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

To: marynell who wrote (6141)	12/19/2002 11:16:08 AM
From: Letmebe Frank	Read Replies (1) \| Respond to of 39344

Marynell, in the BMO Weekly Gold Monitor ofDecember 16, 2002 which is still available for descreet distribution (I think I still have your email address), it said: The market is now discounting a gold price of $371/oz, $39 above spot, and senior and intermediate producers are now trading at a 29% premium to NAV, approaching two-year averages. Several of the junior companies continue to have balance sheet issues, but they have been improving over the course of 2002. Crystallex and Northgate had negative working capital at the end of Q3. Bema Gold, Crystallex, Northgate, High River and Campbell Resources all had significant levels of debt at the end of September. Valuation BMO Nesbitt Burns currently provides research coverage on 11 of the 17 featured companies. Data on these companies is included in our abbreviated weekly Gold Pages at the end of The Weekly Gold Monitor. Collectively, the junior producers are trading at an average premium of 7% to our 0% NAV estimates at a spot gold price of $332 per ounce. Eldorado, High River and River Gold enjoy the highest premiums of about 33%, 49% and 38%, respectively. Companies trading at significant discounts to our NAV estimates include Apollo Gold (-44%), Golden Star (-25%), Miramar (-14%), Northgate (-30%), Rio Narcea (-28%) and Wheaton River (-30%).

To: marynell who wrote (6141)	12/19/2002 12:23:01 PM
From: Claude Cormier	Read Replies (1) \| Respond to of 39344

<The juniors have not popped up with the price of gold. > Some have responded very well. CBD, MFL, SJD, BHK.. up between 40-100% <but in general I'm disappointed with the number of people willing to sell their juniors so soon. > Normal, the bull market is not yet confirmed and participants are afraid gold will go back below $325. But there are several forces at play that could change the climate and allow gold to confirm its bull in 2003, among them, new demand from China, the Barrick/Morgan lawsuit, Iraq, Gold Dinar, The USD... The most interesting times we have been going trough since the top in 1996.