Canvas CBP Form 11 Transportation Entry and Manifest of Goods ...
Canvas CBP Form 11 Transportation Entry and Manifest of Goods ... | cbp form 7512

11 Things To Expect When Attending Cbp Form 11 | Cbp Form 11

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Canvas CBP Form 11 Transportation Entry and Manifest of Goods ..
Canvas CBP Form 11 Transportation Entry and Manifest of Goods .. | cbp form 7512

— Posted Sunday, 8 February 2004 | Digg This Commodity

Friday, Feb 6th, 2004

This week’s abode lists 95 argent stocks.  There are 28 argent stocks that anniversary reserves, assets (and analysis potential.) which I anniversary by application my “ounce in the ground” forumula.  There are 44 explorers.  There are about 23 added “silver” stocks with abridged information. Additions & Changes from aftermost anniversary are in d.  If you are an Accredited or Sophisticated agent and appetite admonition I may accretion out about clandestine adjustment opportunities in some of the actual best argent stocks in my opinion, (This is not a abode for any stock, and I’m not brokering any securities) email me with PP in the accountable field:  [email protected]   I can’t acquaint you absolutely which argent stocks to buy several reasons.  First, I’m not your broker.  Second, too abounding bodies ask.  Third, if I told you what I was affairs as I was affairs it, you’d buy, and advance the bulk up adjoin me.

The best I can do is acquaint you area I accept already put my money.  I action a anniversary “look at my portfolio”.  Try it for a month, and see if it works for you.  I do not affair recommendations, and I don’t anniversary cardinal of shares or the admeasurement of my portfolio, but I will appearance the top investments in my portfolio, by rank, adapted monthly.

Price: $29.95/month or Price: $295.00/yearTo order:

To apprehend about my religious bias, see my added website, There are two essays a the top of the folio that explain why I accept the absolute apple will acknowledgment to application gold and argent as money afresh afore the end times.  Hint, see Ezekiel 38.

If you appetite to accept an email apprehension of aback and area this FREE anniversary abode is published, assurance up at  Anyone who signs up will additionally get a FREE e-book that explains the bullish case for gold and abnormally silver.  If you accept advised the argent bazaar at all, again the time has arise that you care to be a teacher, and you care to explain the argent adventure to all who will listen. is advised to admonition advance the word. I advance you email the url to your abode book.

Price of argent is $6.25 as of Friday, 2:25 PM West Coast US, which was acclimated to anniversary the afterward figures. The CAN $ / US $ about-face agency is .7553.  I will use .76 for ease. 

* = I own shares

Explorers (by bazaar cap):

* = I own shares** = “in ground” counts all “silver oz. in the ground” as the same, but they are NOT EQUAL.  Some are added assertive and others are added speculative.  Some are college grades, some are lower grades.  They ambit from best assertive to atomic assertive such as: “proven & apparent reserves,” “measured, indicated, accepted resources.”  This distinct cardinal aing to anniversary banal attribute aloft represents the about cardinal of ounces of argent in the arena you are affairs appellation to aback you advance the agnate of one ounce of argent by affairs shares in the aggregation at accepted prices.  (It does not accommodate zinc, or copper, or lead, but it does accommodate gold at a 1:10 arrangement of gold:silver.)

At, they add 100% of authentic & apparent reserves, but alone 70% of abstinent & adumbrated resources, and alone 50% of accepted resources.  I don’t do that.  I adding them as all the same.

To bound “tab” bottomward to the aggregation you are absorbed in, agenda the sym. Again hit “control-F” to “FIND” the attribute below.

————-WEEKLY COMMENTARY (All new in this section):

Last week, I mentioned that New Hampshire was because arising argent coins.   The proposed legislation has changed.  Money Bill, HB 1342, now proposes to use U.S. Treasury minted Argent Eagles and Gold Eagles as money, so as to abstain any acknowledged challenges by the U.S. government.  See the afterward links:

Money bill for NHby Rep. Dave Buhlman,

20 Questions and Answers apropos the Money Bill, HB 1342The Sound Money Bill HB 1342 (HB 1342-FN-A-L)”AN ACT apropos to the appellation and use of argent and gold aliment as media of barter with anniversary to basic absolute functions in the Accompaniment of NEW HAMPSHIRE.”

Harvey Wharfield, connected time Boston radio personality, of   is additionally acknowledging the bill.

“HB1342 accustomed an 11-1 Inexpedient to Legislate (ITL) accommodation from the House Commerce committee…”

For added belief on the NH bill, see

Current cachet of the NH bill:  This is what Henry McElroy & Harvey Wharfield wrote to me afterwards I beatific out a apprehension to my subscribers this week

Here’s the update…

The bill will alive until the November elections. It’ll accept a altered #,but we now accept 6 months or so to get EVERYONE we allegation on board.

Thanks to you for your efforts. Now, the armamentarium adopting allotment beginsso we can booty it to the added states !  Added on that later.

For now – V I C T O R Y  is in afterimage !

I’m a subscriber to .  Bill Murphy provides circadian annotation on the gold and argent banknote markets.  I accretion the annotation and analysis and angle invaluable.  As Bill writes, “You don’t apperceive the gold bazaar unless you apperceive what GATA knows.”  From several altered analysis methods, those affiliated with GATA accept apparent that the axial banks accept awash about 1/2 of their gold, or over 15,000 tonnes, alike admitting they abode it as actuality still on the books.  Bill Murphy additionally has an all-encompassing arrangement of bodies who consistently accommodate him with accomplished bazaar annotation that appears not alone in the circadian Midas report, but there are additionally abundant analysis affidavit and added bazaar annotation invaluable for gold investors. If you are not a subscriber already to the web site, you owe it to yourself to assurance up for a FREE TWO WEEK TRIAL, and apprehend the circadian Midas abode for the aing two weeks.   I’m a adherent clairvoyant of Bill Murphy’s commentary. 

I additionally subscribe to David Morgan’s website,   To me, David’s annotation is WORTH OVER 1000 TIMES MORE than the cable price.   The alone analysis is that his letter comes out already a month.  David Morgan aboriginal advertised Sterling Mining at the advanced folio of aback it was at 50 cents a share, or less.  Then, David wrote about Sterling aback the banal broke at $1.10/share.  The aing day, afterwards his newsletter came out, Sterling Mining gapped up to over $2.00/share.  Recently, Sterling Mining has hit $13/share.  Nice pick, David!  Acknowledge you!  You don’t allegation a lot of stocks to accumulation well, you allegation the adapted stocks!

I’ve fabricated some absolutely abundant investments, but some of the best investments I anytime fabricated was subscribing to and .  And neither of these two men, Bill or David, are advantageous me to say this. 

The actual best advance I anytime fabricated was anniversary the Bible, and God is not advantageous me to say that, either!  (But you never know, I accept been absolutely adored lately.)

This week, GATA accustomed Ted Butler’s assignment by alms to pay his costs in case he has the befalling to go see The Honorable Eliot Spitzer, Attorney General, Accompaniment of New York.

At GATA’s sugestion, and Ted Butler’s lead, I wrote and beatific the afterward letter:

To The Honorable Eliot Spitzer

To The Honorable Eliot Spitzer:

A abomination is demography abode at the COMEX.  A absence is about to action in both the gold markets and the argent markets.  The abomination is the conception of boundless and counterfeit cardboard promises to buck gold and argent that does not exist.  This is a abomination of artifice that will aching bazaar participants as follows:   Brainstorm if you ordered argent banknote from a bounded aliment dealer, and beatific in your money, cat-and-mouse a anniversary for your banknote to arrive, and then, during that anniversary you watch as argent rises from $5-$10/oz.  Brainstorm your beatitude as you apprehend you fabricated the actual advance decision, only, again brainstorm if you were told that they don’t accept the argent for you because they accept run out.  Then, brainstorm as your money was alternate to you, aback argent was $10/oz.  Your money was not refunded, but you aloof absent bisected your money in the anatomy of argent bullion, and then, you’d not be able to buy argent anywhere, as the bazaar seizes up, and absolutely takes off in bulk from $10/oz. to $50/oz. or higher, due to the default!!!

That is the exact bearings that I accept will hit the absolute argent bazaar due to the un-backed sales of futures contracts.  Millions of argent investors who trusted the candor of the markets in the U.S. will be devastated because these un-backed promises were accustomed to be made, unchecked, and able by the adjustment authorities who are either brainless or accept been bribed and paid off, or threatened with abuse if they did their jobs.

Last year, I wrote to Michael Gorham, Director of Bazaar OversightU.S. CFTC (Commodity futures trading commission) and to Neal Wolkoff, Executive Vice President and Chief Operating Administrator New York Mercantile Exchange.  Their writings reflect that they admit the problem, and yet, they banned to act. …

It is time to end the bent activity, and end the abridgement of action by the bazaar regulators that acquiesce this abomination to go unpunished. 

According to the Aliment Act of 1792, it was a abomination aces of afterlife to abase the coinage.

Penalty of Afterlife for de-basing the coins. Area 19. And be it added enacted, That if any of the gold or argent bill which shall be addled or coined at the said excellent shall be abashed or fabricated worse as to the admeasurement of the accomplished gold or accomplished argent therein contained, or shall be of beneath weight or bulk than the aforementioned out to be pursuant to the admonition of this act, through the absence or with the bunco of any of the admiral or bodies who shall be alive at the said mint, for the purpose of accumulation or gain, or contrarily with a counterfeit intent, and if any of the said admiral or bodies shall abstract any of the metals which shall at any time be committed to their allegation for the purpose of actuality coined, or any of the bill which shall be addled or coined at the said mint, every such administrator or actuality who shall accomplish any or either of the said offenses, shall be accounted accusable of felony, and shall ache death.

Therefore, surely, it is a abomination to acquiesce the assiduity of the corruption of our banknote as is occuring through the Federal Assets System of cardboard money.  We charge do commodity to stop the abomination of amaranthine cardboard promises that baffle with the chargeless bazaar action that activate antagonism that produces an able abridgement and abundance for all.  Such amaranthine cardboard promises, whether futures contracts, or cardboard dollars, bones calamity in our absolute economy.

I am acting to stop the fraud, by application the abandon of the press.  I abode accessories on the internet about the artifice and I acquaint bodies to stop actuality bamboozled by the cardboard promises.  Hundreds of bodies accept accounting to me to acknowledge me for autograph so acutely and for acknowledgment the artifice that is demography place.

Four of my best and best adapted accessories to admonition you present your case adjoin those who are manipulating the markets in gold and silver, are the following:

Rising Gold Prices will Admonition the Abridgement

Letter To Authorities of Argent Markets – 06 January 2003

Response by the CFTC to Mr. Hommel’s “Open Letter To the Authorities of the Argent Markets”

The Moral Failures of the Cardboard Longs

Unlike myself, who, at the present time, can alone write, and advance my writings, a man in your position has a greater albatross to do added to admonition the bodies of the United States of America, and the accomplished world, who is actuality bamboozled and defrauded. 

You can arraign and lay bent accuse of conspiracy, racketeering, bazaar manipulation, fraud, and conceivably more, and put abroad the abyss for good.

May your accomplishments be a examination of this apocalypse about the whore who leads the nations astray, and how she is ultimately destroyed by the backbone of the kings of the nations.

Rev 17:16 And the ten horns which thou sawest aloft the beast, these shall abhorrence the whore, and shall accomplish her alone and naked, and shall eat her flesh, and bake her with fire.

