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Gold/Mining/Energy : Barrick Gold (ABX) -- Ignore unavailable to you. Want to Upgrade?

To: D LEE who wrote (235)	12/12/1997 8:20:00 AM
From: Mr Metals	Read Replies (2) \| Respond to of 3558

Barrick Gold Corp - Globe says Munk plans to debate the price of gold with bankers Barrick Gold Corp ABXShares issued 3728171721997-12-11 close $22.8Friday Dec 12 1997The Globe and Mail reports in its Friday, December 12, edition that Barrick Gold chairman Peter Munk will speak at next month's World Economic Forum in Switzerland, where he plans to debate the price of gold with the bankers. The Globe's Allan Robinson writes that Mr Munk says the pronouncements of pending bullion sales by various central banks have cost nine of Europe's central banks US$32 billion during the past year because of the resulting plunge in the price of gold. That loss represents an unacceptable reduction in taxpayers' wealth, he says. The Swiss plan to sell gold has been a main factor in the metal's recent decline. Mr Munk says right now the knee jerk reaction of pessimism which has been accelerating during the past three months hits every gold mining company the same way. Fear in the market because of possible future central bank sales have cost Mr Munk and his shareholders dearly. In the end, Mr Munk believes that the bankers won't allow the value of gold to be debased at the expense of taxpayers. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com Euro-Nevada Mining Corporation - Globe says firm sees stock peril if gold continues slide Euro-Nevada Mining Corporation ENShares issued 463593561997-12-11 close $14.1Friday Dec 12 1997See Royal Oak Mines Inc (RYO) In the News The Globe and Mail reports in its Friday, December 12, edition that CIBC Wood Gundy Securities predicts in a confidential report published this week that 17 of 19 top companies would see their shares lose from 12 per cent to 100 per cent of their current value in the event that gold were to fall to US$260 an ounce and remain there for a year. The Globe's Eric Reguly writes that Wood Gundy is in fact predicting that prices will rise above $300, while other analysts expect prices to fall to $250. CIBC Wood Gundy said the net assets of Royal Oak Mines would fall in value to a mere C$0.04 a share. Agnico-Eagle Mines' net worth would weigh in at $0.02 a share under the $260 price scenario while Pegasus Gold's would be a negative C$4.74. Barrick Gold would be $3.40 a share, while Placer Dome would be $5.56. Wood Gundy said that at $260 an ounce, Franco-Nevada Mining and Euro-Nevada Mining are the only two gold companies whose share prices stand a good chance of rising from their current levels. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com Mr Metals