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 Wed Nov 18, 1998
Report Sep-Oct 1998: Citation Resources Inc - Annual Review
    Publisher: Kaiser Research Online
    Author: Copyright 1998 John A Kaiser

 Report Sept-Oct 1998:- 1998 Annual Review

Citation Resources Inc (CUE-V)

Outlook: Low Priority Buy

Tel: (604) 687-5305

Issued: 23,173,060
Diluted: 28,518,060

Adj Working Capital: $300,000
Overhead Burn: $33,845/mth
Cash Breakup: $0.01/sh

Insider Stake: 56%

TROCL Risk: 2+1+1+1+1 = 6

98 Bottom-Fish Range: $0.30-$0.49
Hi: $0.50 Lo: $0.18 Last: $0.20

Citation spent part of 1998 halted for a reverse takeover of the diamond licenses in Greenland and Australia assembled by John Rowntree and John Ferguson. The Greenland licenses are under option to Monopros, Dia Met, and Chuck Fipke's Cantex. Citation issued 14,500,000 shares and has to issue another 2,500,000 in stages. While exploration has produced lots of tantalizing indicator minerals, nothing resembling a potentially economic pipe has yet been found on Citation's land packages. Citation has to start contributing in 1999, and so it is doing a private placement of 8,666,667 units at $0.15, which will boost full dilution to 46 million shares. Citation has a long time horizon.

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