Anglogold Ash Share Discussion Threads

[geologic] 29/7/2003 15:44

Volume picking Up, Dundee Buying, last at $0.78

Time Ex Price Change Volume Buyer Seller Markers
10:09:09 T 0.78 +0.04 25,000 27 Dundee 27 Dundee K
10:01:45 T 0.78 +0.04. 2,500 27 Dundee 62 Haywood K
10:01:45 T 0.78 +0.04. 3,000 27 Dundee 33 Canaccord K
10:00:14 T 0.78 +0.04. 7,000 79 CIBC-- 33 Canaccord K
09:51:57 T 0.75 +0.01 10,000 79 CIBC-- 33 Canaccord

CHART

[geologic] 28/7/2003 16:03

Today:
AGD: 20.0 = 0.70 · 0.74 = 5.0 0.74 +0.04 5.7 55.2 39

I want to see it Bid at $0.75, and trading above there.
Only 5,000 shares left on the Offer at 0.74!

Time.. Ex Price Change Volume Buyer Seller Markers
10:41:14 T 0.70 +0.04. 0,100 27 Dundee 33 Canaccord E
10:16:40 T 0.74 +0.04. 5,000 02 RBC--- 2 RBC K
10:16:28 T 0.71 +0.01 10,000 02 RBC--- 7 TD Sec K
10:16:28 T 0.71 +0.01. 5,000 02 RBC--- 33 Canaccord K
09:59:17 T 0.70 -0.00 20,000 62 Haywood 89 Raymond James K

[energyi] 25/7/2003 22:50

Ariane is a gold exploration and development company focused entirely in French Guiana. Ariane's portfolio of concessions is located within the Guiana Shield and contains greenstone hosted gold deposits with saprolite blankets. Its main asset is the recently acquired Camp Caiman gold deposit, which was recently acquired from Asarco and where the previous owners identified a resource of 1.9Moz Au. The initial operation is likely to consist of a small scale (approximately 100,000 oz annually) open pit within the oxides utilising conventional CIP ore treatment.
To conduct the study, three members from CSMA visited French Guiana where initial meetings were held with the Ariane team in Cayenne followed by a visit to the site. With the exception of metallurgy, the following disciplines were examined:


Geology, mineralisation and exploration

Current drill programme

Sampling and analytical procedures

QA and QC matters

Resource and reserve estimation

Open pit mining to include equipment selection, scheduling and pit design

Review of infrastructure requirements

Financial modelling

Environmental issues


Working on Pre-feas.Study:

[energyi] 16/6/2003 14:42

RESOURCE ESTIMATE IS UP... 757K Oz. +46%
New Resource Estimation From 2002-2003 Drilling Program at Camp Caiman
Friday June 13, 5:33 pm ET
LONGUEUIL, QUEBEC--
- Saprolite Measured and Indicated resources total 756,500 oz. @
0.5g/t cut-off
- Rock Measured and Indicated resources total 441,296 oz. @ 1.0 g/t
cut-off
- Revised Measured and Indicated resources in Saprolite and Rock
increased 95% in tonnes and 46% in gold ounces
- Preliminary assessment to be completed soon

(excerpts):
Since completion of the second phase of the program on March 30, 2003, Ariane Gold has produced a revised geological model of the mineralization of the Scout and CC-88 ... As a result of the US $2.8 million program for 2002-2003, the new calculation defines saprolite and rock resources for the CC-88 and Scout zones on a 25 m x 25 m drill pattern suitable for the preliminary assessment planned for July 2003.

The achieved 2002-2003 drill program consisted of 163 RC holes and 159 diamond drill holes totaling 25,937 m of new information additional to a pre-existent 59,787 m of drilling completed prior to 2002. Details of all phases of the 2002-2003 program are available on the Company's web site.

Based on an earlier model, previous Indicated resource estimations calculated as at April 19, 2002 by Systemes Geostat International Inc. (Technical Report available on Sedar) prior to the 2002-2003 drilling program suggested that combined saprolite Indicated resources at 0.5g/t Au cut-off were 3,643,650 tonnes at an average grade of 2.74 g/t Au for a total of 321,464 oz of gold. The same estimation showed that combined rock Indicated resources at 1.0g/t Au cut-off were 4,368,000 tonnes at an average grade of 3.53 g/t Au for a total of 496,336 oz of gold. In addition, Inferred resources in saprolite were 6,478,163 tonnes grading 1.74 g/t Au for a total of 363,372 oz of gold, and 7,837,0769 tonnes of rock grading 2.59 g/t Au for an additional 652,139 oz of gold.