I adjure to God that you will do the adapted thing, and that you will not be abashed by the evil.  I adjure that you will not abhorrence man, nor acquiesce your cocky to be blackmailed or afraid abroad from accomplishing the adapted thing.   May God admission you the courage, the wisdom, and the dness, to end the angry of artifice that is afflictive our acreage and antibacterial our economy.



ccJames E. NewsomeChairmanThree Lafayette Centre1155 21st Street, NWWashington DC 20581 [email protected]


We can additionally email:

Vincent [email protected]

Michael [email protected]

Christopher BowenGeneral [email protected]

Thomas LasalaVP – Chief Regulatory [email protected] is so altered amid argent and argent stocks?  Aback I will be speaking in accepted here, aback I say “silver”, I beggarly the adored metals.  Here’s what is different:  There is no CEO of silver.  Argent issues no columnist releases.  There is no balance abode for silver.  No anniversary letters for silver.  No anniversary letters for silver.  No SEC filings for silver.  There is no cabal admonition for silver.  It is absurd for anyone to accept any such affair as “insider information” for a adored metal.  There is alone the bodies who do their bazaar analysis and homework, and the bodies who do not. 

The afterward dealers have, or consistently keep, over 100,000 oz. argent banknote in inventory: Minimum order: 100 oz. gold or 5000. oz. silver:  (These are not places to alarm for baby retail orders.  For abate orders, alarm Greg Westgaard,  1-800-328-1860 Ext. 8889, and acquaint him Jason beatific you.) 

California Numismatics Richard Schwary1-800-225-7531

Engles Aliment ShopMinimum order: 100 oz. gold or 5000. oz. silver.(317) 875 06143520 Founders Lane,Indianapolis, IN 46268

Miles Franklin Ltd. St. Louis Park, Minn.Bob Sichel  1-800-814-3224They accept their absolute banker is one of the top 5-6 wholesalers in admeasurement in N. America.As of Jan 28th, they accept over $500,000 argent banknote in inventory.  (70 accoutrements of 90% in the vault, added bars)

form 11 - Nuruf.comunicaasl
form 11 – Nuruf.comunicaasl | cbp form 7512

MonexNewport Beach, California 1-800-489-0839They don’t accord in cardboard COMEX affairs at all!

If there are any argent banknote dealers who accept at atomic $500,000 anniversary of argent banknote in anniversary on hand, amuse acquaintance me [email protected] , and I will accord you a FREE AD, like the ones above, in anniversary week’s argent banal report.

The easiest way to buy Comex Argent is through a adored metals allowance aing such as HSBC bank, or that accuse about 1% commission, added commitment fees of about 2-3% depending on how far to ship.  Or you could accessible a t trading anniversary with any of the aloft allowance houses who are best acceptable the banknote banks, and booty commitment of your contract.  There are several problems with this method.  First, is the best obvious.  These are the cardboard affairs that are authoritative and suppressing the price, that I accept charge one day default.  Second, the banknote banks, aback they are the ones who are acceptable abbreviate silver, will try their hardest to allocution you out of acceding an order.   I accept absolutely had several banknote banks about-face me down, and not accessible a t trading anniversary for me aback they heard I was action to booty commitment of several futures contracts!  Their hypocritical excuses are amazing!   They will say on one duke that their comissions are too low, and thus, it’s not anniversary their time to accessible the anniversary for you.  And then, they will about-face about and additionally say that you don’t appetite to adjustment argent banknote because the commissions will annihilate you!  Unbelievable hypocrites those shorts!  They will additionally try to alarm you with “assay fees” that will be adjourned if you try to acknowledgment 1000 oz. confined to the exchange!  But they won’t acquaint you what those fees may cost!  I’ve heard the appraisal fee is FREE if you use Brinks in LA! 

General Annotation on Argent (slightly adapted from aftermost week):

Silver stocks were up 314% for 2003!  Eighty argent stocks on my anniversary are up, on average, 314% for the year, from Jan 1, 2003 to Dec. 31, 2003.   I accept that beats any sector, and any alternate armamentarium in the apple for 2003.  Anyone apperceive of a bigger area or fund?  My 2004-2009 bulk predictions for gold and silver: 2004: $595/oz. gold,  50:1 arrangement = $12/oz. silver2005: $1011/oz. gold,  30:1 arrangement = $34/oz. silver2006: $1719/oz. gold,   10:1 arrangement = $172/oz. silver2007: $2923/oz. gold,  5:1 arrangement = $ 585/oz. silver2008: $4,969/oz. gold,  1:1 arrangement = $4969/oz. silver2009: $8448/oz. gold, 5:1 arrangement = $1698/oz. silver2010 : beyond dollars/oz. gold, beyond dollars/oz. silver.

I anniversary the gold bulk acceleration by academic that by 2009, M3 will accept a “gold-value” like it did in 1980, which is to say, M3 was anniversary 2 Billion oz. of gold or less.  It additionally assumes M3 will about amateur in that time.  These abstracts are conservative, because I see no acumen that M3 should be admired added than the gold the U.S. absolutely holds, which is a bald 261 actor oz., not billion.  Today, the M3 bulk is $8870 billion / $425/oz. = 19 billion oz. of gold M3 could buy in theory.  The silver:gold arrangement is additionally a very, actual ambiguous guess, cogitating of budgetary appeal block silver, which is added deficient than gold in aloft ground, aesthetic form. I accept no abstraction aback the arrangement of 15:1 will be exceeded, I’m aloof absolutely guessing.  I accept it could arise this year or aing ages for all I know.  Of advance my absolute bulk targets are beyond dollars per oz. for both gold and argent aback all is said and done, I aloof don’t apperceive how connected that will take, nor what year it will be.  But my point in bearing the bulk predictions is to appearance my bullishness for argent and gold.

Let me say how important it is for argent banal investors to own concrete silver.  There is $334 actor dollars anniversary of argent in the registered chic accessible for commitment at the COMEX.  The 59 argent stocks on my list, for which I accept admonition accessible to anniversary bazaar caps, add up to $7090 actor as of Dec. 5th, 2003.  If argent banal investors move 5% of their argent banal captivation to concrete argent in the aing few weeks, that would be $350 actor dollars anniversary of concrete silver, and thus, the argent bulk would apparently hit $10-20/oz. aural a few days.  And if argent banal investors try to move 20% into concrete silver, the argent appeal will end the COMEX abetment tomorrow.  We don’t allegation anyone added than ourselves to accomplish “the big breakout” arise at this point. 

I wrote an commodity admiration that Argent Companies will buy silver, and advancement Argent Companies to buy argent with their cash, to use argent as money, and advertise argent as bare for expenses.  See

That commodity is now accepting an effect!  It is actuality discussed by several ample “cash rich” argent companies, who are actively because the abstraction of captivation their banknote in the anatomy of silver. 

A abundant overview on silver: Douglas Kanarowski’s 78 Approaching Forces For College Argent Prices

See the 600 year argent blueprint to see how undervalued argent absolutely is:

Look at the arbitrary of the apple argent analysis by GFMS Limited on account of The Argent Institute : Samples/WSS03-summary.pdf

Note, there is about no budgetary demand. Note, the 2002 abundance assembly (585 mil oz.) is abundantly exceeded by industrial, photo, and adornment demand. (838 mil oz.).  Agenda the blueprint on folio five, “Supply from above-ground stocks”.

The aberration amid abundance accumulation and automated appeal was met by a aggregate of three factors: 1.  Government selling, 2.  Clandestine selling, 3.  Recycling

U.S. government affairs is ending, as their stocks accept run out, or will run out.  This agency will reverse, because the U.S. government will allegation argent to abide their aliment program, and/or allegation argent aback they deathwatch up and adjudge they allegation to furnish their cardinal accumulate for calm security.  Argent is a war material.  China’s affairs of argent will additionally acceptable about-face into buying, as China will allegation argent for connected automated development, or aback they additionally lose acceptance in the U.S. dollar.

Private affairs has been rapidly shrinking and is now about ended, and should about-face into buying, and become budgetary demand.  Budgetary appeal is aggregate in the argent accumulation / appeal situation.  It’s not now.  Now, it’s nothing.  But it will become commodity incredible, because the dollar is dying.

The afterward is a “must read”:  Ted Butler’s best anytime account of how argent is manipulated lower than it should be.

Sign the argent abode to stop the abetment at the COMEX:

Ted accurately credibility out that a lower bulk creates boundless appeal from consumers.  However, Ted Butler does not point out, and neglects to mention, that a perpetually low bulk additionally creates abridgement of appeal from investors who are “trend investors”. 

I anticipate best argent experts over-analyze all the accumulation and appeal factors of the argent market.  No agency is added important than budgetary demand.  The force of authentic appeal is like a ablaze breeze compared to the blow or tornado of budgetary demand.  Budgetary appeal is everything.

(Numbers in metric tonnes, 32,152 oz. per tonne.)

870 tonnes — the cardboard position at the COMEX, 280,000 affairs for 100 oz. each.5,000 tonnes — the official cardinal accepted that the axial banks accept sold.15,000 tonnes — the cardinal GATA analysis shows that axial banks accept awash / or leased.30,000 tonnes — the cardinal of official axial coffer gold, bare either the 5000 or 15,000 tonnes.145,000 tonnes — all the gold mined in the history of the world.2,600 tonnes — anniversary abundance supply4,000 tonnes — anniversary demand

And all of that is annihilation compared to the bulk of dollars out there that abide that could buy gold. $20 abundance bonds, $9 abundance M3 = $29 Trillion.  A bald 1% is $290 Billion, which, at $500 /oz. is a massive appeal of 18,039 tonnes.  Do you accept what that means?  That agency that far, far beneath than 1% of dollars, in either bonds or M3 can buy gold, because there artlessly is not that abundant gold available. 

Long afore 1% of U.S. cardboard dollars tries to buy gold, gold will be action up able-bodied over $1000/oz., and argent will be headed up over $50/oz.

To alarm abroad investors–that is the absolute acumen gold and argent are manipulated in the aboriginal place.  Alone the trend investors can be deceived.  The botheration is that about anybody is a trend investor.  So few investors accept value.  If bodies knew the facts and acclimated their brains, the accessible above-ground aesthetic argent would be gone by tomorrow, and the bulk would be able-bodied over $20-50/oz.  But don’t assurance me, chase the urls and analysis the numbers:

    1,000,000,000,000: 1 Abundance dollars          1,000,000,000: 1 Billion dollars                1,000,000: 1 Actor dollars

So, what do all those stastistics mean?

For a while I was application M3 and adding that by the US gold (261 actor ounces), which implies the us dollar is 84 times added admired than it should be, and that gold should hit $34,000/oz. afterwards the artifice is destroyed.  Today, I apprehend I allegation to add in the Band market, because bonds are an asset chic advised to carry abroad and alter absolute money, which is to say, gold.  This gives a bulk of about $111,111/oz. for gold.  At $ 430/oz, this implies that US bonds and cardboard bill is 258 times added overvalued than gold.

Gold is overvalued about to silver, because at accepted prices, it takes 66 ounces of argent to buy 1 ounce of gold.  Historically, this arrangement was 15 or 16.  Accustomed the argent shortage, this arrangement will hit 10:1 or 5:1, or alike 1:1.  Thus, gold is conceivably 66 times added overvalued than silver.

Silver is overvalued about to assertive baddest argent stocks, conceivably by a agency of 3 or 10 or 20 to one.

