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Gold/Mining/Energy : Corner Bay Silver (BAY.T)
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To: marcos who wrote (475)11/24/1999 5:13:00 PM
From: Claude Cormier  Read Replies (1) of 4409
 
Haywood's Securities Jim Mustard has a NAV of $C7.61 using a discount rate of 8% and 67% recoveries.

I played again with my model today...(Gee I like this model) and came up with the following:

Assuming 8% discount and 70% recoveries and debt financing at 12% (worst case) over 5 years:

Silver prices/Corner Bay NAV per share

$5.00/$C5.75
$6.00/$C8.85
$7.00/$C11.92
$8.00/$C15.01

Lets go Buffet, buy another 100 millions ounces of this stuff!
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