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Gold/Mining/Energy : Crystallex (KRY) -- Ignore unavailable to you. Want to Upgrade?

To: John Dally who wrote (10165)	10/31/1999 1:44:00 PM
From: Syncrude	Read Replies (1) \| Respond to of 10836

John, When I use $50USD (could be higher, could be lower) it is in the context of gold-in-the-ground and is a rough valuation estimate. It is not a cash-flow driven one, as I think that the CURRENT mine-life is too short to use cash flow as a fair valuation estimate. I think we are tripping over something that is a bit academic at this point. That is, until further drilling takes place on the property that can allow us to determine what reserve expansions might take place, it is fruitless to try and give a significant value to SG beyond $0 in terms of marketplace recognition. Some day it may be more, but we will then. Right now SG provide much needed cash flow (to pay expenses) and this cash flow should be enough for the repayment of the debt, IF Crystallex decides to go this route (instead of paying in shares, IF the shares go much higher to avoid dilution).