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To: The Perfect Hedge who wrote (8032)	1/14/1998 1:34:00 PM
From: carl	Respond to of 95453

Glen - No, it's Henry, not Harry, from the NAXOF thread. I can't seem to cut and paste links lately or I'd put it out for you. Check out the last 4 or 5 company releases on YAHOO,too. It's worth your time. Here's another post. To: Eric Tai (6937 ) From: Steve Skapik Thursday, Dec 11 1997 12:27AM EST Reply # of 7040 To all, I imagine that many are finding it hard to digest this recent piece of news. I went and had a couple of cold ones and tried to figure out what was missing. My conclusion was that we are missing a post (although I'm sure there is one imminent) from Tom "Carl Billions and Billions Sagan" Frederick. So let me make a first pass, just for fun, of the $ implications of what we have heard tonight: Lets say 3 oz/ton Au and oh what the hell, 3 oz/ton PT To make the math easy we'll stipulate that these PM's average $300 per oz Further lets go with just the 10,000 tpd plant that was mentioned previously Now because we're all so considerate we only expect the plant to operate 250 days per year With the average cost of $100/ton that suggests net profits of $4.25 billion per year Now there will be some dilution so say 50 million shares outstanding so Earnings before depreciation, interest, taxes, etc. of $85/ share Well I guess we need add some appropriate multiple and there you have it ~$1000 per share Wow, that was fun, Steve