Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: waverider who wrote (19133)	9/18/2002 2:03:35 PM
From: Louis V. Lambrecht	Read Replies (1) of 36161

wr - re:SIL Cost of production below $2. Nice. If I am correct, they still are not producing? They also draw a heavy weight of lead and zinc in their ore. Basically they still are in early stage of exploration. Dunno, but reading the management discussion apexsilver.com and some press releases my impression is that the company is a speculative financial company (based in the Caymans) To complete the project financing for San Cristobal, our company expects to be required to hedge a portion of its planned production. In addition, when San Cristobal enters production, we may sell forward a portion of our production and use price hedging techniques to mitigate some of the risks associated with fluctuating metals prices. Our company currently engages in limited metals trading activities, utilizing puts and calls and other market instruments in anticipation of potential lender requirements for the San Cristobal project financing. See “Results of Operations”. (2001 full years results). Guess they would have used other words after the Enron affair. San Cristobal proven amd probable = 15 oz. of Si per share, plus pounds of lead and zinc which have to be processed.

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