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

To: russwinter who wrote (2559)	12/31/2001 4:37:00 PM
From: Claude Cormier	Read Replies (1) \| Respond to of 4409

<a buck and change sensitivity towards BAY stock price per 50 cents POS> That is based on NPV. If silver gets hot and investors are fighting to buy silver stocks, the sensitivity could be a lot more than that as the stock will sell at a premium to NPV. BAY will make additional net profits of $0.30 per share for each increase of $0.50 in silver, based on 30M shares outstanding after the financing in its first two years of production. (I suspect that with the current stock price and trend in price, we will end up with much less than 30M). In a good market we may have a P/E ration of anywhere between 5 and 10. At 10, this would give us a price increas between $1.50 and $3.00 for each move of $0.50 in silver.

To: russwinter who wrote (2559)	1/1/2002 11:03:33 AM
From: TheBusDriver	Respond to of 4409

First, hope you had a good new year! Second, I subscribe to the idea that BAY is a call on silver. BUT it is no longer a linear equation. The PR companies are generating interest. Could they be responsible for some of the fund interest we have seen lately? Also the 20F for the US listing is another variable that must be considered and of course the feasability study due shortly. No doubt I will be watching silver because BAY will track silver, but not like it used to! I think things are "a bit different" now. We'll see. Wayne