Cambior: unbelievable company, just one big friggin hedge book (2.1 million plus @ 305, long dates), and should be one of the first to blow up in a rally. The good news is there's really nothing left to hedge, and we don't have to worry about them lingering on, as exploration was only 400K in the first quarter. Was flat mark to market even at 270. Production: 613 K and high cost. Question: Why would this company have any stock value at all? Good depletion short, like a crumbling tenement building in the South Bronx.
The Bad and the Ugly:
Omni: 360K @ c.c 213, 1,278,000 reserve, life to 2003
Doyon: 220K @ c.c 229, 1,460,000 reserve takes them to 2006.
Sleeping Giant: 33K @ c.c 205, depleted next year
Other Bad and Ugly odds and ends:
Aurora Gold's Mt. Muro (Indonesia): 253K @ c.c- 158, depleted next year.
Canyon Resource, Briggs (Calf.): 87K, reserves through 2003.
Viceroy/MK's Castle Mountain (Calf.): 119K @ c.c- 222, depleted this year. |
