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Gold/Mining/Energy : Minefinders, MFL -- Ignore unavailable to you. Want to Upgrade?

To: Claude Cormier who wrote (284)	9/8/2001 6:02:22 PM
From: russwinter	Read Replies (2) \| Respond to of 578

The previous analysis suggests a robust 22% IRR (that's before the recent improved metallurgical tests) at 275 POG. Delores is good to go without the need for higher prices. And it's only going to get better because the deposit is still expandable at a low discovery cost. So the question becomes price for the deposit to get it to pencil. ECO, (now ECO/FN) already owns 21% of MFL, therefore they are ahead of the game. In fact for ECO/FN NOT to proceed on an economic deposit that they own part of, means they fail to mobilize an important asset and FN (unlike ECO alone) doesn't operate that way. This is a significant event for MFL. Plus, FN is in a different boat than most other potential acquirers. FN has been trying to mobilize. Instead they are going to lose NDY, and Midas and be left with no production. They are about to be presented with more cash (which they have plenty of and need to deploy)at just the wrong moment. They are going to have to go rapidly on the move or get left at the alter (or be raided in kind), and I think MFL (and the rest of ECO, and a few others) is in their sights. As part of the tear FN is about to embark on, I'm guessing at least four bucks a share for the 79% of MFL they don't own. That's $12.50 an ounce for the other shareholder's 3.15 million Au eq.(with 850K already held). Easily fits the parameters in Lassonde's (and everybody knows Pierre and I think alike: minds like steel traps) statement this week, noted earlier. All up costs for Delores would be well under $190, maybe more like 185 with the portion they already own.: Message 16299994