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Gold/Mining/Energy : Gold and Silver Mining Stocks -- Ignore unavailable to you. Want to Upgrade?

To: goldsheet who wrote (384)	7/25/2000 11:50:02 AM
From: russwinter	Read Replies (1) \| Respond to of 4051

A big issue for CRRS is the $15 million cv bond coming due Aug, 2001. There are about a dozen holders of that issue and everybody is driving a hard bargain with CRRS. Not exactly like CRRS can just buy them at a big discount to par. So although the mkt cap looks to be 7 or 8 million, in reality there will be some major dilution to deal with the cvts. It is possible, and in fact likely that the principal asset (9.6 million shares of Solitario) will be tied into a solution of the CRRS dilemma. The goal of mgt is to shine up the chrome and clean the windows to create value for SLR, but there isn't much time. Solitario strikes me as an incredible asset: Essentially you have JV's set up with $30 million in future exploration on PGN's (with Hunter-Dickinson), zinc (with Cominco), and gold (ANGLY), and a royalty near Yanacocha with Newmont. If CRRS can't solve the cvt problem, I think Solitario will be put in play. If SLR comes up with big discoveries, then CRRS offers the best leverage (and I assume little value for Crown Jewel). Of course that assumes the market even pays attention to discoveries, which today it rarely does. SLR's enterprise value after the Altoro merger is roughly US 17 1/2 million (23 million shares X 1.60= US25 million mkt cap- US 7 1/2 million cash).