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

To: Elizabeth Andrews who wrote (1013)	6/20/2000 10:44:00 AM
From: Claude Cormier	Respond to of 4409

Hello Liz, You are right that costs are often higher than budgeted, but even with 10% increase, there will be no problem. We are still talking an IRR above 40-45%. But since there are numerous examples that support the $3.50 per ton forecast, I think we are safe. I know what you mean with Avino... but this is a very different story. The mine is a vein system not a bulk mining deposit. Very hard to profit there. Very low production near 1M ounces per year. Even then, look at First Silver, also a vein systems managed by Mexicans. Has been profitable almost every year in the last 10 years and is very well managed. Very good people. Also La Choya Mine, owned by Hecla. It close last year. One of the most profitable operation in recent years. <<... but I think you should find some North American companies to buy. >> Unfortunately, I see no silver play avail like BAY.

To: Elizabeth Andrews who wrote (1013)	6/20/2000 10:51:00 AM
From: Claude Cormier	Read Replies (1) \| Respond to of 4409

As expected, Another favorable report out last Friday, this time by Deutshe Bank. Net asset value: $5.71 at 6% discount based on old reserves number. IRR: 40%++ New highgrade zone has the potential to increase NAV by as much as 100%.. Major unknown now removed: metallurgy Liz, there is a consensus. BAY has a mine and it will be highly profitable. The reserves are 100M ounces and growing. The new high grade stuff has tremendous potential and the next round of holes will tell us much more.