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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: isopatch who wrote (1186)	9/7/2001 2:51:32 PM
From: Frank Pembleton	Read Replies (1) \| Respond to of 36161

Echo Bay Mines By MPL Staff Writer Credit Suisse First Boston analyst Rob Doyle rates the shares of Echo Bay Mines Ltd. (TSE-ECO, $1.00) a sell. Echo Bay has announced a proposal to exchange $100 million face value of capital securities, plus accrued interest, for 361.5 million shares. "Prior to this announcement," Mr. Doyle says, "we were carrying a negative discounted cash flow (DCF) value for the company... Post swap, we estimate a positive DCF value of approximately $0.20 per share. However, given the company's current share price, the analyst maintains his current sell recommendation. He does note, though, that there may be a short-term surge in the shares following the debt-conversion. Echo Bay is a gold mining company that has four producing mines in the U.S. and Canada.

To: isopatch who wrote (1186)	9/7/2001 3:09:37 PM
From: Frank Pembleton	Read Replies (1) \| Respond to of 36161

Isopatch, "adequate disclosure about the severe deterioration " actually they didn't, they were on the verge of being kicked off the AMEX for falling below 2 of the exchange requirements. One of them was their accounting principles in reference to negative shareholder equity, the other, was 5 consecutives annual net losses. Regards Frank P.

To: isopatch who wrote (1186)	9/7/2001 3:15:09 PM
From: jim black	Read Replies (1) \| Respond to of 36161

Iso, as a holder of FN.Tor, my largest gold holding, the other being Goldcorp ( which I suspect might be a buyout candidate for a bigger fish who wants that Red Lake mine, mining AU for ~$US 70/oz)...I am now VERY curious about the terms of the FN acquisition of ECO, at what price?, at what advantage? etc, as the CEO of FN apears by his public comments to have a firm grip on the dangers/potentials in the gold market. One wonders what else he might be thinking of doing with that $100 million profit from the purchase of Normandy. As an aside and FWIW, I detest the notion of the government, OUR friggin' govt, getting into the business of buying corporate bonds. Actually seriously considering getting out of Schwab retirement account and opening one that has access to foreign currencies like the Swiss Franc...speaking of foreign currencies, get the Chevronet!!! whodathunkit, a circulating gold coin in Russia, the Russians jockeying for the strongest currency in the world, backed by gold. Now if they could just get rid of their Russian mafia...? The possibilities! What a strange world we live in...quantum-like in its strangeness. For those not mostly in cash it could be a longgg weekend. Jim Black