Attn Nickoo, page-2

The mining analyst from one of the brokers i deal with went to the conference and said they were talking about the potential for a super pit??

Not sure how accurate this is, however it would seem to be a possibility.

Re the EPS this year and next:

I don't know, nor have much interest in the EPS figure.

The CPS (Cash flow per share) is of more importance... and i estimate that they'll make approx 20/25c CPS for the year ended 2003 based on current production and a stable gold price.

What type of multiple should it be trading at?...

... well, that all depends on people's enthusiasm.

In normal conditions, i'd say 10x ... however, if the POG were to continue to rally significantly over the next few years (which i believe it will) we could reach multiples at the peak of the mania (which is what it could become when POG surpasses 500 USD/oz) approaching those of Yahoo and Cisco at their peaks.


However, in the mean time it is wise to keep a level head and have a target of 10x CPS as fair value in the immediate future.

Re their reserves:

The formation of the gold in the area is said to be such that it is not possible for them to make long term reserve estimates... however, this has been a condition at Norseman for decades... and they're still digging gold at record levels.

Perhaps CRS management will be able to cement bigger reserves in the near future???

... that is a possibility.