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Gold/Mining/Energy : PAAS : Pan American Silver -- Ignore unavailable to you. Want to Upgrade?

To: Canuck Dave who wrote (188)	3/7/2002 6:43:01 PM
From: crm114	Read Replies (1) \| Respond to of 294

Dave, looks like you made a good short term call. Secondary offering at 4.80 and silver unable to break 4.60 have slowed us down a bit. I remain long and expect to be moving up again soon. CRM

To: Canuck Dave who wrote (188)	3/11/2002 1:11:27 PM
From: Claude Cormier	Read Replies (1) \| Respond to of 294

<I've been lightening up on PAAS over the past week.> Judging by the downward spiral the stock made this morning. You did well. PAAS is a very well known name. Too bad it ain't the same with BAY. Although they have extensive silver resources, PAAS do not have anything that can be considered a cash cow. They need better base metal prices as well as better silver prices. PAAS is en route for production of 11-12 millions ounces in 2003. But these will be expensive ounces that may bring C$5M or $0.12 per share in cash if prices do not improved. Still PAAS has a market cap of US$197M. I like to compare this to BAY which may produce 13-17 M ounces of silver next year and may make as much as $C30M or $1.20+ in cash flows per share once fully diluted for production financing. But BAY has a tiny market cap of US$38M and probably no more than US$55M once production financing is obtained. This gives BAY a lot of room to move once a positive decision is made, production financing obtained and US listing is achieved. BTW, I would not be surprised if PAAS tries to takeover BAY.