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Gold/Mining/Energy : T.ITE: iTech Capital (TSE) -- Ignore unavailable to you. Want to Upgrade?

To: Nathan Hansen who wrote (186)	3/24/1999 7:38:00 PM
From: keith massey	Read Replies (2) \| Respond to of 5053

New Sedar reports out and it is all good news. sedar.com It looks like the insiders have been buying more than we thought. Now that Carlo Civelli and William Staubt (Hamilton) are directors all common shares held by them must be reported on the yearly Management Proxy Circular/Form 30 that was just published and sent out to shareholders. According to the latest report Mr. Civelli owns 1,230,666 and William Staubt owns 1,060,500. This report was published before the closing of the private placements so it appears that the shares bought in the recent PP's are not included in these numbers. In addition Brian Hinchcliffe owns 2,274,771. This would put the total insider tally at 5.9 million plus 1.6 million options that are almost all out of the money. According to the report William Staubt is not only a director of Hamilton Capital (since 1991) he is the president of the company (since 1998). Nothing like sending your top person to do the job. It looks like they are cleaning up the books for the new business. They wrote off their resource assets and wrote down the Loma De Niquel assest to current market value ($1,020,000). Although this was a $5.7 million write off anyone following the company already knew that these properties held little value. We can now start fresh with clean books. This could explain some of the selling in the past couple of days. People would be receiving this information in the mail this week. If they only look at the last number on the report it appears that JDX lost .12/share for the year. If you didn't read between the lines you might get worried about any postion you were holding. However this loss is directly from the write-off of worthless mining properties that didn't cost them much to purchase. As of Dec 31 1998 they have $21,059,000 in cash and short term investments, $87,461 in accounts receivable and $43,052 in capital assets (current liability $255,804). This is almost exactly the same numbers as the last quarter report (Sept 30, 1998). However the $800,000 from the recent PP is not included in these numbers which would put their cash value around .72-.73/share. According to the last couple Sedar reports the interest on their cash and forgein exchange income covers all the daily costs. Best Regards KEITH