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Gold/Mining/Energy : Exall Resources/Glimmer Resources -- Ignore unavailable to you. Want to Upgrade?

To: James N. Wilson who wrote (883)	4/10/1999 12:44:00 PM
From: Winzer	Read Replies (3) \| Respond to of 1319

James, Other juniors are in worse shape financially; but probably not politically. The so called "experts" are calling for another 6 months of poor POG. And this is on the low side of the probablistic range. The high side is more like 24 months. We have to get a couple more hobbies to keep us busy. Waiting for a move here could take longer that we think; however; Exall and Glimmer represents excellent value (IMHO) for someone with a long term horizon. For a play on repressed valuation due to the dispute, the high probability that the on-going(?) drill program will, over the next couple of years, confirm over 1 mln mineable ounces, PLUS the fact the mine is in a POSITIVE cash flow situation. Producing at $220/oz(in development mode), it would be well below the $250 being forecast as the worse case scenario for the POG when they get into a good production mix. In the meantime all the surplus cash is going into a piggy bank for distribution on the resolution of the dispute. Play it like a Savings Bond or GIC at these levels??? Once the announcement is made it will skyrooooooooocket; there will be no time to get (either of them) at these levels. (NO HYPE INTENDED DO YOUR OWN DD). There are companies targeting "Cash Cows" with good properties for takeover so that they can invest that cash in internet related businesses until the POG turns around. A smart committee would look at investing a portion of pool of funds being accumulated in an e-business if only to reward the patient shareholders. Cheers Winzer