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Gold/Mining/Energy : Sunshine Mining at Rock bottom?
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To: baystock who wrote (144)8/13/1999 3:20:00 PM
From: Claude Cormier  Read Replies (1) of 167
 
Hello RR,

Just receiived the 6 months..and there has been some changes.

The loss is $2.1M for the last quarter, most of it is interest expense.

Revenus were $8.18M while Operating, exploration and G&A expenses where were $8.35M.

As of June 30,99. The balance sheet shows long term debt at $19.9M and WOrking capital deficiency (shorth term loan and line of credit I guess) at $15.7M. Cash is at $3.5

There is no indication to what happen to the $26M convertible. But the change in working capital from +$9.7M to -$15.7M seems to indicate that they redeem it.

I can't see anything positive in this. But if silver holds it price, SSC profile will slowly imporve in the next several years... this is if they can debt finance Pirquitas.

For a 100M+ ounces silver deposit I much prefer Corner Bay, a Toronto junior who is developing its low cost silver play in Sonora, Mexico Not far from Hecla's La Choya. BAY has no debt and a market cap of only US$7M. With only 9.8M shares out it can raise capital easily. But BAY is one example of the greatly managed juniors I've been talking about. They have developed this silver resources slowly and patiently and issued shares only when they needed. The results is a silver asset that is growing to beat the Pirquitas and the likes. Last spring study tentatively established a probable operating cost of US$1.48 per ounce for the first 5 years and a low capex in the US$20M's. But with yesterday's superb results (229 meters of 4 opt silver), the numbers will have to be reworked to the upside.

CC

P.S. We recommended BAY last November at $0.49. It is now $1.10. Target is much much higher.
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