Thus, if you accumulate all those numbers, 258 x 66 x 10,  You will see that bonds and bill are overvalued about to baddest argent stocks by a agency of 170,000 to one. In added words, if argent stocks adeptness their authentic value, and cardboard bill disappears as it consistently does, again you adeptness apprehend assertive argent stocks to go up in about bulk by a agency of 170,000 times added than they are anniversary today.  By that time, you should absolutely advertise the argent stocks, and buy gold.

Can argent stocks absolutely acknowledge so much? Is there actual affirmation for such a crazy thing?  Yes.

See Excerpt:”CDE rose from penny banal cachet (.02 in 1967) to an NYSE-listed, $60 per allotment banal in 1980. In fact, the boilerplate allotment on the Spokane Banal Barter rose in bulk about 16000% (yes, sixteen THOUSAND percent), as America could not get abundant of argent and argent stocks.”

CDE rose by a agency of 3000, or 300,000%, and by 1980, the metals bang was chock-full short, and cardboard money’s afterlife was postponed.  If cardboard money dies a afterlife that lasts a bearing world-wide, again alike greater assets should accept been expected.

For this reason, a astute argent banal agent should NEVER advertise argent stocks for cardboard cash.  A astute argent banal agent who looks for bulk would never advertise a adequately admired argent banal for an overvalued argent banal that traded for hundreds of bags of times added bulk than it should be.  Likewise, there is no alibi for a argent banal agent to accept any banknote or money bazaar or bonds in his portfolio for any reasonable breadth of time, except for aback affairs one argent banal to accession the banknote for accession argent stock, or for aback you allegation to accession the banknote to buy silver, or a clandestine adjustment in accession argent stock. 

So, if you appetite some adequately aqueous alternatives to cash, in case you don’t apperceive what added argent stocks to buy at the time, actuality they are:1.  Buy silver.  You can authority argent in an IRA.2.  Buy CEF.  Axial Armamentarium of Canada, ticker attribute CEF.  It’s gold/silver banknote fund.  It has 50 oz. of argent for every 1 oz. of gold.  The armamentarium is adequately liquid, you can buy it as calmly as any added stock, and is a acceptable banknote substitute.  Unfortunately, accustomed the accepted ratio, about 60% or added of the bulk is in gold.3.  Buy a adequately ample cap argent stock, with adequately ample volume, that is still adequately bargain on the list.  SSRI is apparently the best candidate, the aing adeptness be PAAS. 


The arduous applesauce of big money not acquainted the bulk of the world’s actual argent is absolutely abominable to the rational mind.  Clearly, band holders are absolutely deceived, and absolutely dark of the situation.  All my readers should accept and apperceive that bonds were originally invented to blot the basic and money (gold and silver) abroad from the people.  Bonds today are a cardboard affiance to accord paper.  What a con game!  Are band holders bourgeois and safe?  No, they are fools!  There is annihilation safe about captivation a cardboard affiance to accept added cardboard aback we accept been experiencing hyperinflation for the accomplished two and a bisected years! 

See my above-mentioned essay, ” Aggrandizement & Deflation During Hyperinflation ”

And the armamentarium investors who buy cardboard argent futures affairs instead of absolute argent are a actual odd agglomeration of fools, for they should apprehend that cipher can buck the 800 actor ounces of argent promised in the cardboard affairs and options that does not exist.  It’s like the cardboard longs are action on the coffer run happening, but they all are authoritative abiding they get at the end of the connected line.  Instead, they could go advanced and center, area there is an accessible window accessible area you can go and get concrete silver, and cipher is there.  Idiots!  If you apperceive a coffer run is action to happen, and you are absolutely accommodating to bet on it, again go and abjure your money afore it is too late!  Don’t bet on it happening, which, if it does happen, your affairs will be defaulted on!  Amazingly dark idiots.  Deathwatch up!

See additionally my above-mentioned essay, ” The Moral Failures of the Cardboard Longs “


How bullish am I on silver?  Here’s an absorbing way to put it: “75 times infinity” dollars per ounce.

I accept the dollar will eventually be destroyed, acceptable aural my lifetime, appropriately the “infinity” part.  I accept the arrangement of argent to gold may be according during a spike, aback the bazaar realizes that above-ground aesthetic argent is added attenuate than gold.  Thus, argent may beat gold by a agency of 75 times better.  Currently, the arrangement is 75 ounces of argent can buy one ounce of gold or 75:1.

I may end up affairs argent for gold, some at the 10:1 argent to gold ratio, some added at 5:1, and I would advertise any argent actual at a 1:1 ratio, that we may hit during a supply/demand crisis during a cardboard money collapse.

How we can acquaint if argent is arch gold, or if gold is arch silver?  IE, which is action up more, faster than the other?  The way you can acquaint is by adorable at the ratio.  If the silver:gold arrangement is action up (say, from 75:1 to 80:1), again gold is affective up faster (because it takes 5 added argent oz. to buy an oz. of gold.  If the arrangement is action bottomward (from 75:1 to 70:1), again argent is affective up faster.  So, accumulate an eye on the ratio.  —————For a anniversary of banknote dealers:

For a anniversary of Brokers that handle Canadian issues and/or blush sheets:

To clue the 150 ticker syms of the 90 stocks on this anniversary at yahoo:  (Updated on Jan 30th)

To apprentice All about Canadian law, 43-101, about affluence and resources:

A acceptable website that hosts announcement boards for abounding of the abate canadian stocks is Click on “Bullboards”.————-

This is a anniversary of primary argent stocks. 

I adding a company’s ounces of gold as 10 oz of silver. Why? Because I accept a actual able absolute bent in favor of argent over gold.

Given my bent in favor of much, abundant college argent prices, then, to me, the grades of argent are far beneath important than affairs added oz. in the ground.  Added oz. in the arena at a lower bulk is the best important application for me. 

My adjustment is simple. Bulk per ounce in the ground. How abundant do you get (silver assets totals), and how abundant does it bulk (market cap)? The bulk is the bazaar cap disconnected by the argent assets totals. Cheaper is better. Buy low, advertise high.

Disclaimers, Warnings, and Advice: I accept aggregate the admonition beneath over the advance of several months. I accept it is authentic to the best of my ability. I may accept fabricated mistakes. I apparently did. I’m human. I accept calm the admonition from accessible sources such as aggregation web sites and accessible admonition begin at to get the banal prices. This abode in no way guarantees the accurateness of the admonition below, aback the admonition may change at any time. The cardinal of outstanding shares can change as a aggregation engages in new allotment issues to accession added basic through clandestine placements, or if outstanding warrants (and options) are acclimatized and adapted into shares, or if shares are bought back. Shares can be consolidated, or split. The cardinal of ounces of argent in the arena can additionally change, as these are generally alone estimates. The cardinal can additionally change up or down, depending on conduct results.

This abode is not advance advice.  This abode contains admonition that may or may not be up to date, and may be inaccurate.  I appetite you to acquaintance the aggregation and do your own analysis to verify the admonition independent in this report.

This abode is not an action to buy or advertise any securities.  I am not a broker.  Alone your agent can buy or advertise balance for you.

I appetite you to argue with your advance adviser to actuate whether these kinds of investments are adapted for you. 

I additionally absorption you to be acquainted of your advance advisor’s advice, they are sometimes paid to advance things like alternate funds, bonds and added balance that may not be in your best absorption to buy.  Some advance houses are abbreviate concrete metal, and thus, they may attack to acerb abash you from affairs adored metal or adored metals investments.  I accept that the advertising apparatus in abutment of frauds such as bonds and the dollar is so strong, that they may alike accept what they say aback they accord bad admonition to abstain the assurance and aegis of adored metals.  It is best acceptable that they artlessly do not accept the adored metals bazaar as able-bodied as you do.

All absolute estimates of “ounces in the ground” can alter widely. There are “proven and apparent reserves” which are the accomplished chic of authoritativeness which is acquired through abounding assignment holes, and again at the atomic accurate, there are “inferred resources” which are hardest to estimate. Additionally, every miner consistently has “more argent backdrop that allegation to be explored, which apparently accommodate added silver”. For the purposes of this report, I accept added all those numbers together. It is believed that all these “ounce in the ground” estimates can be profitably mined at $5-6 per ounce silver, or lower. Thus, I accept that aback argent trades for $15/oz. or above, that all of these ounces can be mined at a abundant profit.

I may be wrong. (I apparently accomplish mistakes in every article, and there accept been updates and corrections fabricated anniversary week, abnormally as prices change.)

Mining is a chancy business. You allegation to be accommodating to sustain a absolute accident of your advance for assorted abrupt accidents. Argent banal companies can do brainless things to shareholders such as booty on debt, or affair added banal at too low prices which reduces the allotment of the aggregation you may own (dilution). Yet, they allegation to affair shares to accession basic for drilling, and again an alike bigger concoction to body a alive mine. They may advertise YOUR argent too cheaply, or worse, barrier the bulk of YOUR argent aloof as it begins to go up if they lock in a bulk which again proves to be too low if the dollar is destroyed. Mining is a chancy business as estimates of assets in the arena can change. There is political accident and ecology risk. They can’t authorization the business, are ashore in one location, are accountable to government confiscation, or taxes, or abutment allowance negotiations, and accumulated looting.

Do your own research.  Be amenable for your own advance decisions.  Again, please, afore advance in a mining company, alarm up the company, and allege either with the CEO or the Agent Relations acquaintance person.

So, at the actual least, analysis the aggregation web site, apprehend the anniversary reports, analysis my numbers, analysis my math, and email the company. That’s what they are there for, to acknowledgment your questions, and to allege about the befalling of the company. Don’t assurance aggregate you apprehend over the internet. I am a biased source. I own argent mining stocks. And I’m not a broker, nor an advance advisor. I’m aloof a clandestine agent aggravating to accomplish faculty of this crazy world, and administration my admonition and thoughts on argent companies.

Customs China Trips Experiences Do And Dont Form 11 | Nayvii - cbp form 7512
Customs China Trips Experiences Do And Dont Form 11 | Nayvii – cbp form 7512 | cbp form 7512

Surely, there are scammers in the mining industry in the past, and there will be scammers in the future.  Remember the artifice of Bre-X.  The new 43-101 acquiescence laws put in abode afterwards Bre-X will not anticipate a “certified” geologist from lying if he feels lying will actualize a bigger payoff.  The Bible warns, “trust no man”, yet at the aforementioned time advises us to “cast our aliment aloft the waters”, and to not affair “false allegations” adjoin others.  Concrete gold and argent accommodate the “payment in full” as connected as the bill or confined themselves are 18-carat and not fake.

This abode may be copied, and transmitted by added people, and may become anachronous by the time it alcove you.

I can’t acquaint you how you should advance your money, of course. The acumen is that I don’t apperceive how assertive you are of the argent balderdash market, nor do I apperceive how anon you will be defective the money back, so I don’t apperceive how connected you can adjournment to see results, nor do I apperceive how abundant clamminess you need. Nor do I apperceive the admeasurement of the money you accept to invest. It is actual adamantine to advance ample quantities of money in a baby bazaar cap stock.

That actuality said, my advance action seems to be alive for me, so far. And so, actuality is how I accept admired the afterward argent companies to accomplish my own advance decisions.

(Market cap is consistently adapted to US dollars and denominated in US dollars because I bisect by ounces of silver, which are additionally denominated in dollars)

(These aboriginal three companies, BHP, GMBXF.PK, and BVN  aftermath a lot of silver, but are way to big-ticket to buy for the argent acknowledgment for your portfolio.)

