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Gold/Mining/Energy : ASHTON MINING OF CANADA (ACA) -- Ignore unavailable to you. Want to Upgrade?

To: maintenance who wrote (2916)	11/21/1997 10:58:00 AM
From: ando	Respond to of 7966

NO. PUG is a huge buy!!!!!!! Ando

To: maintenance who wrote (2916)	11/21/1997 11:02:00 AM
From: Jesse	Read Replies (1) \| Respond to of 7966

Consider PUG's post-consolidation/amalgamation turmoil and grey area, different buyer/ holder/ player pool of shares (PUG's notorious 'flipping' population), PUG's history (paper issuage and promotion), PUG's credibility, PUG's financial situation, who's the operator?, etc -other possibilities? Things should correct (proportion out) as news comes out. PUG is turning a corner this time around-- they've latched onto the real thing! IMhO -J :>

To: maintenance who wrote (2916)	11/21/1997 2:27:00 PM
From: Jadrew	Read Replies (1) \| Respond to of 7966

ACA/PUG ratio: Aside from the fact that ACA is the operator (and PUG) is a minority owner of the Buffalo Hills (BH) find there are probably a number of other reasons for the discount PUG "appears" to be trading at: 1) The value of Ashton without its holdings with PUG is probably around $1 share. PUG is probably worth a lot less without BH. 2) Cash on hand to fund exploration costs. Given ACA recently raised $15 million or so, further dilution probably won't be necessary in the short term. I haven't researched PUG. How much cash do they have ? Even assuming Buffalo Hills is worth $4.5/share to ACA and its worth close to the full value of PUG - $1.20/share, the ratio would be a lot more in line with the 3:1 BH ownership ratio.