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Gold/Mining/Energy : BLACK HAWK (TSE:BHK) -- Ignore unavailable to you. Want to Upgrade?

To: Claude Cormier who wrote (440)	3/21/2002 9:43:36 AM
From: baystock	Read Replies (1) \| Respond to of 545

CC, Yes you are right that their high cost of production is the most important problem that they face. But it would have helped if they were getting the current spot price of $290 instead of the $270 they have locked themselves into thru their hedging.

To: Claude Cormier who wrote (440)	3/21/2002 12:11:07 PM
From: gilbert leblanc	Read Replies (1) \| Respond to of 545

I don't know where you see it that cash cost has been climbing for many quarters, may be the last 2 one but not many. The problem with BHK is a credibility gap. You can not say to shareholders and investors that an Argentina asset play is a terrific asset in term of silver and gold and then sell for a peanut it to an other Corporation that at the same time shares the same controlling shareholders. (If my memory is good, BHK's management didn't keep any royalties on the future production.) They pushed them self in trouble (their hedge book) for an extension of a small US loan from Standard Bank - I'm quite sure -, could have been paid in full by the controlling shareholders. Claude, I'm quite sure that I'm not only investor that currently had a negative bias to any Corporation related to Dundee. Take care, Gilbert