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

To: Paul-D who wrote (790)	4/19/2000 8:52:00 AM
From: Scripts	Read Replies (1) \| Respond to of 4409

Hi Paul-D: You are on an important topic at the moment. Could you remind me why the investors were expecting the recovery info in the last NR?? Also why do you think the company has the info now?? Thanks Ed L.

To: Paul-D who wrote (790)	4/19/2000 10:27:00 AM
From: Claude Cormier	Read Replies (1) \| Respond to of 4409

Paul, Recovery rates are certainly the most important issue here. Rates of 50% will give a IRR or 30% and a NPV of $2.50+ per share, but rates of 70% implies an IRR of 57% and a NPV of $7+. Base on the 100M ounces number. Metallurgical studies take from 4 months to 6 months, sometimes more if you need to tune in the formula. The tests were scheduled to start in December, but only started in mid January, pushing back the delivery date from April to May/June. Although the company has a good idea of what to expect, I am convinced they have nothing official from Metcon that they can release. In the mean time, you are right that the reserves picture could change dramatically in the next two months and we may be looking at a completly new ball game when the recovery rates are release. One thing is sure, no major will act before those rates are known.