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Gold/Mining/Energy : Laverton Gold VSE:LAV

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To: Morgan R. Naidoo who wrote (8)	1/14/1997 5:02:00 PM
From: burner	of 45

Morgan, BWZ, a mining analyst in Ausrtralia, published a BUY recommendation, with a 12 month outlook of OUTPERFORMER. This was dated Jan 8 and the main points included: 1) Gold will be poured shortly; 80,000 oz per annum 2) Resource upgrade to 1.14 million oz (90% increase!) 3) Reserve of 415,000 oz should be upgraded this quarter 4) Berenai and Bulah quite probably a single large pit 5) Exploration in 1997 is estimated at $3-4 million; most in the immediate area 6) COW's are final generation COW's which means area under ompany control will not be reduced as in early stage COW's 7) LAV has a $65/resource oz and $180/reserve oz capitializtion this is well below average of$107 & $238 respectively. This is indicative of being UNDERVALUED 8) BZW states that " The failure of a typical price rally during the commission phase indicates the market is either asleep, sceptical or pre-occupied with the poor price of gold". The also believe the rally is "yet to occur". Hope this is helpful, Dan

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