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Gold/Mining/Energy : Western Copper Holdings Ltd. T.WTC -- Ignore unavailable to you. Want to Upgrade?

To: dave brown who wrote (156)	1/24/1998 2:44:00 PM
From: the Chief	Read Replies (2) \| Respond to of 401

Dave or anyone, are you aware as to how the reduction to 22.5% from present percentage will be valued. Can WTC expect a good dollar for Teck's back in right, if exercised? Where the difficulty arises IMHO is "potential" and "future valuation" when % are not fixed. If Teck exercises it's option on a suspicion of future growth of the project, it could have a major impact albeit shortterm on the market cap of WTC. A good example of this is "Indonesia" if you have a "find" in Indo will the government want a bigger cut? will the Indo partner want a bigger cut? These type of "percentage" uncertainties become difficult to determine potential of the project. Before anyone misunderstands, the Indonesia example was an example of "percentage ownership" difficulties. It was not used to compare, "Governments", dictators, climate,politics, the price of "tea", or a room in the nicest hotel in Libya!!!!!! the Chief