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Gold/Mining/Energy : Bema(Bgo) and Arizona Star -- Ignore unavailable to you. Want to Upgrade?

To: Philip Choy who wrote (9765)	12/18/1998 12:49:00 PM
From: Syncrude	Read Replies (1) \| Respond to of 10482

Philip, When you state that AZS is an option on gold with no expiry, you should consider the possibility that PDG will NOT proceed with the project, if either the economics (low copper prices) or operational risks are too high. If this should ever happen, and I am not saying it will, then AZS could find itself in a precarious situation. I find that you are very optimistic on the price of gold. You must remember that just about every oz of gold ever mined is still above ground. Huge deposits have been identified in the past few years and a number of them will be developed over the next two years. Demand may never recover to past historical levels due to changes in mentality being observed in many countries, ie. jewelry. Recent world crises have proven that gold no longer plays the role of refuge that it once did.