ARP - V Argentina Gold Message Board

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Gold/Mining/Energy : ARP - V Argentina Gold

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To: John BOYCE who wrote (3000)	2/27/1999 3:26:00 PM
From: Tony from Niagara	Read Replies (2) of 3282

I take the math which you used to obtain CDN $9.43 per share as follows: US $ 40 /oz. x 1.5 (currency conversion) x 5.82 million oz. / 37 million shares which equals CDN $9.43 Don't you need to reduce that figure by 40% for Barrick's direct share in Veladero? That would result in CDN $5.66 per share. However, ARP has already advised that it has an estimated 8 million gold equivalent oz. (and that estimate is due to be increased) so I think the figure of 5.82 million oz. may be understated. What remains to be seen is whether the silver to gold equivalency rate of 50:1 is reasonable having regard to recovery rates.

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