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Gold/Mining/Energy : Golden Knight Resources GKR-VSE

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To: dave brown who wrote (45)	12/23/1998 11:10:00 AM
From: baystock	Read Replies (1) of 63

I am not sure where you got the $4 million/year cash flow from Tarkwa number. If there is any cash flow it will be staying in the joint venture to payoff the debt with Rothchilds and also to finance the planned expansion. I just hope they don't need to come up with any more money from their own pocket. I personally think they should have hung on to their cash rather than invest that $4.15 million into Cross Lake. Tarkwa is their main asset of any value and they are only a silent minority partner. So In fact I think they should close up shop and reduce overheads to the barest minimum and just wait for Tarkwa to reach full production 5 years from now, rather than risking further share dilution over the years.

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