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Gold/Mining/Energy : Dayton Mining (DAY) on TSE & AMEX -- Ignore unavailable to you. Want to Upgrade?

To: James F. Hopkins who wrote (107)	4/5/1998 3:51:00 PM
From: Sergio Ferreira	Read Replies (2) \| Respond to of 568

James, I think I found out what your favourite conversation topic is! To clarify my previous posting - a stock consolidation is just the opposite of a stock split. In Minorca's case I got 1 share for every 2 I had before. So the present .70-.80 is actually .35-.40 in comparison with it's high of 7 dollars. Ya I believe Minorca (like Dayton) is at Bargain price. Here's a really rough value analysis. Cash on Hand Approx. 15 million (I believe after recent expenditures) Dayton 6,059,500 Shares @ 1.90 Market value 11.5 million McWatters 13,052,632 shares @ 1.80 Market value 23.5 million Northwest Exploration 4,500,000 @ .2 Market Value .9 million Tan Range 1,176,471 shares @ .70 Market Value .8 million This totals 51.7 million. If we divide this by total outstanding shares (36,331,800) we get a value of 1.42 per share!! This doesn't take into consideration any property value at all! So why is it trading at .80 ????? I'm sure we could do a similar analysis of Dayton and find too that it's really undervalued. Minorca knows it...they keep buying shares. I'm actually looking at a Wood Gundy Report on Dayton from Oct. 97 when it was trading at $4.20. They had a buy recommendation with a 12 month target of $6.00!! So why is it trading below $2.00??? Gold is out of favour with the market - it's as simple as that. Hell, I'm still pissed off at it - between my Minorca shares and my Gold mutual fund I'm showing a tighty little paper loss. It's at times like this that it is good to do a little analysis like I did just to reconfirm that yes there is value in this company. It appears that gold is finally starting to show a sign of life. The troubles in Japan and Russia could just be the spark we need to get this baby to the $350 dollar range, at which point I believe that gold will once again become in favour.....and MAR and DAY shareholders will all be going out and buying millenium gold coins with all their profits :-) Well, I've rambled enough....I think I just talked myself into putting in a bid in on Monday for a couple of thousand more shares of Minorca (and maybe even some Dayton shares for that matter). Sergio