Based on the new drilling information and interpretation, the revised estimation shows that Measured and Indicated saprolite resources at a 0.5g/t Au cut-off are 11,564,041 tonnes at an average grade of 2.03g/t Au for a total of 756,500 oz of gold. The new Measured and Indicated rock resources at a 1.0g/t Au cut-off are of 4,032,775 tonnes at an average grade of 3.40 g/t Au for a total of 441,296 oz of gold (see Table above).

In addition, new Inferred resources in saprolite are 4,578,558 tonnes grading 1.22 g/t Au for a total of 179,735 oz of gold, and 7,469,462 tonnes of rock grading 2.30 g/t Au for an additional 553,535 oz of gold.

Thus, compared to the previous estimate, the new total of combined Measured and Indicated resource in saprolite and rock shows an increase of 95% in tonnes and 46% in ounces of gold from the previous estimation. This increase is a combination of resource upgraded from Inferred to Indicated categories and the discovery of new ore lenses within the mineralized zones. .
...MORE:

[energyi] 13/6/2003 21:27

MASSIVE Volume:
0.70 +0.10 0.69(200)/ 0.70(10) 978,500
...
With that type of Buying, Ariane could Rock & Roll next week!


...
Check the Volume

[energyi] 13/6/2003 14:43

What does it mean...?
The Release could have given a bit more help on interpreting
the drill results

[energyi] 13/6/2003 14:36

Ariane Gold Corp.
Announces the Final Results From the Second Phase Drilling at Camp Caiman

LONGUEUIL, QUEBEC, Jun 12, 2003 (CCNMatthews via COMTEX) --
- Further western extension of Scout zone confirmed- Further Northeast extension of CC- 88 zone confirmed- Drill hole 361 confirms high-grade mineralization of 7.7gAu/t over 75m in the center of the CC-88 zone- New lenses identified within known ore zones
...
Since the last press release dated January 13, 2003, a total of 11,444 assay results have been received from additional 79 diamond drill holes totaling 8,230 meters and 74 RC holes totaling 4,187 meters. The majority of the new results received consist of in-fill drilling carried-out in the Scout and CC-88 zones, as well as some follow up extension drilling to the west and east of the Scout zone and the northeast of the CC-88 zone.
...
2003 Work Program
The achieved program totaled 12,417 meters in addition to 13,481 meters of drilling completed in 2002.

...The new geological model of the Scout zone suggests that new ore lenses will occur further west and more drilling will be required to better define these extensions. ...

Most of the drilling completed in 2002-2003 consisted of in-fill drilling. Nevertheless, previously unidentified ore lenses have been intersected within both ore zones. These are identified in the assay result tables where appropriate. The CC-08 zone located between the Scout and CC-88 zones was only partly investigated with the RC drill due to swampy ground. Results of this investigation suggest that some mineralisation exists in this sector but it requires further geological modeling and drilling.

...MORE:

[energyi] 25/3/2003 09:07

Ariane's own website is improving:

[energyi] 24/2/2003 23:21

Higher close, despite flat HUI...

Last 10 trades:
Time Ex ..Price Change Volume Buyer Seller Markers
15:56:20 T 0.73 +0.04 05,000 13 Instinet 27 Dundee K
14:24:40 T 0.71 +0.02 01,000 13 Instinet 27 Dundee K
12:56:50 T 0.72 +0.03 07,500 33 Canaccord 27 Dundee K
12:56:40 T 0.72 +0.03 10,000 33 Canaccord 27 Dundee K
12:56:40 T 0.72 +0.03 10,000 33 Canaccord 73 Sprott K
12:56:40 T 0.72 +0.03 02,500 33 Canaccord 80 National Bank K
12:44:20 T 0.71 +0.02 05,000 13 Instinet 27 Dundee K
12:41:00 T 0.71 +0.02 10,000 13 Instinet 27 Dundee K
11:44:00 T 0.72 +0.03 00,500 89 Raymond James 80 National Bank K
11:44:00 T 0.72 +0.03 00,500 89 Raymond James 27 Dundee K

Dundee selling into strength. Canaccord, Instinet are buyers

[energyi] 19/2/2003 19:28

Breakout!
Qty.Bid -Offer.Qty
5.0 0.75 · 0.79 15.0
- - -
Unfortunately, it did not hold...
BMO Nesbitt sold 106,000+
. . .

