that now.Why would a gold play in Indo carry a lower "gold in ground" value given that the 50.00$ US value is used by brokers and analysts almost universally.

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