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Gold/Mining/Energy : ARP - V Argentina Gold
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To: Mr. Oil who wrote (3199)3/23/1999 10:03:00 PM
From: Syncrude  Read Replies (2) of 3282
 
Ray,

Golds were off, many of those who bought ARP for speculative appeal have met their objectives and may have moved to other stocks, those that do buy may have an arbitrage focus with respect to Homestake.

I doubt that ABX will step up to the plate with a revised offer. What we may see is a joint venture with Homestake for sharing of infrastructure costs (if not a closer joint venture eventually).

With each drill hole, the risk of encountering a disappointing one increases. The market already discounted most of the drill hole results we are seeing, so I think the risk/reward ratio might not be favorable. It may make better sense to own Homestake directly right away. It all depends on one's objectives and tolerance to risk.
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