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Gold/Mining/Energy : Corner Bay Silver (BAY.T)
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To: russwinter who wrote (2646)1/4/2002 12:36:53 PM
From: Claude Cormier  Read Replies (1) of 4409
 
Russ,

Here is what the market is paying for silver stocks:

Pan American Silver (36M shares)
Cap: $C241M
Silver eq. Resources/share: 16.6 oz
Silver eq. Reserve @$5ag/share: 4.19 oz
Silver eq. Resource/$ of market cap: 2.5 oz
Silver eq. Reserve@$5ag/$ of market cap: 0.625 oz
* I am excluding the 20% PAA has in Dukat.

Silver Standard (30M shares)
Cap: $128M
Silver eq. Resources/share: 13.7 oz
Silver eq. Reserve @$5ag/share: 0.00 oz
Silver eq. Resource/$ of market cap: 3.2 oz
Silver eq. Reserve@$5ag/$ of market cap: 0.00 oz

Corner Bay Silver (15.7M)
Cap: $46M
Silver eq. Resources/share: 9.1 oz
Silver eq. Reserve @$5ag/share: 8.21
Silver eq. Resource/$ of market cap: 3.0 oz
Silver eq. Reserve@$5ag/$ of market cap: 2.83 oz

BAY with 10M shares issued at $2.50 for production financing

Corner Bay Silver (25.7M)
Cap: $77M
Silver eq. Resources/share: 5.4 oz
Silver eq. Reserve @$5ag/share: 5.1
Silver eq. Resource/$ of market cap: 1.8 oz
Silver eq. Reserve@$5ag/$ of market cap: 1.7 oz

The important number here is the number of ounces in reserves per dollar of market capitalization. On that basis, BAY is almost 3 times cheaper than PAAS. Factor in projected operating cost and BAY is 6 - 8 times cheaper than PAAS.

* Reserves are based on current data and pre-feasibility studies published by the companies. So BAY doesn't have reserves yet according to US regulations. By the same way, PAAS should have no reserves as their silver is not currently mineable at a profit.
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