[energyi] 18/2/2003 18:28

LONGUEUIL, QUEBEC--Ariane Gold Corp. is pleased to announce that it's 100% owned subsidiary CBJ-France (CBJ) has signed a letter of intent with Compagnie Miniere de Boulanger (CMB) allowing CBJ to conduct exploration for primary gold deposits on CMB's Devez, Central Bief and Boulanger (see attached map) concessions in French Guiana.
The CMB concessions lie adjacent to CBJ's Changement & Ste.Marie exploration permits, and have active alluvial and colluvial mining operations in the Devez and Central Bief Areas.

In consideration for the right to explore for primary gold deposits, CBJ will pay CMB a NSR Royalty on any gold produced from the CMB concession areas, based on the following scale:

- a 1.5% NSR if the gold price is below US$350 per ounce
- a 2.0% NSR if the gold price is between US$351 and US$400 per ounce
- a 2.5% NSR if the gold price is greater than US$400 per ounce

No other payments are required under the agreement although Ariane is required to fund all exploration.

As well as having active superficial operations, the CMB concessions have had limited programs of primary exploration in the past, including work by Asarco Guyane Francaise (AGF), Ariane's other 100% owned subsidiary in French Guyana. Ariane believes that the Changement and Ste.Marie mineralized trends continue into the CMB concessions, and intends to carry out a US$200,000 program of exploration in 2003.

Camp Caiman Sulphide Initial Metallurgical Testwork

Ariane is also pleased to announce that it has received positive results from its preliminary testwork on sulphide ores from the Camp Caiman gold deposit.

As previously announced, the company initiated a program of further testwork on the Camp Caiman sulphides in November 2002. This was as a follow-up to previous work carried out by Asarco in the late 1990's, which indicated that 1) the sulphides at Camp Caiman are refractory, although not carbonaceous 2) gold recovery by normal CIP leaching was 60-65% 3) gold recoveries in excess of 90% could be achieved by bioleach or pressure oxidation (autoclave) treatment methods.

Ariane decided to carry out a program of testwork to investigate alternative methods of treating the sulphide ores, including Ultra Fine Grinding (UFG) followed by pre-alkalisation and leach recovery. The work was carried out at Ammtec Laboraties in Perth, Australia, and Mount Isa Mines Laboratories in Sydney, Australia, under the supervision of Bateman Minerals of Perth, Australia.

Initial results received by Ariane indicate that gold recoveries in excess of 90% can be achieved by the UFG/Alkalisation method, at grind sizes in the 10 micron range, with 12 hours of pre-treatment. The UFG/Alkalisation method has large potential benefits in terms of capital and operating costs when compared with bioleach or autoclaving. Ariane believes that this process route has much promise for the Camp Caiman sulphides ores.

Ariane has initiated a follow-up program of testwork to gain additional information and optimize the process parameters. Results from this testwork will be announced when available.

Ariane continues to focus on the exploration and development of the oxide portion of the Camp Caiman gold deposit, with definition drilling expected to be complete in March or April 2003. However, the discovery of a viable process route for the sulphide ores may have important implications for the planned exploitation of the oxide ores. Further details will be made available when testwork is complete.

[energyi] 13/2/2003 12:46

Excerpt from Canaccord Report:

Summary
Despite a strengthening gold price, Ariane has underperformed its peers. One of the reasons for this is likely due to concerns that the Caiman concessions lie within a "Natural Region Park". The company does not believe that this is an issue, as the charter for the park allows for the development of natural resources within it. Since the Camp Caiman concessions pre-date the park, and the fact that the French Government reviewed the situation as part of the transfer of licenses in June 2002, we believe that the park will likely not be an impediment to the development of a mining operation.

Initially, the company had been focusing only on the development of a one million ounce plus oxide operation at Camp Caiman. Now with testwork on the sulphides looking more positive, the total resource base (1.8 million ounces of oxide and sulphides) is starting to look more viable. Given the current gold price environment, we believe that the stock is undervalued and we are maintaining our BUY recommendation and C$1.50 target price.

