Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: isopatch who wrote (3823)	11/11/2001 9:35:31 PM
From: Frank Pembleton	Read Replies (1) of 36161

Isopatch, some quick observation from listening to conference calls from two different silver producers. Some "hopeful" words from Coeur D'Alene: 1) the U.S. Mint has depleted stock piles of silver and for the first time in 30 years has to buy on the open market. The mint will consume up 15 million ounces in 2002. 2) Over 2/3 of silver production is a by-product of base metal mining. As we already know, several zinc and copper mines have been recently shut down, literally pulling several million ounces of silver off the market. ...and Pan American: These guys are the kings of the cost cutters; PAAS burn rate for 2000 including G&A & exploration is $3.1 million -- Hecla = $13.6 million -- Coeur D'Alene = $19.1 million ... Also PAAS has the lowest debt at $8.1 million. Oh! ... They lowered their burn rate for 2001 by eliminating exploration - Ugh! ... and by laying off 65 people ... yet they managed to increase silver production by 138% year over year... Regards Frank P.

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