BLACK HAWK (TSE:BHK) Message Board

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Gold/Mining/Energy : BLACK HAWK (TSE:BHK)

BHK 9.415

-0.8%

4:00 PM EST

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To: zoli bognar who wrote (231)	3/4/1999 1:32:00 AM
From: Gord Bolton	Read Replies (3) of 545

Hi Zoli, do you hold shares in this one? I bought a few on the dip and so far it is going in the right direction. I am still trying to figure out how long to stay for. As far as I can figure out BHK has about 3.24 million ounces of gold equivalent. About 100 million shares out. Share price .15. I was trying to compare with Argentina Gold to see which is the best bargain. So far ARP has 60% of 5.82 million ounces of gold equivalent. 37 million shares out at close to $5.00 per share. Some folks are saying that ARP is worth about $8.00 on a takeover. Is Black Hawk's gold worth less? My calculater says that if you buy BHK you get .0324 ounces of gold per share. If you buy ARP you get .0944 ounces of gold per share. BHK has two mines operating and some very advanced projects. Both ARP and BHK are drilling and expanding resources. Barrick was willing to pay $45 to $50 dollars per ounce for ARPs gold in the ground. If you gave BHK $50 per ounce BHK would be worth $1.62 per share. BHK is trading at %10 of that. There is either something really wrong with my figures or my calculator. I do know that the big boys are hunting for bargains. We could throw Claude Resources in for further comparison. Claude has only drilled off at the very most 1 million ounces. There are about 30 million shares out and two mills running. Claude's gold is worth about $60.00 per ounce. CRJ is trading at around $2.00. Using the same calculation for BHK, BHK gold is worth $4.62 per ounce. I am thinking that BHK is undervalued and oversold significantly. Or I am missing something here.

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