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Gold/Mining/Energy : Canmine resources -- Ignore unavailable to you. Want to Upgrade?

To: bay aufarb who wrote (2677)	8/11/2000 4:34:18 PM
From: Ralph Kern	Read Replies (1) \| Respond to of 2769

Good news release. As I see it several important developments: 1. Canmine shareholders now own shares in BINCO resources corporation. These shares and rights have a definite value although are not a liquid asset until the shares trade on the CDNX. 2. Canmine has to replace the asset transferred to BINCO resources corporation, a nice cobalt find 40km from the refinery would fold into the plans well. 3. The "bank" has approved the game plan. That would involve the mining people and then corporate finance. I would therefore assume that the IRR, NPV or whatever measure of return used to judge the project has been considered acceptable. 4. I estimate that Canmine needs about 10 million to make it happen and the "bank" is only willing to finance 75% i.e., 7.5 million. 5. AGRA's recent work was needed to complete environmental applications which are potentially lethal to Canmine if not done properly. Stumbling at this stage would be very bad for us shareholders. Overall I am pleased with the news release. For obvious reasons several timing details have been omitted. Any constructive comments out there? Ralph.