BGR Precious Metals Inc. Announces Third Quarter 1998 Results.

TORONTO--(BUSINESS WIRE)--Dec. 10, 1998--BGR Precious Metals (TSE:BPT.A.) (ME:BPT.A.) (TSE:BPT.WTA.) (ME:BPT.WTA.) BGR Precious Metals Inc. announced today its results for the third quarter ended October 31, 1998.

The net asset value per share at October 31, 1998 was $14.29 compared to $13.66 at July 31, 1998. This represents a 4.6 percent increase in the net asset value for the three months. Net loss for the nine months ended October 31 was $11.3 million or $1.53 per share compared to $2.0 million net income or $0.27 per share for the previous year. Net realized losses on the sale of investments were $7.9 million versus net realized gains of $4.1 million for the same period of the prior year.

The net assets of the Company were $106.1 million at October 31, 1998, up from $101.4 million at July 31, 1998. The net increase of $4.7 million was the result of unrealized market appreciation (net of deferred taxes) of $4.9 million and a net loss of $0.2 million during the quarter.

BGR Precious Metals Inc. is a closed-end investment company, managed by Dundee Investment Management & Research Ltd., which provides investors with an opportunity to invest in a managed portfolio of primarily precious metals-related investments with the principal objectives of capital appreciation and the provision of a hedge against inflation, while providing a portfolio diversified among issuers and among the countries in which the issuers operate.