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Gold/Mining/Energy : Franco & Euro Nevada FN , EN -- Ignore unavailable to you. Want to Upgrade?

To: Joe Bilich who wrote (400)	3/7/1999 5:19:00 PM
From: Traveling Man	Read Replies (1) \| Respond to of 658

Joe, FN reported that the mine was built(infrastructure,mill,etc.)such that production could be doubled from the current 250K annual output with small changes and new investments. However, these guys operate from a long term perspective. They will NOT increase output to sell their gold at today's low prices. The increase in output will occur ONLY after gold exceeds $400 per oz. FN/EN operate opposite of most folks. Instead of increasing output during commodity price weakness to improve their bottom line temporarily(while exhausting their assets long term for small profit margins) they will do the opposite. They may CUT output at Midas if Au prices fall anymore(my guess only). For long term shareholders,this protects OUR company's wealth while suffering shorterm price declines on the shares. I don't care shortterm. I want these shares to increase over the next decade like they did the previous one. We'll be much wealthier with patience and EN/FN management patience in the future. TM