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Gold/Mining/Energy : The Western Mining Association

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To: go4it who wrote (28)5/3/1998 12:56:00 AM
From: Chuca Marsh   of 34
The Averages are just doing what they do sometimes! Newtech is around the corner:


NOTE: All of the index stocks were down in the month of April, with NAXOF down
7%, MXAM -11%, CHIP -20%, GPGI -21% and IPMCF -47%.

The blitz of Press Releases continued during the month of April, with all but MXAM
having at least two releases. All PR's are available on the company web sites so will be
only mentioned briefly here.

NAXOF announced the letting of the drilling contract for the next phase(s) of drilling at
Franklin Lake, the start of electronic trading, the results for hole #5, and certified gold and
platinum recoveries from COC samples.

IPMCF announced that they had received a decision from NASDAQ to proceed with
delisting of the IPMCF stock from the SmallCap. In a letter to shareholders, IPMCF
provided additional details of the NASDAQ proceedings, recapped their activities of the
past years and outlined their future plans for Black Rock. (While IPMC is formally trading
on the CDN, some trading apparently continues in the US for IPMCF and quote services
report these activities; on April 30, 11,000 shares were traded with a closing price of
0.30, consistent with the 0.40C close for the Canadian trading of IPMC.)

GPGI reported that the refiners had been successful in increasing recoveries from their
anode sludge product. They also reported that GPGI would no longer be on the
"Designated Securities" list as a result of audited financial data which indicated sufficient
assets to be exempt from the listing.

CHIP reported on the status of a lawsuit related to its former casino activities and also
announced that the agreement to acquire the previously announced 60% interest in the
Cochise property in Arizona had been extended from May 1 to August 1.

For the year of 1998 through April 30, MXAM's stock price is up by 47%, GPGI is
down 45%, NAXOF is -46%, CHIP is -64% and IPMCF is -77%.

A basket of the five stocks is down 38-47% on the year, depending on the particular


APR 30___________562_______________528_________________630
APR 24___________650_______________605_________________805
APR 17___________547_______________515_________________761
APR 9____________652_______________614_________________824
APR 3____________664_______________630_________________736

MAR 31___________640_______________616_________________764
MAR 27___________693_______________646_________________722
MAR 20___________605_______________581_________________671
MAR 13___________531_______________522_________________606
MAR 6____________714_______________689_________________713

FEB 27____________758_______________736_________________726
FEB 20____________843_______________810_________________762
FEB 13____________758_______________744_________________754
FEB 6_____________866_______________876_________________944

JAN 30____________903_______________903_________________923
JAN 23____________918_______________916_________________966
JAN 16___________1028______________1015________________1030
JAN 9 ____________912_______________924_________________966

DEC 31___________1000______________1000________________1000

NOTE: For the year 1997, the "CAP" index was up 9.5%, the "SHR" index was down
6.8%, and the "DOL" index was up 19.3%. These indices were based on a basket of
stocks purchased Jan 1, 1997 on the same basis as described below.


Market Indices for the basket of 5 "Desert Dirts" have been calculated for three different

(1) MARKET CAPITALIZATION (DDI-CAP) - Assumes $1000 invested in the 5
stocks on the basis of the proportionate value of the market capitalization of the stocks as
of 12/31/97.

(2) EQUAL SHARE AMOUNTS (DDI-SHR) - Asssumes $1000 invested by buying
equal number of shares in the 5 stocks based on their 12/31/97 closing prices.

(3) EQUAL DOLLAR AMOUNTS (DDI-DOL) - Assumes $1000 invested by buying
equal dollar amounts of the 5 stocks at their 12/31/97 closing prices.

Initial values for the three investments were calculated as follows, using estimated shares
outstanding as of Dec 31, 1997:

MM SHARES ______12.2________21__________21_________45___________34
12/31 PRICE_______0.56_______1.88_________1.28_______0.38_________6.25

"CAP" SHARES____40.3_______69.4_________69.4_______148.8_______112.4
"SHR" SHARES____96.7_______96.7_________96.7________96.7________96.7
"DOL" SHARES____357________107_________156_________533_________32

With these share amounts, index values were calculated as above.
As Per Alan Vennix on the other threads.
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