Gold and Silver Juniors, Mid-tiers and Producers Message Board

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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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To: Condor who wrote (49261)	9/19/2007 5:24:14 PM
From: Amark$p	Read Replies (1) of 78419

You can review articles on resourceinvestor... using Gold @ $625, EPM gold hedge at $575 for 75K ounces, and copper at $2 "That is equivalent to 43 cents per share" per second link. resourceinvestor.com European Minerals [TSX:EPM] is a story that is going to be in production next month and throwing off well north of 50 cents per share of cash flow - shares are trading at C$1.15. Producing peers trade at a multiple of 10X cash flow at least, and we can only assume that once production commences the analyst and institutional community will finally be forced to take notice, making a re-rating imminent. resourceinvestor.com “Starting in October 2007, EPM will produce over 140,000 ounces of gold, and 40 million pounds of copper per annum.” “We estimate that incorporating European Mineral’s hedge at $575 on 75,000 ounces of production, and using metal prices of $625 gold, and $2 copper, EPM will cash flow $120 million in 2008.” That is equivalent to 43 cents per share. At current metals prices, EPM would cash flow $186 million or 66 cents per outstanding share. On a gold-equivalent basis with copper considered as a credit, EPM is producing gold ounces, much like Alumbrera, at a cost per ounce which is negative

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