Precious and Base Metal Investing Message Board

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Gold/Mining/Energy : Precious and Base Metal Investing

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To: Claude Cormier who wrote (12125)	6/9/2003 1:26:15 PM
From: russwinter	Read Replies (2) of 39344

<grades announced since earlier this year have been really disappointing.> At $4.50 silver most if not silver deposits have disappointing grades IMO. But these guys have a huge mineral resource, I calculate at 5.2 million oz Au equiv (or 400m Ag), based on the old numbers. That's going to go up. Additionally the La Palma target interests me as a possible gold deposit that will excite the market. @2.25 the market cap is only $88m and 11m of that is cash, for an enterprise value of $77m. So I have metal leverage on silver, expansion potential including Au, and reasonable valuation. I own too much of it (from large price appreciation), because I had to wait until April to get a long term cap gain, and the stock faded right about then. I'm fairly comfortable with my risk-reward at today's prices.

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