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To: marginmike who wrote (52230)	12/29/2000 11:34:40 AM
From: pater tenebrarum	Read Replies (1) \| Respond to of 436258

i believe there's a lot of hidden value in it. the market attaches basically a zero value to their Greek project, and yet, the permits are now basically in place, and both the EU and Deutsche Bank support the project. once it gets going, it would more than double their attributable production, and decrease their overall production cost by about 30%, as well as increasing their reserves by about 250%. in fact, their operations in Greece are probably worth a lot more than the entire rest of the company. in spite of relatively inept management (which is likely on its way out anyway) and low gold / silver prices they managed to make a profit last quarter. Normandy Mining owns half of TVX, and there's a strong possibility it may eventually make a bid for the remainder. the only fly in the ointment is a $230m. gold debenture they issued which comes due in 2002. BUT they have about $ 115m. in cash and short term investments, so that softens that concern a bit. the stock price discounts this anyway by now imo. book value of $11/share, sales $4,70 /share, cash $3,15/share and the stock trades at $1,60. that's why i like it.