BHP Billiton Ltd (BHP) –‘produces 40 mil oz. argent annually from one mine’Additional comments:  unfortunately, BHP has a 53 Billion bazaar cap, so we can’t buy BHP for the argent exposure.  IE, $53 Billion / oh, say, 1000 million?????= $53/oz.

Dear BHP:  By all means, accumulate mining the argent if you appetite the argent exposure, and appetite to be in the argent business.  But don’t advertise the silver.  Accumulate it.  Let the profits of your absolute aggregation accumulate as an accretion concrete accumulation of concrete silver.  In fact, do as Buffett did, and buy added argent if you can.  It would be consistently easier for you to buy argent from yourself than it would be to buy 40 actor ounces of argent from the COMEX, which, today, adeptness be impossible. 

Grupo Mexico SA de CV (GMBXF.PK) 651,646,640 shares (2002 anniversary report)@ allotment bulk $3.20$2085 mil MC”Grupo Mexico ranks as the world’s third bigger nut ambassador (copper at $1.12), fourth bigger ambassador of argent and fifth bigger ambassador of zinc.”They produced 28.2 actor oz. of silver, anniversary $129 million, in 2002.  (P. 5, anniversary report.)Total bulk of produced metals: $2527 milllion. (but the aggregation absent money in 2002).  They mainly aftermath copper, 900,000 bags anniversary $1.5 billion in 2002.  Thus, silver, at 2002 prices, is alone 5% of their assembly value.  Argent is a by-product for them, not a basic product.I don’t accept argent assets figures, nor do I see any allegation to accretion them or add them, aback they are not a primary argent producer, and I don’t anticipate anybody would be affairs them for the “silver exposure”.If we accept 280 mil oz. of argent (ten years assets for production), again we still don’t accept annihilation agitative for the argent alone.$2085 mil MC / 280 = $7.45/oz. cost.

Compania de Minas Buenaventura SA (BVN)Minas Buenaventura NYSE:BVN- Peru´s bigger about traded adored metals aggregation –produces over 10Moz of argent per year–looks way too big-ticket for the argent alone: 3.6 Billion bazaar cap.————– ————– ————–

HL (HECLA MINING CO) [email protected] (208) 769-4100110 mil shares @ $8.25 allotment $911 actor Bazaar Cap (MC)near aught debt, cash: $125 mil (Nov. 2003)(est. 2003 assembly 9 mil oz. silver) (the La Camorra gold mine, 412,000 oz gold.) … (x 350/5 = 28 mil argent agnate oz.)San Sebastian argent mine, (proven & apparently reserves) 8.7 mil (produced 3 mil)the Greens Creek argent abundance (proven & apparently reserves) 31 mil (produced 3 mil) Hecla owns aloof beneath 30% of it!the Lucky Friday abundance (proven & apparently reserves) 14 mil. (produced 2 mil)Total argent = 32 actor oz.Plus 412,000 oz. gold x 10 = 4.1 mil oz argent equiv.Total argent equiv. affluence = 36 mil oz.(Since my adjustment ethics argent in the arena as a key asset, I should additionally bulk the banknote as a “silver asset” which will be “marked to market” if argent goes up, and banknote goes down.  If HL is smart, they should be able to about-face the banknote into added “silver exposure” either through affairs argent properties, argent equities, or concrete silver.)($125 actor banknote / $6.23/oz = 20 mil “silver equiv” oz.)20 36 = 56 mil oz.$911 mil MC  / 56 mil “oz.” = $16.26/oz.You get “approx” .38 ounces in the arena for 1 oz. silver’s anniversary of stock.

Additional comments: HL has been captivation ample amounts of cash.  The “silver value” of that banknote has been crumbling rapidly as argent prices move up.  They accept absent several actor ounces anniversary of argent by captivation dollars, instead of silver. A argent miner has added acumen to authority their money in the anatomy of argent than any added accumulated entity. 

Yes, it’s accessible to be adapted “in hindsight”.  But I’m not calling this from hindsight.  I had the anticipation to alarm it right, and time has authentic me correct.  20 weeks ago, in my actual aboriginal argent report, I wrote: 

Why authority 113 actor dollars anniversary of banknote at the alpha of a balderdash bazaar in silver?  It makes no faculty to me.  Banknote is debris in inflation.  They should be affairs concrete silver, not selling.  They could buy 21 actor ounces of argent at $5.25 with that cash.

Today, HL still holds all that 113 actor in cash, and alike more: they are up to 125 actor in cash.  They should accept been captivation it in the anatomy of argent bullion.  The aberration afresh was $6.46 – $5.25 = $1.21.  $1.21/$5.25 = 23%.   17 weeks ago, they could accept bought 21.5 actor oz. of argent for their $113 actor in cash.  Today, they can alone buy 17.5 actor oz. anniversary of argent for $113 million.  Therefore, they accept LOST 21.5 mil – 17.5 mil = 4 actor oz. agnate anniversary of argent by captivation dollars instead of argent bullion.  At $6.46/oz., that aberration is like a $26 actor dollar loss!  HL has added oz. than listed in the “proven & probable” chic acclimated in this calculation. Attitude mining makes assets calculations difficult, and HL has rarely had added than about a 3-4 year account of affluence advanced of them in 100 years of production.  

I accept been counting their papar banknote as if it could be silver, but it still does not admonition accession their appraisal much.  They are still the best big-ticket aggregation on the list.  But if HL bought 19 mil oz. of concrete silver, they adeptness breach the aback of the argent market, and decidedly accession their own profitability.

Another way to analysis the bulk of HL is too attending at profit, aback they are alive miners. They abundance 9 actor ounces of argent a year. What’s the accumulation on that today? Actual little.  They had a accident in the 3rd quarter, 2003.  Absolute “cash costs” are $3.68/oz. (It’s that low because that amount includes gold credits!) Accumulation at $ 6.30/oz. is $2.62/oz x 9 mil oz. anniversary assembly = $23.6 actor anniversary profit. That gives a PE of 35. That’s a actual aerial P/E, which agency HL is actual expensive.

Why does HL authority $125 actor dollars anniversary of banknote at the alpha of a balderdash bazaar in silver?  It makes no faculty to me.  Banknote is debris in inflation.  They should be affairs concrete silver, or, use that banknote to buy added argent assets in the ground, like the undervalued argent stocks.

OK, here’s accession way to get a “guesstimate” of HL’s reserves.  I will accept they accept abundant argent to aftermost accession 20 years of mining.  That’s a fair abundant time for a abundance plan I suppose.  I accept they could run out of argent sooner, or later.  They aftermath 9 mil oz. in a year.  9 mil oz. x 20 years = 180 mil oz.

$911 mil MC / 180 mil oz. = $5.06/oz. that you’d pay for the argent in the arena whey affairs HL.  HL is still expensive, no amount how I run the numbers. 

And in 4 months, cipher has been able to rationally absolve this aerial appraisal to me, cipher from the company, and not a distinct email from any investor.  I accept that this banal trades on bazaar perception, reputation, and momentum.  As for me, I’m not affairs such intangibles. I’m affairs argent in the ground, absolute assets, or analysis potential.

HL was downgraded Jan 6th by CIBC Wrld Mkts from Area Perform to Area Underperform

CDE (COEUR D’ALENE) [email protected] (208) 769-8155 or (800) 624-2824210 mil shares (Issued 32 mil new shares backward Oct. 2003)@ allotment bulk $6.04$1268 mil MCcash $38 mil (I anticipate this is an anachronous banknote figure)San Bartolome (Bolivia) affluence 146 mil silverSilver Valley Argent affluence 32 mil silverRoer affluence 43 mil silverCerro Bayo affluence 3.7 mil silverTotal: 224.7 mil silver(to Aftermath 14.6 mil oz. argent in 2003)$1268 mil MC / 224.7 mil oz = $5.64/oz.You get “approx” 1.10 ounces in the arena for 1 oz. silver’s anniversary of stock.

Additional comments: A few weeks ago, CDE announded their ambition to try and accession $150 actor in the basic markets by arising shares.

The aboriginal anniversary of January, CDE arise a accord for $160 actor in convertable bonds!   Beware of debt!CDE connected to lose money in third analysis 2003, a accident of 10 cents/share, and they accomplished low prices for argent sales, $4.77.  I accept they accept belted their gold assembly at low prices.

Again, their advertisement of ounces is in the “reserves” chic (more certain) not the “resources” category, which is beneath certain.  They may accept “resources” but like HL and Industrias Penoles, they accord no estimates.

IPOAF.PK (INDUSTL PENOLES) 397.5 mil shares outstanding (2002 annual, banausic aback 2001)@ $4.15/share$1,649 mil MC419 authentic and apparent affluence of argent (from 2002 anniversary abode on website)$1,649 mil MC / 419 oz. argent = $3.93/oz.You get “approx” 1.58 ounces in the arena for 1 oz. silver’s anniversary of stock.

Additional comments:  Industrias Penoles is the world’s top ambassador of aesthetic silver.  They absolutely derrive added acquirement from argent than any added source.  But they absent money in 2002. 

78.5 actor oz. argent aesthetic by the metals analysis in 2002, and 1 mil oz. gold.They apparently clarify about all the argent that comes out of Mexico.They apparently aftermath about 34 mil oz. of argent from their mines annually, and they accept amplification plans. 

I anticipate Industrias Penoles should stop mining argent if they are accomplishing it at a loss.  Basic econ 101, right?  Don’t appoint in big-ticket activity.  Conceivably they accept a baby accretion this year with bigger prices?  Regardless, they should apprehend that argent in the arena is an asset, and additionally that argent in the duke is an asset.  If they do accomplish a profit, I achievement they adjudge to accumulate the anatomy of their profits in silver, or at least, pay out a allotment in silver.

I’ve heard this banal is deeply held, best is ancestors owned. 

Their oz. numbers are “proven & apparent reserves”, which is abundant added assertive than best of the others which are mostly “inferred and adumbrated resources.”  They assuredly accept “inferred and adumbrated resources” in accession to the “proven & apparent reserves,” I aloof could not accretion any advice on that at the website or in the anniversary report.

ECU.V ECUXF.PK ( ECU SILVER MINI) [email protected] (819) 797-1210fully adulterated shares = 103.3 actor (6 January 2003)@ allotment bulk $.28 Cdn x .76 US/Cdn = $.21$22 mil MC See the url aloft for the numbers from the company’s website, which are:Proven & Apparent & Possible: 7.6 mil oz silver, 93,000 gold. = 8.5 actor “silver equiv” application my adjustment of counting gold as 10:1″Potential” total: 21.2 mil oz silver, 221,000 oz. gold.According to my appraisal method, that’s 2.2 mil oz. of “silver equiv” for the gold, added the 21.2 mil oz. silver, for a absolute of 23.4 mil oz.$22 mil MC / 8.5 mil oz. argent equiv. = $2.64/oz.$22 mil MC / 23.4 mil oz. argent equiv. = $.94/oz. –exploration potentialYou get “approx” 2.3 ounces in the arena for 1 oz. silver’s anniversary of stock.Exploration potential: 6.6

Additional comments: See additionally apropos ECU’s analysis potential: ECU afresh recovered appellation to backdrop that were in dispute.  See:

* CFTN.PK ( CLIFTON MINING)  (I own shares) [email protected] 801-756-1414   (303) 642-0659 Ken Friedman45 mil shares absolutely diluted  (Oct. 2003)@ $2.25/share US$101 mil MC   –source of 100 mil oz. assets est. From:″A antecedent geologist has talked about a accessible ability of 1 billion oz. of silver, and 5 actor oz. of gold.”100 mil oz. argent 500,000 oz. gold x 10 = 5 mil oz. argent equiv.= 105 mil oz. silver.up to 1000 mil oz. argent “exploration potential”.

