Moydow Mines fka MOY

[Roundtrip]

I thought I'd try to calculate the value of MOY based on the current value of NEM ($35.40 US) assuming the deal goes through. This is the first time I've done this so apologies to everyone if I've made a mistake. I'm happy to have any feedback. I'm using Russ Winter's original calculations as a guide. (**)

Using .72 as the Cdn conversion here's what it looks like on a per share basis:

24.99m in NEM x 1.40 Cdn conversion= 34.99m Cdn/26.4 m shares= $1.32

2m cash X 1.47= 2.94m/26.4= 11 cents

1.192 net cash already on hand in treasury(at 3rd qt)- 300k (est. cash burn 1st and 2nd qt) = 892 x 1.47= 1.312/26.4= 5 cents.

Wts and options are out of the money:
1,100,000 @ C$1.00 2/5/04
792,500 @ C$1.15 9/24/04
1,255,000 @ C$1.70 1/14/05
225,000 @ C$2.25 1/14/05

Total NEM and cash is $1.48

Holdings:
2% NSR on all Au and Ag from Ntotoroso in excess of current reserve of 1.2m oz. I don't know what value to put on that, except it is very likely NEM will drill deep, and find more. One million oz would be worth US$7 million (40 cents). I'll value at 5 cents, with blue sky for more.

Key concession in Botswood Basin. Grassroots, but I can name numerous Canadian plays like it with mkt value of $2-5 million or more, add 10 to 25 cents per share.

Low end value for arbitrage portion of this play= $1.63.



(**) See http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=18758140

http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=18868371

http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=18870102

I've highlighted the figures I have updated. Am I missing something?

RT