LETTERS TO THE EDITOR Acquiring shares at a discount

Your recent editorial (T.N.M., Oct. 15/90) discusses how investors could acquire shares in junior companies with large cash positions at a discount. As a shareholder in Eurus Resource, I just received the June 30, 1990, financial statements. Eurus currently is quoted at around $1.10-1.15 per share. Based on my analysis of note 10 of the financial statements, Eurus now has 4,136,929 shares outstanding and cash of $5,743,952 or $1.38 in cash per share.

This is based on setting the value of Eurus’ Albino Lake, Rock and Roll, and Gold Hill properties and their potential at zero. This also excludes another 10 cents per share representing the difference between market value of investments and their cost (see note 5 in the financial statements).

Eurus showed uncanny timing by having a public offering at $3.30 per share just two weeks before Adrian Resources announced its disappointing drill results. Outside of purchasing $250,000 worth of Consolidated Rhodes Resources stock, I am curious what Eurus is going to do with all of this cash as most of Eurus claims are still under Section 35 complaints. James Gerber Lansing, Mich.