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Gold/Mining/Energy : CUMBERLAND RESOURCES (CBD) -- Ignore unavailable to you. Want to Upgrade?

To: Claude Cormier who wrote (151)	3/11/2000 9:30:00 AM
From: russwinter	Read Replies (1) \| Respond to of 393

I have picked up an initial position in CBD. Looks like a great bargain: modest US 32 million mkt cap (@ 1.75) with US4 million cash. New resource estimates coming any day. Another million ounces? More? If so, market capitalizes at only about $6 an ounce. The question on some of these companies is corporate strategy. Many seem to want to take the high risk approach and develop mines. I say risky, because even the best projects have 150/oz operating costs, significant capital costs (especially since little funding is available), and delays. How does CBD plan to do it? Sell out Melidine to WMC, take proceeds and then try to develop Meadowbank? In some respects I prefer those (Hunter-Dickinson's Great Basin or a Madison) where management has declared that they are pure explorationists, the goal being to find and sell deposits.