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Gold/Mining/Energy : RANDGOLD and EXPLORATION (RANGY) -- Ignore unavailable to you. Want to Upgrade?

To: baystock who wrote (223)	1/9/1999 2:04:00 AM
From: Bob Dobbs	Respond to of 448

Ram: I agree that promotion of Randgold Expl would primarily aid in narrowing the discount to NAV while growth will ensue primarily through appreciation of Durban and R Resources, however I think there may be positive collateral effects of Rangy promotion on the price of Durban and RR, however small. I don't think investors will wait till Morila is commissioned in 2001 to discount its production into the price. Typically the psychological hurdles are prefeas and financing. Morila probably hasn't boosted the RR price because it's listed in London, which is "sluggish and disinterested" according to Kebble at Polarbear's site. Definitely, the leverage of the debt on top of the leverage of the underlying assets makes this an interesting extra leverage play. JS is right; this puppy has been slammed around! Bob