Clifton has a circuitous JV acceding with Dumont Nickel.  In sum, actuality is what Keith Moeller VP, Clifton Mining Aggregation wrote to me:  If Dumont produces a absolute achievability abstraction on an alone acreage piece, again they accretion a 50% absorption in that allotment alone, not in the blow of the property.  If they absorb added than 5 actor dollars (US) on any one allotment and they aftermath a absolute achievability abstraction on that piece, again they will accretion a 60% absorption in that one allotment of property, not in the rest. If they stop at any time or abort to aftermath a absolute feasibility, again they will accretion no absorption in any of our property.  Adapted now we accept about 7 altered pieces of the acreage that accept “Stand Alone” abundance potential.  If Dumont stakes or purchases any acreage aural bristles afar of the collective adventure property, again we automatically accept a 50% absorption in that property.

My botheration is how to quantify that.  First, there is the ambit of abeyant argent resources.  Second, there is the ambit of abeyant ownership, which is awful variable, and not accountable to the absolute property, nor necessarily accountable to spending by Dumont, but accountable mostly to Dumont accomplishing a absolute achievability abstraction on anniversary of abounding backdrop .  At the acute ranges, the ethics are:40% to 100% of 105 = 42 – 105 actor oz.40% to 100% of 1000 = 400 – 1000 mil oz. “exploration potential”$101 mil MC / 42 mil oz. = $2.41/oz.$101 mil MC / 1000 mil oz. = $.10/oz.You get “approx” 2.59 ounces in the arena for 1 oz. silver.Exploration Potential: 61

Additional comments:  Agenda the “exploration potential” is actual large.

For added advice on what’s action on with Clifton, see , JV partner. 

To see a video interview: Clifton has 25% affairs of a biotech aing that makes a colloidal silver. 

The biotech aing has a apparent on a “super” colloidal argent band-aid fabricated with 10,000 volts that adds oxygen that gives it added able antibacterial properties, and is safer aback it uses beneath silver, which would anticipate “blue skin” argyria.  Normal colloidal argent that you can accomplish at home with 30 volts works to annihilate bacilli by aition the oxygen metaism of the corpuscle wall, killing bacilli with oxygen.  The bazaar for safe antibiotics is in the multi Billions of dollars.

I own shares of CFTN.PK. 

SIL ( APEX SILVER) [email protected] (303) 839-5060 45,023,760 accustomed shares outstanding. (Jan 30th columnist release)@ allotment bulk $21.28/share$957 mil MCcash on hand: $205.6 actor afterwards Jan 30th allotment offering.San Cristobal (Bolivia) (proven & apparently reserves) 454 mil silver(forecast basic costs for architecture to absolute about $435 million)(Produced aught argent in 2002)7.8 billion pounds of zinc, and 2.9 billion pounds of lead$957 mil MC / 454 mil oz = $2.10/oz.You get “approx” 2.96 ounces in the arena for 1 oz. silver’s anniversary of stock.

Additional comments:  Apex argent primarily has institutional investors. 

Apex has a lot of zinc. That’s an added account that is not factored in to my adjustment of valuation. Several writers accept been adage zinc prices will be branch up soon, so that’s accession bonus. Plenty of zinc is abnormally acceptable if zinc is affective up in price.  And, they are not mining now, but are cat-and-mouse for college argent prices. That’s additionally a plus. The administration additionally seems to accept that argent will move upwards a lot. Accession plus. Finally, George Soros, Billionaire, owns a bit of this one, aloof beneath 10% I apprehend recently. That’s a nother plus, in general, for the argent bazaar if Billionaires are advantageous absorption to it.  There are several added zinc / argent plays on this anniversary that investors adeptness additionally consider: CZN.TO, EXR.V, MMGG.OB (I own all three of these, but not SIL.)

KBR.V KBRRF.PK ( KIMBER RSCS) [email protected] (604) 669-225131.2 mil shares absolutely adulterated (Jan 20, 2004) @ allotment bulk $2.07 x .76 US/Cdn = US $1.57$49 mil MCfrom 30 mil oz. argent assets Abstinent & indicated, added inferred540,000 oz. gold x 10 = 5.4 mil “silver equiv.”$49 mil MC / 35.4 mil oz. = $1.38/oz.You get “approx” 4.5 ounces in the arena for 1 oz. silver’s anniversary of stock.

Additional comments:  A one acreage company.  The Carmen gold-silver drop on their Monterde acreage in the Sierra Madre belt of Chihuahua State, Mexico.  Cogent analysis potential.

MFN  MFL.TO ( MINEFINDERS) Shares Outstanding Absolutely Adulterated 34.1 [email protected] allotment bulk $8.29/share$282 mil MCCash on hand, Absolutely Diluted: C$34 million”over 3.5 mil ounces of gold ability and 160 mil ounces of silver” –Dec. ’03silver about-face = 3.5 x 10 = 35 mil 160 mil oz. argent = 195 mil oz. silverAt 70:1 ratio, 3.5 x 70 = 245 “silver equiv” of gold, and 160 mil of argent = 405.245/405 = 61% of the mineral bulk is in the gold, 39% silver.At 10:1 ratio, 35/195 = 18% of the mineral bulk is in the gold, 82% silver.”In accession to the assets already drilled, Minefinders controls a able portfolio of backdrop in Nevada, Arizona, and Mexico which accept the abeyant to host new multi-million ounce discoveries over the aing few years.”$282 mil MC / 195 mil oz. = $1.45/oz.You get “approx” 4.30 ounces in the arena for 1 oz. silver.

Additional Comments:  At 70:1 argent to gold ratio, over bisected of MFN is in gold, so accede this a cogent gold bonus. MFN additionally now lists their ability abstracts on their website’s basic page.  I’m abiding investors acknowledge this.  I do. 

GRS GAM.TO ( GAMMON LAKE) [email protected] (902) 468-0614Fully Adulterated 58.7 mil shares (Nov 30, 2003)@ allotment bulk $4.37$256 mil MCCompleted a $15 actor clandestine adjustment in Nov. 2003, and acquired 100% rights to Ocampo Absolute Ocampo Inferred: 1,124,000 oz. gold,   50,438,000 oz. silverSilver equiv = 11.24 mil oz. 50.44 mil oz. = 62 mil oz.Total Ocampo Abstinent & Indicated   2,207,800 oz. gold,  108,438,000 oz. silverSilver equiv = 22 mil oz. 108 mil  oz. =  130 mil oz.Total Ocampo Abstinent & Adumbrated added Accepted = 182 mil oz.Gammon owns 27% of Mexgold, MGRSince Mexgold owns 55 mil oz. of “silver equiv”, 27% of that is 14.85 (15) mil oz.182 15 = 197 mil oz.$256 mil MC / 197 mil oz. = $1.30/oz.You get “approx” 4.79 ounces in the arena for 1 oz. silver’s anniversary of stock.

Additional comments:  Assignment after-effects arise Jan 7th: At accepted prices of a 64:1 silver:gold arrangement at $425/oz gold and $6.60/oz silver, the assets are anniversary $1048 actor of silver, and $1411 actor anniversary of gold.  Banknote bulk is $85/oz.  Activity of abundance is 7 years. 

* CZN.TO  CZICF.PK ( CDN ZINC)  (I own shares) [email protected] 1-866-688-200167.3 mil shares absolutely adulterated as of Dec., 2003 (as declared in the proxy, p.8)80.2 absolutely adulterated shares as of Feb 2, [email protected] Allotment Bulk $1.40 Cdn x .76 US/Cdn = $1.06 US$85 mil MC$13.5 actor cash, Cdn, no debt.not mining ($20 mil bare to accomplishment & alpha the mine) ($100 mil anniversary of mining basement in place!)~70 mil oz. (IN ZONE 3 only!! of 12 zones! This aggregation seems to be abundantly under-reporting their argent reserves. Their 18 year abundance plan consists of area 3 only, but there are 12 mineralized zones on the property.)  Really, conceivably able-bodied over 100 mil oz. silver.$85 mil MC  / 70 mil oz. = $1.21/oz.  You get “approx” 5.14 ounces in the arena for 1 oz. silver’s anniversary of stock.

Additional comments:  CZN afresh bought aback a ability acceding that had a face bulk of $8.2 million, for 300,000 shares and 250,000 options at $1.25 Cdn. 

The added banknote from the contempo clandestine placements agency that CZN will now be able to assignment and analyze added of their property.  Although the aggregation is now added cher to buy, it is far beneath risky, accustomed that they now accept $13 actor in cash.CZN acceptable has abundant added argent in the ground, and has acceptable accumulation potential. 

I would like the aggregation to privide an appraisal of the argent on the blow of their properties, but their abundance plan consisted alone of area 3 at the moment.  The blow charge abide “exploration potential” for now. 

To get the abundance up and running, they adeptness be able to pay aback such debt aural 2 years, but I would achievement they would abstain debt, and accession the basic as the allotment bulk begins to admission US $2/share or more, and do a final accessible alms amid US $2-4/share.

I agenda several very, actual absolute things about this company.

1. This was the mining operation set up by the Hunt brothers, the aloft argent investors in the argent fasten to $50/oz. in 1980 who were bankrupted by their own debts and allowance calls as a aftereffect of the COMEX aphorism changes and argent abbreviate auction manipulation. The Hunts spent $50 actor architecture basement to get the abundance running. They were 90% complete aback defalcation hit. The bulk of those barrio is now $100 million, and the abundance alone needs about $20 actor (CAN) ($15 mil US) to get the abundance up and running. That’s abundant cheaper than added bulk estimates of added operations.2. The 70 actor oz. of argent appraisal is for area 3 only. But there are 12 zones on the property. The area 3 appraisal is for a 10 year abundance plan that involves mining area 3 at accepted metals prices. 3. Aerial Brand ores:  12% zinc/ton; = 240 lbs. zinc/ton x 46 cents/lb. = $110/ton for the zinc.10.1% lead/ton = 202 lbs. lead/ton x 34 cents/lb. = $69/ton for the lead.6 oz. silver/ton x $5.95/oz. = $35/ton for the silver.0.4% copper/ton = 8 lbs. copper/ton x 1.07 cents/lb. = $8.5/ton for the copper.Total: $223/ton!  (This bulk is affective up!)  4.  My adjustment of valuation:  If I counted the zinc as silver, again the bulk of this aggregation would be commodity like four times cheaper than it is based on my “valuation method”.  If I counted the advance as silver, again this aggregation would be about 4-5 times cheaper. 5.  Zinc and abject metals prices are affective up strong.  46 cents/lb. for zinc!  Analysis for updates.  

I own shares of CZN.TO 

PAAS ( PAN AMER SILV) [email protected] (604) 684 -1175(I adapted all key PAAS advice this anniversary from the aggregation website)58.2 mil shares absolutely diluted. (Sept. 2003) @ allotment bulk $15.55/share$905 mil MC10 argent backdrop (3 in production)produced 7 mil oz. argent in 2001:Reserves & Assets through Dec. 11th, 2003 from 743.2 actor total$905 mil MC / 743.2 mil oz. = $1.22/oz.You get “approx” 5.13 ounces in the arena for 1 oz. silver’s anniversary of stock.

Additional Comments: I accept PAAS is one of two argent companies on the anniversary today that is decidedly in debt (the added is now CDE).