[energyi] 07/2/2003 16:49

M.
I had lunch with the CEO last week.
If he is reliable (by all accounts, he is)
better times are coming. The "National Parc" scare may soon be put
to rest. The man has invested C$1 mn of his own money at C$0.70.

[mikkydhu] 07/2/2003 16:47

Let's hope it can behave more like its namesake, that is, on successful launches!

I have a French friend with family in French G. and have told him of my interest hoping he might glean an anecdote or rumour...

[energyi] 07/2/2003 16:33

MORE LIKE IT! 'Ere we GOOOO?
Ariane Gold Corp. 0.75 +0.06 0.72(25)/ 0.75(635) 160,600

Here's the buying so far:

Recent Trades - Last 10
Time Ex Price Change Volume Buyer Seller
11:23:20 T 0.74 +0.05 15,000 246 First Associates 62 Haywood
11:22:50 T 0.75 +0.06 11,000 27 Dundee 74 Griffiths
11:22:50 T 0.75 +0.06 7,500 27 Dundee 74 Griffiths
11:21:00 T 0.74 +0.05 10,000 246 First Associates 33 Canaccord
11:05:00 T 0.75 +0.06 2,500 7 TD Sec 74 Griffiths
11:05:00 T 0.75 +0.06 1,500 7 TD Sec 27 Dundee
11:02:40 T 0.74 +0.05 3,000 246 First Associates 27 Dundee
11:02:30 T 0.74 +0.05 5,000 246 First Associates 80 National Bank
11:02:30 T 0.74 +0.05 2,000 246 First Associates 59 PI
10:55:10 T 0.73 +0.04 10,000 89 Raymond James 74 Griffiths

First is getting aggressive, yes?
And the sellers are drying up
= = =
LATER: One BIG SELLER has arrived:

Time Ex Price Change Volume Buyer Seller
14:15:50 T 0.72 +0.03 7,000 3 Tristone 19 Desjardins
14:06:50 T 0.72 +0.03 10,000 89 Raymond James 19 Desjardins
14:05:40 T 0.71 +0.02 500 62 Haywood 19 Desjardins
14:04:20 T 0.70 +0.01 62,000 27 Dundee 19 Desjardins
14:03:20 T 0.71 +0.02 10,000 62 Haywood 19 Desjardins
14:03:20 T 0.71 +0.02 3,000 80 National Bank 19 Desjardins
14:03:20 T 0.71 +0.02 10,000 62 Haywood 19 Desjardins
14:02:50 T 0.72 +0.03 14,000 62 Haywood 19 Desjardins
14:02:50 T 0.72 +0.03 3,000 80 National Bank 19 Desjardins
14:02:50 T 0.72 +0.03 9,500 33 Canaccord 19 Desjardins

...and on the close, another seller appears: Instinet, Haywoods as buyers ...

Time Ex Price Change Volume Buyer Seller
15:51:50 T 0.74 +0.05 2,500 62 Haywood 13 Instinet
15:51:50 T 0.74 +0.05 300 62 Haywood 27 Dundee
15:51:50 T 0.74 +0.05 3,000 62 Haywood 13 Instinet
15:51:20 T 0.74 +0.05 19,500 62 Haywood 13 Instinet
15:51:20 T 0.74 +0.05 500 62 Haywood 13 Instinet
15:50:20 T 0.74 +0.05 24,500 89 Raymond James 13 Instinet
15:50:20 T 0.74 +0.05 500 89 Raymond James 13 Instinet
15:46:00 T 0.74 +0.05 15,000 62 Haywood 13 Instinet
15:45:40 T 0.74 +0.05 9,500 62 Haywood 13 Instinet
15:45:40 T 0.74 +0.05 10,500 62 Haywood 13 Instinet

Question: who is behind Haywood? They want AGD shares badly

[energyi] 07/2/2003 15:31

^uPWARD move starting?
Lowest offer is C$0.71:
C$0.68 -0.01 ... bid: 0.69(100)/ offer: 0.71(100) vol. 75,100

[energyi] 04/2/2003 21:38

McB, depends on Gold.
But a big pop by April/May. Probably C$1.00-1.50

NICE TO SEE this:
Ariane Gold Corp. 0.67 +0.03 0.65(200)/ 0.67(50) 176,000

[mcbeanburger] 02/2/2003 21:33

What is the timelines on those price targets Energyi?

