Breakwater Resources (T.BWR) Message Board

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Gold/Mining/Energy : Breakwater Resources (T.BWR)

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To: Wayne Finucan who wrote (623)	6/8/1999 8:08:00 PM
From: Stephen O	Read Replies (1) of 962

First Marathon has fallen in love with BWR too. Recommendation - Focus buy Metals & Mining digest Jun 1, 1999 "Breakwater is a very interesting base metals producer. The company has grown rapidly over the last two years and offers investors the opportunity to participate in an excellent leveraged zinc producer. The company has four zinc mines poised to generate excellent cash flow with a rising zinc price. Risks associated with the operations have been reduced by improving the cost profiles at all four producing mines. Breakwater had an excellent Q1, generating $0.02 EPS and $0.08 CFPS. In the first quarter report, Breakwater also reported record zinc production of 33.5 million pounds in April. We understand operations continue to perform well in May and are anticipating a strong second quarter. Our 1999 earnings per share and cash flow estimates of $0.15 and $0.35 respectively based on a US $.50 per pound zinc price now appear conservative. Nonetheless, at today's zinc price, Breakwater @ $1.80 is trading at only 5.1 times cash flow. The shares are recommended for all resource accounts."

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