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Gold/Mining/Energy : Gold and Silver Mining Stocks

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To: midbob who wrote (576)	2/6/2001 1:58:33 PM
From: Claude Cormier	of 4051

Indeed FSR has been profitable for many years until recently. A nice little mine. But the problem is reserves and throughput versus market cap. FSR has always been one of my favorite silver plays and is still near the top of the list, but it is in the small league. Just a few numbers to keep things in perspective. Market cap Reserves Production Corner Bay $25M 129M 17.0M First Silver $24M 14M 2.3M P.S. Production is 1st and 2nd year for BAY starting in 2003. Average annual production: 9M ounces or so. Reserves will expand in 2001 P.S2. FSR production is capped until they can build up more rserves and generate enough cash flows to pay for plant expansion. El Banco appears to be the solution to their problems and could help reserves and production increase in future years.

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