PAAS afresh went into debt in adjustment to admission up production. I am acerb biased adjoin debt and adjoin bearing and affairs a admired asset like argent at today’s low prices. But it’s a convertible debenture, so the debt can be adapted into stock. They apperceive and accept college argent prices are coming, which is great, and their action is to be in solid assembly approach aback the college bulk hits.

I anticipate it is acutely important to advance in a aggregation that understands the argent adventure as arise by Ted Butler, David Morgan, and abnormally me, because I emphasise the abeyant of budgetary demand.  If the aggregation does not accept this, again they are added decumbent to accomplishing acutely brainless things like conceivably ambiguity argent at $10/oz. or so, as they will see that as an “unusual spike,” instead of the inevitible endlessly point on a aloft rise.  What if your argent aggregation decides to lock in argent prices at $8, and barrier years of assembly to “protect the shareholders and accommodate acknowledgment to the aerial $8/oz. price,” alone to watch argent prices arch accomplished $25 and accomplished $50/oz?  Your banal could get wiped out in bankruptcy, and your advance could go to aught value!  This is the crisis of stocks!  Your advance is accountable to the whims of management!

WARNING: PAAS says at their website that they will barrier argent , in adjustment to accounts abundance construction. ” Pan American is afraid to accord abroad the upside on any of its argent production, abnormally at accepted low metal prices, and will do so alone to the minimum admeasurement appropriate as a action of advisable abundance financing.”

form 11 - Nuruf.comunicaasl
form 11 – Nuruf.comunicaasl | cbp form 7512

My assessment is that it is NEVER advisable to go into debt, or lock in argent prices to accounts a mine.  If PAAS cannot accession basic on the markets by arising shares, again they should not be costs new abundance construction.  If the bazaar will not abutment new abundance construction, again the bazaar does not allegation added silver.  PAAS and CDE should apprentice to assurance the chargeless bazaar process, and abstain debt.  On July 30th, 2003, PAAS got $75 actor in banknote from a acceding debt costs deal. On July 30th, 2003, argent was $5.10/oz.

On Jan 9th, argent was $6.46/oz., a $1.36/oz. admission over $5.10, or an admission of 27%

PAAS’s “working capital” (or non-working, depreciating, cardboard dollars) was $92.8 actor on Sept. 30, 2003 or 18.19 mil oz. argent equiv.  Analysis the link. If PAAS averaged captivation $92.8 actor dollars from July to Jan 9th, again they absent the agnate of 27% on their “money”.  On Jan 9th, $92.8 actor at $6.46 can alone buy 14.36 actor oz. of silver.  So, PAAS absent (18.19 – 14.36 = 3.83 mil oz.) which, at $6.46/oz., is $24.74 actor dollar accident anniversary of argent by captivation dollars instead of argent banknote during that time period.  Basic spending was alone $3.5 actor during the third quarter, so they did not allegation to use the money adapted away–they should accept kept it in the anatomy of argent bullion, obviously.

FSR.TO FSLVF.PK ( FIRST SILVER) [email protected] (604) 602-9973 or (888) 377-667638.6 mil shares absolutely adulterated (Jan 2004)@ allotment bulk $1.56 Cdn x .76 US/Cdn = $1.22 US$47 mil MCFrom the Company’s basic folio at their url:”As at December 31, 2001, Aboriginal Silver’s mineable affluence were 12 actor ounces of argent and accepted assets totaled 30 actor ounces of silver. The abundance is developing a 1000 added beat analysis alluvion to advancement currently articular accepted assets to mineable ore affluence and to ascertain new reserves.”12 30 = 42 mil oz.$47 mil MC / 42 mil oz. = $1.12/oz.You get “approx” 5.6 ounces in the arena for 1 oz. silver’s anniversary of stock.

Additional comments: This is a aerial grade, bearing miner.  The aerial grades, about 300g/ton, are a plus.   They are additionally actively exploring, accession plus.

3rd quarter, 2003, FSR.TO produced 389,154 oz. silver, and 604 oz. gold. and acquirement was $2.09 actor for the 3rd quarter.  They produced at a loss, (a penny per share).  They are unhedged, and abide committed to actual unhedged.* TM.V TUMIF.OB ( TUMI RSCS) (TUY Frankfurt Exchange)  (I own shares) [email protected] Nick Nicolaas IR (604) 657 405823.7 absolutely adulterated shares (Dec. 2003)@ allotment bulk 1.47 CAN x .76 US/Cdn = $1.12 US$26 mil MC20 mil oz ability up to 50 actor oz. argent abeyant but needs to be explored and drilled. 500,000 gold ability x 10 = 5 mil oz. argent equiv. Debt free, 2 projects in Mexico.Raised $2.7 actor Nov. 14, 2003$26 mil MC / 25 mil oz. = $1.06/oz.  ***I’m application this number***$26 mil MC / 50 mil oz. = $.52/oz.  (exploration potential)You get “approx” 5.9 ounces in the arena for 1 oz. silver’s anniversary of stock.Exploration Potential: 12 (plus added afterwards bonanza argent analysis backward November.)

Additional comments:  Aftermost week, I acclimated the amiss bulk for Tumi.   I acclimated the “.OB” price, which is the U.S. price, and again I “converted” to US dollars.  Oops!  One clairvoyant emailed me about my mistake. 

Tumi soared in backward November, afterwards the aggregation arise a bonanza brand argent analysis afterwards drilling.  This should decidedly admission the numbers for their “exploration potential”, but no chat yet on the increase.  It takes time for the geologists to appraisal all of that, but investors went crazy over it immediately. 

Tumi is focused on acceptable a “premiere inferior argent explorer.”  It’s acceptable to see the focus is in the adapted metal.  Accomplishing alive conduct to prove up their projects and admission “resources”.  Nick Nicolaas absolutely understands the argent story, beliving argent has abundant greater acknowledgment abeyant than gold.

Look at: Tinka TK.V (tumi’s sister company)A appealing big gold/copper acreage in Peru (Tumi owns 30% of it)…  That could beggarly decidedly added assets for Tumi.

I own shares of TM.V.

WTZ  WTC.TO ( WESTERN SILVER) (formerly western copper) –And nut prices are headed up, too, (copper at $1.12) [email protected] Jay Oness Toll Free: 1-888-456-111240.1 mil absolutely adulterated (After Dec. 16th 2003 financing)@ allotment bulk $5.65/share$226 mil MC(not actively mining)$16 actor in banknote in the till (4 mil 12 mil financing)From the “SNC Lavalin Ability Calculation” March, 2003.Indicated 158.8 mil oz. silverInferred   54.6 mil oz. silverTotal 213.4 oz. silver.Total 1.94 oz. gold x 10 (at 10:1) = 19.4 argent equiv.Got $3 mil CAN cash, no debt.  The basic bulk to get the abundance action is estimated to be US $148 millionPenasquito silver/gold.  213 mil oz silver.  aloof over 2 mil oz. gold. from Chile/Colrado zone.  Brechia area will bifold the numbers, and infilling accepted to indicated: apparently in Jan will accept 500 mil oz. silver, 5 mil oz gold.Exploration potential: 500 mil oz. silver, 5 mil oz. gold, from added zones that could anniversary alike the success of anniversary of the added two. So up to a Billion… oz. of argent as “exploration potential”!Feasibility: 2006-7 assembly timeline.$226 mil MC  / 233 oz. = $.97/oz.$226 mil MC  / 1000 oz. = $.23/oz. –exploration abeyant You get “approx” 6.42 ounces in the arena for 1 oz. silver’s anniversary of stock.Exploration Abeyant = 28

Additional comments:  Agenda the basic bulk to get the mining started: $148 actor dollars.   WTZ additionally has the afterward added metal resources:3.73 billion pounds of zinc673 actor pounds of copper1.3 billion pounds of lead

SSRI ( SILVER STD RSC) [email protected] (604) 689-3856 or (888) 338-004641 mil shares (Oct. 2003) 4.4 mil shares, Jan 19th PP.45.4 mil shares (or more), Jan 19th, [email protected] allotment bulk $11.87/share$539 mil MCdebt free, cash: $Cdn 60 milnot mining or producing15 argent propertiesmeasured and adumbrated assets accretion 300.4 actor ounces of argent added accepted assets accretion 366 actor ounces of argent = 666 mil oz. 2.2 mil oz. gold. Argent equiv = 22 mil oz. silver. (22 666=688 mil oz.) $539 mil MC / 688 mil oz. = $.78/oz.You get “approx” 7.97 ounces in the arena for 1 oz. silver’s anniversary of stock.

Additional comments:  Argent Standard Closes Cdn$43.7 Actor Clandestine Placement, January 19

I accept this is acutely bullish for SSRI and the absolute argent bazaar sector.  The bulk for a assemblage was Cdn $14.80 (with a bisected warrant), (or about US $11.54).

This is acutely bullish for SSRI, because investors should assurance the accommodation of the affairs ability of Cdn $43 million.  Big money wants into the argent market!  Accepted SSRI investors can accept Cdn $43 actor anniversary of aplomb that the allotment bulk may beat the accreditation bulk of Cdn $18.50/share or about US$14.43! 

What will SSRI do with all that money?  Their best advantage is to buy added argent properties, or admission added argent inferior analysis companies.  In the columnist release, SSRI stated, ” The aggregation continues to analysis abeyant argent activity acquisitions …” They may buy out some of the added inferior argent stocks on this list!  Their added best advantage is to buy concrete argent in amid now, and the time aback they buy backdrop or accept to advance their backdrop to production.   Either way they absorb this money will be benign for the absolute argent sector. 

SSRI absolutely is the “silver standard”.  SSRI has the bigger bazaar cap this far bottomward the list, which makes it a added adorable ambition for bodies with beyond amounts of money to invest.

SSRI continues to add to reserves, either through exploring, or through acquisitions.  This aggregation seems to absolutely accept the argent story, and helped to brainwash me as an investor. 

I abounding a two hour SSRI presentation afterwards the Gold appearance in SF in backward November.  For the best part, their backdrop are actual able-bodied drilled, and they accept a adequately solid abstraction on how abundant argent oz. in the arena they have.  They started their plan to admission argent backdrop and become a “silver company” in about 1993, which explains why they accept such a ample bazaar cap, and so abounding acceptable backdrop with so abounding ounces of silver. 

Some investors like SSRI because of the about-face –SSRI owns abounding argent properties.  I say you can get a agnate affectionate of about-face by owning banal in abounding argent companies.

ORM.V ( OREMEX RES) (no PK attribute yet?) [email protected] Absolutely Diluted:   24,012,[email protected] allotment bulk $.89 x .76 US/Cdn = .68$16 mil MCHave $5 actor banknote in the coffer as of Dec. 2003. holds the adapted to admission a 100% absorption in six mineral backdrop in Mexico.Oremex will focus on the analysis and development of the Tejamen Argent Acreage and the San Lucas Argent Property.They are acquisitive to analyze for up to 100 mil oz. argent by conduct over the aing year.–Experienced aggregation of geologists and managment that accept put added backdrop into production:Anthony R. Harvey, Chariman, has put 14 backdrop into assembly in his 40 year career. for an accepted ability of 8.4 actor metric bags at a brand of 89 g/t Argent (2.86 opt) and 0.2g/t Gold (0.006 opt).2.86 x 8.4 = 24 mil oz. argent at Tejamen (one of six properties)$16 mil MC / 24 mil oz. = $.68/oz.$16 mil MC / 100 mil oz. = $.16/oz. –exploration potentialYou get “approx” 9.24 ounces in the arena for 1 oz. silver’s anniversary of stock.Exploration Potential: 39

MGR.V MGRSF.PK ( MEXGOLD RSCS) 18.7 mil shares [email protected] allotment bulk $2.67 Cdn x .76 US/Cdn = $2.03 US$38 mil MCinferred resource: 45 mil oz. argent 1 mil oz gold.1 mil oz. gold = 10 mil oz. argent equiv”The appraisal does not abode cogent added mineralized structures accepted to be present on the property, or the abeyant for ample bang extensions of accepted high-grade zones.”$38 mil MC / 55 mil oz. = $.69/oz.You get “approx” 9.05 ounces in the arena for 1 oz. silver’s anniversary of stock.

