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Gold/Mining/Energy : Silver prices -- Ignore unavailable to you. Want to Upgrade?

To: Ray Hughes who wrote (874)	3/11/1998 11:06:00 PM
From: paul ross	Read Replies (1) \| Respond to of 8010

Ray- Thanks very much for your response. Another way of looking at it would be that a company is worth between 7%-15% of the value of an ounce of silver,times ounces of reserves, plus cash, divided by # of shares.(If my math and reverse logic are correct). At 7%: 7% times 6.12/ounce = .43/ounce .43/ounce times 483M ounces = $207.7 M $207.7M + $31.9M (cash) = $239.6M $239.6M divided by 23.8M shares = $10.07/ share At 15%: .15 times 6.12/ounce = .918/ounce .918 times 483M = $443.4 M $443.4M + $31.9M = $475.3M $475.3M divided by 23.8M = $19.97/ share Plus: Dukat has 1M ounces of gold. PAA share would be .7M times 50% would be .35M ounces of gold. .07 times $294/ounce gold = $20.58 20.58 times .35M = $7.2M $7.2M divided by 23.8M shares = $.30 /share At 15% would be another $.65 /share. So value should range between $10.37 and $20.62, considering $6.12 silver (and $294 gold). No response necessary. Thanks again, Ray. PR