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Gold/Mining/Energy : PHILEX GOLD INC (PGI) - TSE.... Trading at under 30% book -- Ignore unavailable to you. Want to Upgrade?

To: Phil Cressman who wrote (9)	4/27/1998 2:35:00 PM
From: Michael M. Cubrilo	Respond to of 86

Phil, I did read that the company took a one-time writedown of its assets due to depressed gold prices. This one-time writedown was done in the 4th quarter of 1997. Up until then, the financials looked good. My investment philosophy is to buy low and sell higher. Philex seems like a stock which will do well even with depressed prices and with a firming price, do they readjust the value of their assets higher? I am bullish on gold over the long term (1-2 years) and it seemed to me that PGI at these prices has little downside and much more upside. It is up 40% for me so far, but I expect more with time. Looking at the chart, does it look like more upside is in the works? I am anxious to see what their 1st quarter earnings are for 1998. You brought up a good point. mike