Additional comments:  Gammon Lake is a ample shareholder, 26.7%.  The adduce aloft comes from Gammon’s website.  

* SRLM.PK ( STERLING MINING) (I own shares) [email protected] Ray DeMotte 208/676-0599just beneath 10 mil shares absolutely adulterated (early Jan. 2004)@ allotment bulk $10.25$102 mil MCCash on hand: $1.1 actor (an increase, absorption the added cardinal of shares from 7 to 9 million) ~185 mil oz. affluence resource, Sunshine aloneQuote from:”The above-mentioned abettor aftermost estimated the abundance affluence at 26.75 actor ounces of silver, 10.36 actor pounds of nut and 7.05 actor pounds of advance (or about 28.85 actor ounces of silver-equivalent), as able-bodied as an added ability of 159.66 actor ounces of silver. “~100 mil oz. added properties: the 10 sq. afar about the 1/2 sq mile of the Sunshine (rough guess–needs to be explored)  alike though–these added 100 mil oz. are in the “explorer” category.  They allegation to be accomplished and found, although I’ve heard of estimates as aerial as 400 mil oz. absolute for SRLM.PK$102 mil MC / 185 mil oz. = $.55/oz. $102 mil MC / 500 mil oz. = $.20/oz.  (exploration potential)You get “approx” 11.36 ounces in the arena for 1 oz. silver’s anniversary of stock.(Exploration abeyant is 31. )

Additional comments:  I wrote an commodity on SRLM in backward Dec.  See: Sterling Mining

Ray DeMotte really, absolutely understands the argent story, and has been aggressively accepting argent properties.   Sterling continues to consolidate its acreage position about the Sunshine mine. 

Sterling Mining acquired the Sunshine mine. Sunshine was one of the big three: Hecla, Couer, & Sunshine. Sunshine went bankrupt. Sterling got the acreage a few months ago cheap, because they were quick & accommodating to pay cash. Added buyers basic to do a abounding abstraction afore authoritative an offer. This company’s allotment bulk went ballistic as a result. But the aggregation is still way undervalued. Aloof do the math, people. I own a abundant allotment of SRLM.PK There were a few abundant accessories accounting afresh for SRLM. See the aggregation web site, above. The best factors, I feel, are as follows:1. The Sunshine abundance is an absolute abundance that was mining at a profit. The aggregation went bankrupt, not the mine. So there will be no abundant basic costs for alpha up, alone basal costs. 2. The Sunshine sits on 1/2 sq. mile, and was never absolutely explored. Sterling Mining owns 10 aboveboard afar of acreage surrounding the Sunshine, adapted in the affection of argent country, the area of CDE and HL, the added two big companies at the top of this list. 3. The administration of Sunshine understands the argent story. They are on a mission to admission afflicted argent backdrop at today’s bargain prices. See also: December 14, 2003: “In ablaze of the connected low argent price, Sterling has this year amorphous captivation aback into anniversary a allocation of this year’s argent bill minted.”

I own shares of SRLM.PK

FAN.TO FRLLF.PK ( FARALLON RSCS) (604) 684-6365  Erick Bertsch 73.8 mil shares absolutely adulterated as of Oct 31, [email protected] allotment bulk $1.00 Cdn x .76 US/Cdn = $.76 US$56 mil MCExploration and development in Mexico.See additionally (Hunter-Dickinson) On 4 sulphide deposits out of 16, 29 mil ton allocation 89 grams silver/t and 1.57 g gold/t.Conversion: 89 grams x .0353 oz/gram = 3.14 oz.RE: those 29 mil tons, they “anticipate accretion assets to 50 mil tonne range…”3.14 oz. x 29 mil bags = 91 mil oz. silver1.6 mil oz. gold x 10 = 16 mil oz “silver equiv”.Total: 107 mil oz. argent equiv. (Exploration abeyant = x 1.7 = 181)$56 mil MC / 107 mil oz. argent equiv.  = $.52/oz.$56 mil MC / 181 mil oz. argent equiv.  = $.31/oz. –exploration potentialYou get “approx” 12.01 ounces in the arena for 1 oz. silver’s anniversary of stock.Exploration abeyant = 20

Additional comments: 

Nothing done or accomplished on the acreage aback 1999.  Why not?  Because of low zinc prices: 46% of the bulk of the metals was in the zinc afore prices crashed…  (This one reminds me of Canadian Zinc.  They anticipate they are a zinc company.)  The bigger componant today is gold, which was hasty to Eric, the IR guy I batten with.  About 1/3 is in argent now.

At today’s low metals prices:  2% x 2000 lb = 40 lbs zinc x $.42/lb =  $16.8 for the zinc  (.37 to .50 lb zinc.)3.14 oz. x $5.15 = $16 for the silver..055421 oz. x $385/oz. = $21 for the gold(Assuming 100% metals recovery–which is not acceptable to be the case.  It may ambit from 60% to a college percentage, depending on abstraction methods acclimated and the authentic mineral targeted, which consistently change with technology advancements, and bulk changes in the metals.  By the time a abundance like this gets running, conceivably in 5 years or so, things may change to acquiesce alike greater metal recovery.)

Speaking with FAN.TO guys, they anticipate affluence of ore could be 50 mil tonnes OR MORE, but that they absolutely don’t know, and appetite to affair bourgeois estimates.* EXR.V  EXPTF.PK ( EXPATRIATE RECS) (I own shares) [email protected] 1-877-682-5474 Dr. Harlan D. Meade, President and CEO82 mil shares absolutely dulted. (Dec, 2003)@ allotment bulk .43 Cdn x .76 US/Cdn = $.33$27 mil MC$1.2 mil CAN basic in the til no debt.Mostly a abject metals company:  Zinc.  Additionally has some argent & gold.Total metal agreeable of the six projects with resources… “Using accepted metal prices, the gross metal bulk of Expatriate’s absorption in the abject metals in the backdrop is about US$1.56 billion as compared to US$540 actor for its allotment of the argent and gold.”Metal:  Expatriate allotment of the project:Zinc      2.67 billion lbs.Copper  385 actor lbs.Lead      202 actor lbs.Silver     63.1 actor oz.Gold       426,700 actor oz.Gold x 10 = 4.3 mil “silver equiv”.$27 mil MC / 67.4 oz. argent = $.39You get “approx” 15.7 ounces in the arena for 1 oz. silver’s anniversary of stock.

Additional comments:  Cogent zinc bonus, about 3 times the argent value.  Smelter credits are estimated at about 60% zinc, 25% silver, 10% gold and copper, and the rest, added minerals.  My adjustment of appraisal puts a bulk on the argent only, not the rest, so this is a decidedly bigger bulk than my cardinal shows.

If you alarm Dr. Harlan D. Meade, President and CEO 1-877-682-5474, ask him to accelerate you an admonition packet on EXR.V.  It contains a acceptable abode on why he is bullish on zinc.

I own shares of EXR.V.

* SVL.V  STVZF.PK ( SILVRCRST MINES) (I own shares) [email protected] (604) 691-1730 24.2 absolutely adulterated Nov. 21, 2003(pub float: 8.93 mil, the blow is endemic by insiders)@ allotment bulk $1.68 Cdn x .76 US/Cdn = $1.28 US$31 mil MCIndicated assets of argent 30 mil oz. Projects in Honduras.  Argent totals are projected to be: 75 – 135 mil oz. (not 43-101 compliant)$31 mil MC / 75 = $.41/oz.  $31 mil MC / 135 = $.23/oz.  You get “approx” 15.2 ounces in the arena for 1 oz. silver’s anniversary of stock.(Exploration abeyant = 27 oz.)

Additional comments:  Silvercrest aloof acquired two 100% endemic argent projects; one in Mexico and one in Guatemala.

I accept this is a abundant development.  The banal hit a aerial of $1.81 Cdn a few weeks aback alike afore they acquired these two projects! 

They accept been and will be accepting added argent backdrop with the money aloft in the backward November 2003 clandestine placement, which I anticipate is an outstanding way to absorb the money.

I own shaers of SVL.V

* ADB.V  ADBRF.PK ( ADMIRAL BAY RSCS) [email protected] 604 628 5642 — Curt Huber– Business Development  31.4 mil shares to possibly be absolutely dilluted.  as of Oct 17, [email protected] allotment bulk $1.31 Cdn x .76 US/Cdn = $1.00 US$31 mil MCThey accept $6 actor cash.–owns an advantage to access 70% absorption in “Miera San Jorge’s Monte del Favor acreage in Mexico””An actual ability appraisal based on underground sampling at Monte Del Favor is arise at 17 actor tonnes allocation 0.85 g/t gold and 224 g/t argent for a independent 123 actor ounces of argent and 460,000 ounces of gold.” “While this ability appraisal is not absolutely 43-101 compliant, the Aggregation considers that it provides a conceptual adumbration of the abeyant of the property.”460,000 x 10 = 4.6 mil “silver equiv”.127.6 mil oz. x 70% absorption = 89.3 mil oz.$31 mil MC /  89.3 mil oz. = $.35/oz.You get “approx” 18 ounces in the arena for 1 oz. silver’s anniversary of stock.

Additional comments:  Above-mentioned grades hit 2-5 kilos silver/ ton. (2000-5000g/ton. 70-176 oz. ton)  Actual aerial grades.  The activity was never appropriately accomplished with avant-garde methods.

Admiral Bay acquired this advantage to own a 70% absorption in this argent acreage in June, 2003, and the accretion did not appulse their banal bulk at that time at all.  Previously, they were a gas company, and they still accept this added gas project, which may be added than bisected the built-in bulk of the aggregation according to Curt Huber, who understands the argent adventure as bidding by Ted Butler and David Morgan.  

My appraisal method, obviously, does not accord any bulk for their gas project, which accordingly needs to be factored in as a cogent “bonus”.  The aggregation will apparently breach up the two projects into two companies, so absolute shareholders will accept shares of each.

They are actively digging, drilling, and absolution after-effects in columnist releases.

I own shares of ADB.V.

RDV.TO (REDCORP VENTURE) 42.7 mil shares absolutely adulterated (Sept 2003)@ allotment bulk $.33 Cdn x .76 US/Cdn = $.25$10.7 mil MC 9 mil tonnes adumbrated and accepted at 107.5 g/t x .03215= 31 mil ounces argent (3.4 oz/ton low brand silver, with added minerals)(also accept cogent gold ($30/ton at $400/oz.) and zinc $60/ton at $.46/lb.)$10.7 mil MC / 31 mil oz = .34/oz.You get “approx” 18 ounces in the arena for 1 oz. silver’s anniversary of stock.

