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Gold/Mining/Energy : ARP - V Argentina Gold -- Ignore unavailable to you. Want to Upgrade?

To: the Chief who wrote (451)	10/22/1998 12:40:00 PM
From: waldo	Read Replies (1) \| Respond to of 3282

Chief, Excellent analysis! Hence the agreed upon price of between Lundin and NEM of 1.96 per share. I wonder if NEM is just happy with a very small %age or are they also "considering" open market purchases. No proof of that as of yet. Either way, it will be interesting to see if the possible 4 million ozs. will be discounted at this price, or higher. Your not in yet are you? W

To: the Chief who wrote (451)	10/22/1998 1:00:00 PM
From: Famularo	Read Replies (1) \| Respond to of 3282

Chief, good analysis, the market is never too logical and the reason I had sold at $2.10 earlier this week. I am still out but may buy back when I hear the results of the next hole. I heard the stock is moving up because there is a rumour that the NR will be today/tomorrow. If I hear the results are as good or better, I will jump in again at whatever price, I guess. regards Frank

To: the Chief who wrote (451)	10/22/1998 2:07:00 PM
From: Elizabeth Andrews	Read Replies (1) \| Respond to of 3282

Why are you using a value of $25 per ounce?

To: the Chief who wrote (451)	10/23/1998 4:16:00 AM
From: Jason Ellis	Read Replies (2) \| Respond to of 3282

Wrong. Here is the numeral analysis: At the Filo Federico region: Au= approx. 2.4 million ounce Silver = 75 million ounce remaining value of the region converts to gold equiv. 4 million Also, at the Annabelle region Au = 4 million ounce Silver=125 million ounce remaining resources converts to gold equiv. 6.6 million Grand Total 10.5 million ounce If Gold is only US$25 10.5 million @ US$25 @ ARP 60% ownership= US$157.5 million Since ARP trades in VSE and is in CDN dollars, at the poor CDN exchange today of 1.5962, we have: Total= CDN$251.4 million at 36 million outstanding shares as per what you said: CDN$251.4/36 = CDN $6.98 per share. If you talk to the PR of Newmont, they'll give you the exact same figure, i.e., the official "canon" source.

To: the Chief who wrote (451)	10/23/1998 10:09:00 AM
From: Claude Cormier	Read Replies (1) \| Respond to of 3282

Make sense chief. If ARP has 2.6M (60% X 4M) there, It is gonna be hard to stabilize at much higher than current price, although we could get a spike if the next hole has a great interception. I don't know if the potential is limited to 4M ounces, if so...the play is over. I would turn to Viceroy who is drilling some 80km away on what seems to be a property with at least equal potential if not much more. A favorite of mine is Cumberland with two projects...2.5M ounces total to CBD..probably more...Very strong economics with operating costs near $150...and the stock is selling for US$10/ounce... I am sure there are other situaion like this... IOW, ARP is hot, but will cool down.