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 Wed Nov 18, 1998
Report Sept-Oct 1998: Amarc Resources Ltd - 1998 Annual Review
    Publisher: Kaiser Research Online
    Author: Copyright 1998 John A Kaiser

 Report Sept-Oct 1998: Amarc Resources Ltd - 1998 Annual Review

Amarc Resources Ltd (AHR-V)

Outlook: Top Priority Buy

www.hdgold.com/about amarc.html
Tel: (604) 684-6365

Issued: 9,470,000
Diluted: 9,890,000

Adj Working Capital: $4,500,000
Overhead Burn: $18,613/mth
Cash Breakup: $0.48/sh

Insider Stake: 42%

TROCL Risk: 0+0+0+0+1 = 1

98 Bottom-Fish Range: $0.50-$0.75
Hi: $0.70 Lo: $0.28 Last: $0.46

Amarc is in my view the best of the three shells in the Hunter-Dickinson stable. Launched during the last market cycle as an IPO that split 1:2, Amarc has not been through a distribution cycle. During 1998 the Robertson Stephens fund reduced its position below 10%. Little money has been spent on the Amatepec concession in the Campo Morado area. Management is looking for an advanced project in Europe or Canada. Cash rich, a strong, well-rounded management team, the network fully positioned, and a cheap price: almost a perfect bottom-fish except that it is hard to buy at these prices. Buy all you can as soon as possible and forget about it until it zings through $2.


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