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

To: Sans Souci who wrote (8623)	12/6/1997 10:44:00 AM
From: Ken Benes	Read Replies (2) \| Respond to of 10482

Paul: Not a wise move. First of all it is difficult to know whether gold has in fact found its bottom, second, the distribution of bgo has not been completed. It has reached a price in which people are less likely to sell. Should the gold market improve and BGO enjoy the benefits, the remainder of the shares looking to be sold will come to market. With over 100 million shares outstanding this exploration play has a lot more to overcome than most. You could make the argument, that it is a producer and owns a substantial part of a world class deposit. Unfortunately, this is discounted by the low price of gold, the problems with the Refugio, and management that has literally played emperor and served up its subsidiary, AZS, to the lions. You can make a lot of money botton feeding, but you have to be careful that you do not set your hooks into an anchor. Ken

To: Sans Souci who wrote (8623)	12/6/1997 10:49:00 AM
From: jjdeg	Read Replies (1) \| Respond to of 10482

Paul, per john anderson, BGO's goal was to have ~25MM cash position on 1 jan 98. after placer buys some bgo shares as part of "the deal" the FD will be ~109.5MM shares...so there is about 0.25usd/share. it should be pointed out again that many of the currently outstanding options are at 10.50cdn...CEO Johnson has 2.1MM options, per bcsc, this weeks figures (the most recent 400,000 op were granted at 10.50). so unless there is one hell of a rally in the pog or pdg find lots of high grade gold close to CC to improve the economics significantly most of the outstanding options will expire worthless...i think many of them expire in 1999. anyone know what the total outstanding options are currently? jj