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To: Rarebird who wrote (26715)	12/30/2005 11:53:10 AM
From: Madharry	Read Replies (1) \| Respond to of 57684

I am not sure how far back you go with your record keeping but logically I would expect the ratio to contract as the price of gold goes up, as gold companies should be earning accelerated profits at the margins. I believe your model implicitly assumes gold is range bound.

To: Rarebird who wrote (26715)	12/30/2005 1:33:57 PM
From: Bill Harmond	Read Replies (1) \| Respond to of 57684

11:08 MNG Taking A Look: Miramar Mining (2.42 +0.07) Miramar Mining Corporation (MNG) is a gold miner in the Canadian North and Hope Bay (an area w/ proven geology). Today, MNG traded to a new 52-week high on good volume for a holiday Friday. The co's vision is for successful exploration, development and operation of our Arctic gold assets. Mgmt has recently spoke at the Denver Gold Forum and the Gold & Precious Metals Conference. We note that Newmont Mining (NEM) has entered a strategic relationship w/ MNG, where Newmont will purchase 18.5 mln units of Miramar at a price of $2.35 each for a total of $43.5 mln. NEM mgmt has said it believes MNG's Hope Bay project is a premier advanced exploration play. What appeals to NEM is Hope Bay's size potential and its location in Canada.