[energyi] 02/2/2003 21:27

Dundee Securities - US$
Sym- Stock...... Shs.O/S MktCap .Close. Target. %.chg.
NEM- Newmont Mng.. 352.4 10,405. $29.53. $ --
ABX- BarrickGold . 541.1. 8,971. $16.57. $26.80 +60.8%
AU-- Anglogold.... 222.7. 8,092. $36.34. $ --


C$ Mining share price targets

Sym- Stock...... Shs.O/S MktCap .Close. Target. %.chg.
ABX- BarrickGold . 541.1 13,805 c$25.50 c$41.00 +60.8%
PDG- PlacerDome... 405.2. 7,111 c$17.55 c$20.00 +14.0%
G -- Goldcorp..... 182.3. 3,473 c$19.05 c$20.00 + 5.0%
NMC- Newmont,Can... 55.9. 2,534 c$45.35 c$----- + -.-%
MNG- MeridianGold.. 98.9. 2,521 c$25.50 c$33.00 +29.4%
GLG- Glamis Gold.. 125.9. 2,366 c$18.80 c$16.25 -13.6%
.... mid-& sm-caps
AGE- Agnico Eagle.. 83.5. 1,866 c$22.34 c$20.00 -10.5%
K -- Kinross Gold. 408.5. 1,507 c$ 3.69 c$ 5.50 +49.1%
IMG- Iamgold...... 141.4. 1,109 c$ 7.84 c$10.50 +33.9%
GBU- Gabriel Res.. 114.1... 519 c$ 4.55 c$ 7.50 +64.8%
CBJ- Cambior...... 159.7... 343 c$ 2.15 c$ 3.00 +39.5%
NGX- Northgate Exp 190.6... 343 c$ 1.80 c$ 3.50 +94.4%
MAE- Miramar Mng.. 118.3... 221 c$ 1.87 c$ 2.50 +33.7%
CBD- Cumberland.Rs. 38.3... 105 c$ 2.73 c$ 4.00 +46.5%
ACA- Ashton Mining. 55.4.... 75 c$ 1.35 c$ 2.00 +48.1%
ARP- Aurora Plat... 19.4.... 62 c$ 3.20 c$ 5.00 +56.3%
EGU- European Gfld. 22.0.... 47 c$ 2.15 c$ 3.50 +62.8%
TWG- Twin Mining... 79.8.... 32 c$ 0.40 c$ 0.85 +113.%
AGD- Ariane Gold... 44.0.... 28 c$ 0.64 c$ 1.50 +134.%

[energyi] 30/1/2003 21:00

Griffiths gone... Sellers now: Dundee & Canaccord

Look at the size of the OFFER: 0.63(100)/ 0.66(1085) 44,900
Most of the 108,500 Offer is reportedly from post#7: Nesbitt?
Sellers as of close Thursday:
$0.66 - 4,500 Raymond James
$0.66 - 104,000 Nesbitt
$0.67 - 25,000 Raymond James
$0.70 - 1,500 Nesbitt
$0.72 - 50,000 RBC
$0.73 - 10,000 Griffiths
$0.75 - 66,000 Griffiths

Recent Trades - Last 10
Time Ex Price Change Volume Buyer Seller
15:31:10 T 0.63 -0.01 0,200 27 Dundee 33 Canaccord
15:05:10 T 0.64 -0.01 3,000 37 MacDougall 27 Dundee
15:03:20 T 0.64 -0.01 4,000 37 MacDougall 33 Canaccord
15:03:20 T 0.64 -0.01 2,000 27 Dundee 33 Canaccord
12:58:20 T 0.64 -0.01 2,500 37 MacDougall 89 Raymond James
12:58:20 T 0.64 -0.01 1,500 27 Dundee 89 Raymond James
12:23:40 T 0.66 +0.01 0,500 19 Desjardins 89 Raymond James
12:23:40 T 0.66 +0.01 0,500 19 Desjardins 27 Dundee
11:51:10 T 0.65 -0.00 10,000 37 MacDougall 27 Dundee
10:51:00 T 0.64 -0.01 0,500 37 MacDougall 2 RBC

[energyi] 29/1/2003 21:43

weak day, with hui down. 144.37 -$2.54 : -1.73%

...and now griffiths is a buyer:

