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Gold/Mining/Energy : Wheaton River Minerals (WRM Toronto) -- Ignore unavailable to you. Want to Upgrade?

To: mr. ed who wrote (220)	10/17/1999 12:58:00 PM
From: Steve Johnston	Read Replies (1) \| Respond to of 350

Based upon trailing 12 month operating cash flows (one standard way of valuing junior miners, WRM is worth $1.25 to $1.50 per share. IMHO, what is holding it down is; 1.) the continued uncertainty wrt the long term outlook for gold, 2.)Wheaton is currently a one property miner, 3.) that one property (the Golden Bear)is running out of ounces, 4.) the startup of Bellavista may result in Wheaton taking on a very significant debtload, 5.) Wheaton twice in the past rocketed up over $3.00, on encouraging drill results, only to crash and burn (investors/brokers have long memories). My hope is that Wheaton will eventually find a new discovery at the Golden Bear (it is, after all, a very large piece of land), and Management will astutely use their increasing cash reserves to bottom fish the market, to acquire undervalued assets from (say) a bankrupt company like Royal Oak, or acquire some ravaged junior miner with potential/proven ounces but no cash to continue operations. I remain long on Wheaton, at a price above Friday's 58 cent close, and I have been so for 5 years. Am I crazy? Will I be rewarded for my patience? Time will tell. Besides, it's only money. Regards.

To: mr. ed who wrote (220)	10/18/1999 12:02:00 AM
From: Jason Krueger	Read Replies (1) \| Respond to of 350

The TSE subindex is out of whack right now - trades at negative 185X EPS. I checked out ABX (Barrick) and they are at 24X trailing. Cut it in half, you get 12X 12 X $0.21 = > $0.58 Cut it in half again, and the stock still has great upside. I realize the production they just reported is seasonal, but that is fine. Have to wait until tomorrow to see if my calculation is right - Thanks to Stalktalk I got the email on this one. Jason