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Gold/Mining/Energy : Yamana Resources INC. T- YRI -- Ignore unavailable to you. Want to Upgrade?

To: Ross Mickey who wrote (1429)	7/22/1998 3:14:00 PM
From: Phil Cressman	Respond to of 2346

Silver still on the run up. Up 14 cents so far, Asian market might put it down a bit but sure looks good for Silver and YRI. Like to see some volume come into the market after YRI though.

To: Ross Mickey who wrote (1429)	7/22/1998 9:11:00 PM
From: Greg W. Taylor	Read Replies (1) \| Respond to of 2346

Ross: Your calculations appear fairly accurate, with a couple of exceptions and/or observations. ***** "Dilution....$4,800,000 / $5,000 = 960 notes x 9,090 share = 8,726,400 shares..." "...Potential dilution....960 notes x 4,545 shares = 4,363,200 Potential additional cash....4,363,200 shares x $0.66 = $2,879,712 Capital stock as of Feb 28, 1998......27,332,359 shares Convertible notes......................8,726,400 shares Subtotal..............................36,058,759 shares Convert. notes warrants................4,363,200 shares Subtotal..............................40,421,929 shares Outstanding options....................2,997,250 shares Outstanding warrants...................5,111,566 shares Total.................................48,530,775 shares" ****** Please note: Add 10% to the number of converted shares (ie. 8,726,400 + 872,640) for a subtotal of 41,294,599 shares IF ALL NOTES ARE VOLUNTARILY CONVERTED WITHIN THE FIRST SIX MONTHS. (If all were converted in the second six months, add 5% instead of 10%.) If voluntary conversion does not occur within year one, then eliminate the warrants as well as the above premiums. (Obviously, this is a tiny, even unacceptable upside compared to seeing the far higher share price during this period which we all want.) On the other hand, almost none of the Outstanding Options are in the money, even at the $1.21 force-out level -- by far the majority are in the $2 to $5 range. More so, most of the Outstanding warrants (ie. not counting anything to do with this issue) have expired (especially the more than 2 million at $4.95 which expired on June 23, 1998 ) or they are well out of the money. Therefore, I suggest your fully diluted total should be closer to between 42 and 43 million. I'll try to get an accurate number soon. I hope this helps. Greg