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To: Grandk who wrote (25472)	10/6/2000 5:15:03 PM
From: pater tenebrarum	Read Replies (3) \| Respond to of 436258

all of those, except ASL...their hedge book would still not survive a sustained rally in gold prices. missing from your list is clearly HGMCY...that one should be a mainstay of every gold portfolio. all of these cos. have reasonable to extreme leverage to gold prices and are either not at all, or very lightly hedged. in the case of DROOY, GOLD and HGMCY you are buying HUGE reserves for practically nothing. furthermore all three have production costs that have improved markedly in recent quarters. just look at their latest quarterlies...they're almost like growth stocks. KGC has suffered from a stock overhang resulting from the AMAX Gold transaction...that has depressed the stock's price unduly. they have enough cash to weather the current low PoG environment, and their marginal properties would once again add enormous value should the PoG improve. HM is financially solid,strongly cash flow positive, and imo also definitely a buy here...it may get taken over imo. i am less well informed on NEM, but clearly it is one of the more desirable stocks among the majors, as it is only lightly hedged. the bulk of its gold properties are in the Carlin trend in Nevada, which is one of the most prolific gold bearing regions on earth. PAAS is a silver growth stock, as it is just beginning to ramp up production in its South American developments...the Dukat problem has finally been solved, even though the solution was not entirely satisfactory. but that's more than priced in. i am not familiar with CTRL, but it looks cheap at a first glance...i'll have a closer look at it though. note, the above is of course just imho and only a short overview of the things that strike me as most important. no matter how undervalued these stocks seem currently, a rally in the PoG will be needed to get them going...