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

To: Claude Cormier who wrote (2018)	9/5/2001 11:35:43 PM
From: Stephen O	Read Replies (2) \| Respond to of 4051

Balack Hawk's debt left at the end of Q2 was $2 million Cdn. In Q2 I agree earnings were virtually non existent but they were positive, however cash flow was $1.2 million US. They should have no problem funding $2 million Cdn by Dec 31st from this cash flow. They expect to produce 38,000 ounces in the last 6 months of the year. They were knowingly mining a lower grade section in Q2 compared to Q1 and only produced 16,042 ounces. Debt was reduced to $2 million Cdn on June 30th 2001 from $4,066,000 US at Dec 31st 2000. Working capital was $3,800,000 US at June 30th 2001. In fact their cost per tonne milled went down 15% in Q2 to $38.76 US from $45.55 in Q2 2000. In summary it's very unfair of you to say they had substantial debt because that is simply untrue. Also it's untrue that costs were higher, it was just revenue that was lower. As regards exploration expense Silver Standard is spending on Man Espejo and Newmont is financing exploration around El Limon. This exploration is low cost to BHK. It depends what is found as to whether it would be low cost to mine. BHK funds exploration at El Limon itself.