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Gold/Mining/Energy : Yamana Resources INC. T- YRI
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To: Mr. Oil who wrote (1681)11/18/1998 8:30:00 PM
From: kingfisher  Read Replies (2) of 2346
 
Ray,
Five million special warrants will allow 2,500,000 more shares to be purchased at $1.30.Therefore raising a potential $8,250,000.If this issue is fully subscribed it will raise $15million if all warrants are exercised at $1.30 within 18 months.

This low priced financing will allow individuals who may have participated in previous deals at much higher levels to get bailed out.Assuming they agree to participate in this issue.I have no problem with cutting them in with future results indicating that the pie is huge.The company did say there is the potential of 100million ozs of silver and serious gold and base metals at Bacon and same targets for Lejano.This implies a potential of $3billion in ground resource.A rule of thumb value would imply a inground value of $300million to Yamana
(Canadian dollars).I doubt that they can drill enough holes this drilling season to prove out such a resource but 100million ozs this drilling season is possible.Just to compare Inco paid US$3.2 billion for Voiseys Bay, an orebody with an estimated value today of US$15billion.Robert Friedland must be still chuckling about that deal.

Getting back to Yamana,if preliminary results this drilling season are positive Cannacord and First Marathon will snap up the entire issue and it will indeed be a VERY MERRY CHRISTMAS for Yamana shareholders.

Happy Investing,
Richard

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