15:59:10 T 0.65 -0.01 1,000 37 MacDougall 27 Dundee
15:59:10 T 0.65 -0.01 7,000 83 Research Capital 27 Dundee
15:39:40 T 0.65 -0.01 2,000 83 Research Capital 27 Dundee
15:39:40 T 0.65 -0.01 1,000 62 Haywood 27 Dundee
15:16:40 T 0.65 -0.00 299 27 Dundee 27 Dundee
12:16:30 T 0.66 -0.00 3,000 59 PI 19 Desjardins
12:16:30 T 0.66 -0.00 2,000 27 Dundee 19 Desjardins
11:50:20 T 0.66 +0.02 100 27 Dundee 2 RBC
11:15:20 T 0.68 +0.02 5,000 74 Griffiths 27 Dundee
10:43:00 T 0.66 -0.00 7,000 59 PI 33 Canaccord

[energyi] 28/1/2003 21:56

NOW WORTH C$3.50/ share?

Old Posting:
DUNDEE GIVES AGD an estimated NAV of C$2.65:
"
We expect Ariane will successfully define one million ounces in the saprolite ore over the next 12 months.
Based on our indicative case of one million ounces contained in the saprolite ore, Ariane's NAV (undiscounted, US$325/oz.) gold price should be about C$2.65. We selected a 12 month target price of about half of the indicative NAV, to account for hurdles the compnay must overcome, and some anticipated profit-taking from investors. We rate Ariane a SPECULATIVE BUY with a target price of C$1.50.
"
From: Dundee's Gold report dated 29.Oct.2002
= = = = =

What about using $350/ oz.?

+$25 x 1 million oz: +$25 mn. / 45mn shs= +$0.556 x 1.55= C$0.86/share

Old NAV: C$2.65
Increase + 0.86
New NAV: C$3.51 /share

[energyi] 28/1/2003 20:59

IS GRIFFITHS DONE NOW?

Griffiths McBurney has been an aggressive seller of AGD in recent days.
But after strong buying in recent days, they have disappeared from the
Sell side:

Time Ex Price Change Volume Buyer Seller
15:20:40 T 0.66 - 03,500 27 Dundee 89 Raymond James
14:17:10 T 0.65 - 00,010 27 Dundee 9 BMO Nesbitt
14:12:30 T 0.65 - 00,335 27 Dundee 2 RBC
14:08:40 T 0.66 - 17,500 33 Canaccord 89 Raymond James
12:59:20 T 0.66 - 07,500 33 Canaccord 33 Canaccord
12:53:40 T 0.66 - 01,500 59 PI 33 Canaccord
12:53:40 T 0.66 - 00,500 59 PI 27 Dundee
12:53:00 T 0.66 - 01,000 33 Canaccord 33 Canaccord
12:43:50 T 0.66 - 00,500 33 Canaccord 7 TD Sec
12:43:50 T 0.66 - 23,500 33 Canaccord 74 Griffiths

Is their SELLER FINISHED now?
If so, this stock may be about to climb

AGD $0.65-$0.68

Sellers:

$0.68 Dundee 5,000
$0.70 Nesbitt 1500, Canaccord 5,000
$0.71 Dundee 5,000
$0.72 RBC 50,000
$0.73 Griffith 10,000

[energyi] 30/12/2002 14:47

The Step-Sister: Miramar

DECEMBER 30, 2002 - 08:25 EST

Dundee Wealth Management Inc.: Acquisition Of Shares Of
Miramar Mining Corporation

TORONTO, ONTARIO--In accordance with regulatory requirements,
Dundee Wealth Management Inc. (DW - TSX) ("Dundee Wealth")
announced that CMP 2001 Resource Limited Partnership and CMP 2002
Resource Limited Partnership, the general partners of which are
wholly-owned subsidiaries of Dundee Wealth, have acquired, under
a private placement, an aggregate of 1,465,332 common shares of
Miramar Mining Corporation ("Miramar").

Subsidiaries, affiliates and associates of Dundee Wealth now
exercise control or direction over an aggregate of approximately
17.9 million common shares and 1.4 million warrants of Miramar.
Assuming the conversion of all warrants over which subsidiaries,
affiliates and associates exercise control or direction,
subsidiaries, affiliates and associates of Dundee Wealth would
exercise control or direction over approximately 15.5% of the
common shares of Miramar, on a partially diluted basis.