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Strategies & Market Trends : Ride the Tiger with CD -- Ignore unavailable to you. Want to Upgrade?

To: loantech who wrote (5061)	2/28/2004 1:20:25 PM
From: austrieconomist	Read Replies (1) \| Respond to of 313969

I do not know if NNO has Canadian assets. I suspect they are minimal, since the post Walter Berukoff management of Miramar Mining jettisoned NNO as part of its "northern strategy" (MAE keeps Canadian assets like its Nunavit properties, jettisons non-Canadian assets like NNO). I have been lazy on my due diligence here. NNO had a profitable 3Q for the first time in a long time, based in large part on the Alumbrera share of copper profits. I hastily reasoned that if there were accretive profits contributions from Alumbrera when the copper price averaged below 80 cents per pound (2003-3Q), then future profit accretions would be very positive going forward. Management believes the Agua Rica deposit is 750,000,000 tonnnes of ore at 0.40% copper cut off, based upon 176 drill holes by BHP (.66% copper average grade at that cut off). That would be 500,000,000 gross pounds copper. There would also be gold and molybdenum credits. To be frank (no pun intended) I am going primarily on the endorsement of Frank Holmes on NNO. It seems "cheap" on the Alumbrera contribution alone. Agua Rica would be a bonus on sustained higher prices.