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Gold/Mining/Energy : Corner Bay Silver (BAY.T)
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To: timbouctou who wrote (1520)10/18/2000 11:42:25 PM
From: Claude Cormier  Read Replies (3) of 4409
 
Hello timbouctou,

I don't think that PAA has secured financing yet. It has given a mandate to IFC to get the financing.

Colorada is a nice undergorund silver operation. But is less than 2X the size of BAY's Alamo Dorado. The Internal rate of return at Alamo Dorado is at least 2X higher (55-60%) thanks to proportionally lower capital costs and much higher production in the first 5 years. NAV of alamo Dorado is also 2.3 times higher.

While Colorado will produce some 21 millions ounces in its first five years of opeartion, Alamo could produce more than 63 millions ounces in the same period at an average cash cost of $1.85.

In other words, although COlorad is a good project, Alamo Dorado is a much much better.

CC
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