Rex Diamonds-Sierra Leone Message Board

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Gold/Mining/Energy : Rex Diamonds-Sierra Leone

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To: Scott Wilding who wrote (25)	2/24/1997 8:55:00 AM
From: Ross Orr	of 41

On Friday Bill Belovay, the mining analyst at CIBC Wood Gundy, put out an 8 page research report on the company. I will list the highlights here but you can get a copy of it by contacting Alan Day at Wood Gundy, 416-594-8880. Highlights: This report follows a visit to the South African mines of Rex Diamonds, a producer of high-quality gem diamonds. - the company is a world leader in the mining of narrow diamond-bearing fissures. - there is surprise potential of discovering a large gem, since prices of gem diamonds grow exponentially with size. - Rex operates three diamond mines in South Africa: Bellsbank, Ardo, and Rex. - Rex offers production, cash flow and reserve growth. -the blue sky is in Sierra Leone, where the company has licenses covering large prospective areas, as well as excellent relationships with the government. - on a net-present-value basis the company is undervalued. - our 12 month target price is $9.00 per share. We recommend Rex Diamond Mining Corporation as a Buy. The report is an excellent overview of our operations and makes for informative reading.

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