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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: russwinter who wrote (349)	10/27/2001 9:26:54 AM
From: lbs1989	Read Replies (1) \| Respond to of 39344

Dear Russ, Thanks for the Lesson! I bet AK-47 would have inverted them automatically!! Best Regards,

To: russwinter who wrote (349)	10/27/2001 1:24:51 PM
From: tyc:>	Respond to of 39344

For an illustration of Enterprise Value par excellence, you may wish to look at Novicourt (NOV.T) which has an interest in the Louvicourt mine operated by AUR. 3rd quarter results have not been published yet, but here is a link to second quarter results. biz.yahoo.com Apparently working capital was C$58M (CASH of C$45M). The Market cap is ~$70M, so EV is <$12M or 30 Canadian cents per share! (This stock pays regular dividends of .20 per share plus an extra .10 cents when working capital permits). The stock is so cheap because ore reserves are limited. However, look carefully at their exploration activities. In a perhaps final attempt to find more ore, they embarked on an expensive 3D seismic survey. AUR's 3rd quarter webcast revealed that the survey has indicated three anomalies worthy of drilling and drilling will commence in November. To my mind, this represents a very attractive speculation. (Apparently Noranda thinks so too for they recently increased their stake in Novicourt). But my thinking has not been crowned with success lately, so do your own due diligence. (I am long the stock)