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Gold/Mining/Energy : Magin Energy-MGY on TSE -- Ignore unavailable to you. Want to Upgrade?

To: kingfisher who wrote (80)	11/14/2000 2:02:05 PM
From: Bearcatbob	Read Replies (1) \| Respond to of 92

Thread: Here is a response I have received from Magin. If anyone has additional questions I suggest you contact Magin directly. ****************************************************** Hi, Bob Regarding the comment from Silicon Investor.... The increase in liabilities from December 31/99 relates to: 1. Capital leases were recorded on the balance sheet effective January 1/00 $26 million (in 1999, these leases were "off balance sheet". Please note that there is an offsetting increase in assets of $28 million (Assets under capital leases). The $2 million difference relates to current year difference in depleting/amortizing each of these balances. 2. Future income taxes - increase of $38 million from Dec 31/99. The current year amount is $5.4 million with the remaining increase related to an accounting change at Jan 1/00, This change related to calculating taxes on a deferred tax provision to a future income tax provision based on the tax basis of NBV of assets. Associated with this increase in liabilities was an increase in assets of $10 million. This is a provision only. Magin will potentially have taxable income and therefore pay CASH taxes in 2002-2003. 3. Additional debt and current liabilities from Dec 31/99 of $9 million is offset by an increase in current assets of $4 million.

To: kingfisher who wrote (80)	11/14/2000 7:10:45 PM
From: The Fix	Respond to of 92

Did you listen to the conference call? Loved the NAV with Copton in......$6 to $7 Cdn. The Co. is putting all it's eggs into Copton for start up of Feb. 1. I hated the % of Dusters in this NR. Someone from Nesbutt Knew......they Walked it down....Crossed a Wack of paper at $2.50 Cdn. and have been unloading anything above $2.60. I'm not to thrilled with Mgt's attitude towards hedging NG next year, they want Copton to flow for at least six months before they commit to anything??????? Ever hear of the term, "You Snooze....You lose!" The Share buyback is Mickey Mouse at best, The 700K would have been better spent on paying down the debt IMHO. I had some Cash on side today and was looking to buy back in.....But me thinks it's better spent on CMT. fIXER