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Gold/Mining/Energy : Caussa Capital (formerly Antares) T.CAU -- Ignore unavailable to you. Want to Upgrade?

To: John Alan Snape who wrote (2137)	1/6/1998 6:28:00 PM
From: bill718	Read Replies (2) \| Respond to of 4718

Some thoughts concerning today's share value: Looking closely at the Nov. 27/97 Release, we see for JAMBI that based on 400 m of strike, the following was specified: Approx. 151,000 oz. Gold AND 935,370 oz. Silver Now looking at the release from Jan.2/98 again for JAMBI ONLY: Based on approx. 600 m of strike now: 192,270 oz. Gold AND 1,975,372 oz. Silver. This represents a SIGNIFICANT increase in resource from a relatively small increase in STRIKE length. Further, I am very encouraged by hole JDH 021 which returned 1.17 g/t Au, and 6.0 g/t Au from 0-95 m, ie, at the surface possibly making this very economic to mine which is what it is all about in this climate isn't it! **************************************************************** OK, now lets do a sample calculation here assuming the following: i) price of gold = $281 U.S./oz. ii) price of silver = $6 U.S./oz. iii) amount of gold on both Tambang and Jambi: 278,729 oz. iv) cost to mine the gold: $200/oz., (likely high), and value of gold at today's price: $281/oz. v) amount of silver on both: 20,502,202 oz. vi) cost to mine the silver: $4/oz. (likely high also) and value of silver today approx: $6/oz. ************************************************************ Based on the above assumptions, and assuming a mine eventually, the value of these minerals alone should be: i) approx. profit on gold: $22,577,049 ii) for silver: 41,004,404 iii) total: 63,581,453 U.S. which is approx. $91,557,292 Cdn. using a conversion factor of 1.44. iv) ANZ's share: 76.5% or $70,041,328 ******************************************** Share value so far based only on the above resource (ie, not taking into account any future increase at Ojolali, the BC property, Rappa, potential EV deal, or the $6M cash the co. has) assuming 37 M shares roughly: $1.89 Cdn. ******************************************** I am very disappointed to see the share price tumble today, and I am really going to stick my neck out today by saying I am expecting over 10M oz. from Ojolali ultimately, and certainly the results from 2 out of only 34 zones so far suggest this is truly possible. ********************************************* I realize there are other economic factors that enter this equation which I have not accounted for, but I still believe this stock to be EXTREMELY UNDERVALUED TODAY. *********************************************** My info suggests the EV deal may be a tremendous opportunity for the co. Further, nothing will be agreed to that could possibly affect continued exploration at Ojolali or BC. No LOI yet on the deal, but the numbers involved so far look good to ANZ. The EV deal will only go through if ANZ believes it will enhance shareholder value, which is badly needed in light of the poor POG. Regards to all, W. Wolinski

To: John Alan Snape who wrote (2137)	1/6/1998 7:32:00 PM
From: Ray Fidler	Respond to of 4718

Thanks John for taking the time to explain to me and the others why the share price has not been advancing as we would like it to. Your reasons make a lot of sense and I guess we'll just have to bear this for a little while longer. There are bad periods and there are great periods, and we're just not in that great period yet, in spite of good news released in the last few weeks. I certainly can't complain about the latest news and the great prospects ANZ has in the future. Best regards, Ray Fidler