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Gold/Mining/Energy : Corner Bay Silver (BAY.T) -- Ignore unavailable to you. Want to Upgrade?

To: russet who wrote (552)	12/21/1999 4:44:00 PM
From: Claude Cormier	Read Replies (1) \| Respond to of 4409

Russett, not bad at all. But 4 things to consider: 1) Income tax is 35% before possible tax breaks. 2) Shares out will likely be higher as part of the CAPEX may need to be financed by equity. On the other hand, this will lower the financial charges. That remain to be seen. 3) In the first 2-3 years the value of the material to be mined is closer to $14 per ton as they will be mining the higher grade. The cost per ton will also be lower near $3.15 as they mined the stuff on surface. 4) the CAPEX is US$30 not $C30, so financial charge will be higher than you calculate, but net cash (before reimbursement of the debt) flow should still exceed US$30M per year in year 1 and 2.