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Gold/Mining/Energy : Bema(Bgo) and Arizona Star -- Ignore unavailable to you. Want to Upgrade?

To: Garry K. who wrote (8184)	10/31/1997 1:05:00 PM
From: Philip Choy	Respond to of 10482

Garry, my BGO shares got stop out at $4.5. I am buying back AZS at this level for a possible take-out. $6-$7, any price above $6, I will surrender my AZS shares.

To: Garry K. who wrote (8184)	11/1/1997 10:58:00 AM
From: Ken Benes	Respond to of 10482

Garry: There will be no buyout of AZS. The only option for AZS shareholders is a merger of BGO and AZS with worthless BGO paper replacing worthless AZS paper. I do not use the term worthless easily, however, there is going to be a large dilution of BGO paper as they issue more stock to takeover AZS, ECM, and the others. When this amalgamation is completed, BGO will have a zillion shares outstanding, little money left after drilling those properties, and the specter of raising large amounts of cash to finance the building of mines on those properties. Not to mention, it appears that within the deal with Placer, PDG's liability is limited to approximately 1.3 billion. Beyond that BGO will be expected to kick in. Mines at the three Amigos, expansion of the Refugio is going to cost BGO some money. The cash flow out Refugio is not enough to keep BGO into toilet paper, much less build mines. A best case scenario for BGO is 6 bucks unless gold goes to a zillion dollars an ounce. There will be enough cash to keep Clives CEO plaque well polished and his Grand Cherokee filled with gas. I wonder if Andrea and John Anderson will have to man the shovels in a cost cutting effort to building mines cheaper. Ken