* ASM.V ASGMF.PK ( AVINO SILV GOLD) [email protected] 604 682-3701 — David Wolfin10.9 mil shares absolutely diluted, Nov. 2003 (with the 4 mil new shares from PP)(proposed PP in backward Oct 2 mil units at $1.27 (unit = 1 allotment 1 accreditation at 1.58)@ allotment bulk $2.06 Cdn x .76 US/Cdn = $1.57 US$17 mil MCfrom: –in 1997″How Abundant Argent Does Avino Have?””Operations at Avino’s argent abundance in Mexico are both open-pit and underground. I advised the affluence and amid the burden into argent ounces as follows: 28-million ounces proven; 50-million ounces apparent and 27 actor ounces possible.” (Not all are 43101 adjustable affluence & resources.–that is an old, third affair report.)–focus is on actuality argent company. A plus.They absolutely accept over bristles argent properties/projects.  I’m alone accept numbers to adding for one, the “Avino mine”.  = 28 50 27 = 105Avino owns 49% of that, or 51.5 mil oz.  -“not advised affluence beneath the new Canadian National Action 43-101″$17 mil MC / 51.5 mil oz. = $.33/oz.You get “approx” 18.9 ounces in the arena for 1 oz. silver’s anniversary of stock.

Additional notes: There are 4 added argent backdrop that I don’t accept numbers for.  Accede this a “silver bonus”!!!

Mexican mining law already declared that a authoritative absorption had to be endemic by Mexicans, which explains why they alone accept a 49% interest.  That they don’t accept a authoritative absorption is a minus. This law has changed. The abundance was operational until the abundance went into acting cease in November 2001. So there is in abode an absolute mine, with alive infrastructure, which is a bonus.  There is a allegation for conduct in adjustment to analysis the abeyant that was declared in the achievability study.

I own shares of ASM.V

HDA.V (HUSIF blush bedding sym?) ( HULDRA SILVER)no websitePhone: Magnus 1 (604) 261-60406.924 actor shares out (fully diluted)@ allotment bulk $.49/share x .76 US/Cdn = US $.37$2.6 mil MCno debtHDA’s authentic and apparent affluence angle at 161,000 bags ofore allocation an boilerplate 25.6 ounces per ton silver, and 10 percent combinedlead/zinc — 4.12 mil oz silver, not including the zinc & lead.According to Magnus, the adumbrated and accepted affluence absolute about 180,000tons at about the aforementioned allocation — in added words, a added 4 actor ounces ofsilver.~8 mil oz. silver$2.6 mil MC / 8 mil oz. argent = $.32/oz.You get “approx” 19.2 ounces in the arena for 1 oz. silver’s anniversary of stock.

Additional comments:  There is a cogent lead/zinc bonus.  “The acreage could be put into assembly at a basic bulk of Cdn $3.5 actor — with aftereffect of basic (when disinterestedness finaanced) aural two years.”

CHD.V CHDSF.PK ( CHARIOT RSCS) 45 mil shares absolutely adulterated October [email protected] allotment bulk $.28 Cdn x .76 US/Cdn = $.21 US$9.4 mil MCCello Ccasa (1 activity of 4) Ability Appraisal – August 200231.4 mil oz. silver, 134,000 oz. gold. (x 10 = 1.3) 32.7 mil oz.(Still abundant analysis assignment to do.)$9.4 mil MC / 32.7 mil oz. = $.29/oz.You get “approx” 21.6 ounces in the arena for 1 oz. silver’s anniversary of stock.

* MNMM.OB ( MINES MGMT) (I own shares) [email protected] (509) 838 6050 Doug Dobbs11.35 mil shares absolutely adulterated as of the Feb 6th $5 actor costs that [email protected] allotment bulk $6.07$69 mil MC 261 mil oz. argent resources.  Antecedent conduct spent over $100 actor conduct the property.   $69 mil MC  / 261 mil = $.26/oz.You get “approx” 23.8 ounces in the arena for 1 oz. silver’s anniversary of stock.

Additional comments:  As nut moves up 5 cents/lb., it adds $100 actor to the bulk of the deposit. 

Mines Administration endemic 10% of the rights to their acreage in Montana. The added 90% owner, Noranda, artlessly gave up on the acreage and absolved abroad from their mining affirmation due to “perpetually” low argent prices and political concerns.   That explains the rocketing allotment price.  So, the MNMM accumulation got 90% of the blow of the acreage FOR FREE!–the bulk of which, and the attributes of this transaction has aloof about amorphous to be accepted by the market, accustomed the low about price.

Their acreage additionally has about 60% of the bulk (at accepted prices) in nut (copper at $1.12/lb.), 2 Billion pounds of copper, and 261 mil oz. of silver.  Accomplishing the math: 261 mil oz. argent x $6.33/oz. = $1.652 Billion. 2 Billion lbs nut x 1.12/lb. = $2.24 Billion. Absolute bulk of mineralization afore costs to extract: $3.9 Billion.

Copper continues to move up.  It’s (copper at $1.12/lb.). now, and analysts are alpha to acclaim nut plays.  MNMM is both nut and silver!  (Also, accede Western Argent aforetime Western Copper)  Someday soon, investors are action to blitz into nut opportunities, if they are not already.  Mines Administration will account from this.

They do not accept an alive alive mine–which is a minus.  They will allegation to accession basic to get a abundance going.  Noranda had several estimates for the bulk to body a abundance and mill, about $250 million.  But it could be beneath depending on how bread-and-er they adjudge to do things.   They are alive on a achievability study, and alienated boundless dilution, which is a plus.

Regarding ecology concerns:  Noranda had a absolutely accustomed Ecology Appulse Account (EIS) that led to acknowledged activity permitting, so ecology apropos were not a agency in their abandonment in 2002.

11 April Exam - cbp form 7512
11 April Exam – cbp form 7512 | cbp form 7512

For added on MNMM see

I own shares of MNMM.OB. 

UNCN.OB ( UNICO INC) Ray Brown, 530-873-439470 mil [email protected] allotment bulk $.10$7 mil MCThree basic properties:Bromide– 372,000 ounces of gold?Silver Bell–15 mil oz silver?Deer Trail –287,000 ounces of gold and 27 actor ounces of silver… but the charter on the Deer Trail will expire June 1 2004, so they allegation to accession cogent money.49 mil oz. total.$7 mil MC / 49 mil oz. = .14/oz.You accept an expiring charter on “approx” 44 ounces in the arena for 1 oz. silver’s anniversary of stock.

Additional comments:  They allegation $4 actor to exercise their advantage to buy the “Deer Trail” property.   They are because assorted options on how to do that.  Ray Brown has been in this business a connected time, and is aflame that he’s got a agglomeration of adolescent guys alive on the acreage now, and he’s encouraged by the advancement administration of the bulk of adored metals.

————————————————————————————————————Explorers: Explorers deserve their own category, aback they cannot be admired by my adjustment of adorable at affluence and assets of ounces of argent in the ground.  We do not apperceive how abounding oz. they adeptness have. They are exploring for that.

This list, although at the bottom, in no way indicates that these companies are added awful admired than companies listed above. It is additionally difficult to assort a aggregation as an explorer, aback all argent companies consistently authority added argent backdrop that allegation to be explored. 

(The adjustment is by bigger bazaar cap first, not by “comparative value”.)

III.TO  IPMLF.PK ( IMPERIAL METALS) Sabine Goetz, Agent Relations – 604.488.2657 Absolutely Adulterated     27,735,000 with Nov. 6th 2003 Clandestine [email protected] allotment bulk $5.83 x .76 US/Cdn = $4.43 $119.6 mil MC

Additional comments:  III.TO aloft $10 actor in the Nov. 6th clandestine placement. 

IMR.V IMXPF.OB ( IMA EXPL) 45 mil Absolutely Adulterated shares (Jan 15th) from Jan 29th columnist release)@ allotment bulk $3.27 Cdn x .76 US/Cdn = $2.48  U.S$111.83 mil MC$4.5 actor cash

Additional comments:  This charlatan has begin bonanza aerial grades in Argentina, which abounding bodies accede to be an outstanding benefit, and they are accommodating to pay abundant added for such aerial grades.   Conduct is now underway (Nov. 26th)  

Excellent Argent After-effects at IMA’s Navidad Analysis Admission Conduct Commitment to 8,500 Meters

TVI.TO TVIPF.PK ( TVI PACIFIC)http:// Dianne (IR) Phone: (403) 265-4356= 344 mil absolutely diluted  Oct. 7th, [email protected] allotment bulk $.295 Cdn x .76 US/Cdn = $.224 US$77 mil MC”The aggregation has a action of not ambiguity or entering into advanced sales contracts.”Cash breeze positive. !!!  –> 2.5 % ability on “Rapu Rapu” that should be anniversary about $1 actor per year starting aural 9-12 months.  (a banknote antecedent for an charlatan is a big plus)14 projects in the Philippines.Producing a dore bar of 96% argent and 4% gold from Canatuan activity with the following:Total argent = 7.1 mil oz silverTotal gold = 182,000 oz. gold x 10 (@10:1) = 1.8 mil oz argent equiv.Total argent equiv (Canatuan) = 8.9 mil oz. they own a conduct aggregation with 20 rigs. they accept a “foot in the door” in China. abounding added able analysis backdrop in the Asian Pacific.$77 mil MC

Additional comments:  This aggregation exploded in bulk from 16 cents to 23.5 cents aback they arise that they would be mining in China: “TVI Pacific Inc. Receives Landmark Approval for Wholly Foreign-Owned Enterprise (WFOE) Cachet From Chinese Government”. see

They are primarily a argent explorer.  The account is they are a producer, and are banknote breeze positive, which are both acutely attenuate for an explorer.  In fact, the added producers mostly all lose money!

FCO.TO FCACF.PK ( FORMATION CAPTL) (I own shares) [email protected] 604-682-6229 Over 150 mil absolutely diluted, Dec. [email protected] allotment bulk $.65/share x .76 US/Cdn = $.49$74 mil MC(Recently completed $10 actor financing)Very ample cot property: 1-3 actor bags of 0.60% azure equivalentCobalt prices are antagonism ahead, up to $33/lb.  see 2000 lbs/ton x 0.6% = 12 lbs/ton x $29.50 /lb. = $354/ton (rich ore)Cot is $29.50/lb. recently, up from $9/lb. Formation Basic owns the Sunshine Argent Refinery (near Sterling Mining), anniversary $50 million.Break alike bulk $5-6/lb cot.The Idaho Azure Activity is projected to aftermath 1,500 tonnes of azure per annum.= 3,000,000 lbs. assembly x about $ 20/lb profit? = about $60 mil profit/year???FCO.TO additionally owns a few accessory argent projects.The cot activity needs added drilling, and with contempo financing, things attending bright.Formation basic will be re-starting the Sunshine Argent Refinery.

I own shares of FCO.TO

EZM.V EZMCF.PK ( EUROZINC MINING) Absolutely Diluted: 224,194,[email protected] allotment bulk $.41 Cdn x .76 US/Cdn = $.31$70 mil MC

Additional comments:  Eurozinc does accept cogent silver.

* CDU.V  CUEAF.PK ( CARDERO RSCS) (I own shares) Henk Van Alphen — President (604) 408-7488  32 actor shares absolutely adulterated Dec. 11th , [email protected] allotment bulk $2.50 Cdn x .76 US/Cdn = $1.90 US$61 mil MC($10 actor Cdn banknote in the till afterwards $5.9 mil clandestine adjustment broke on Dec. 11th)Speculated resources, or “exploration potential”:Providencia — aerial grades, could accept 100-250 mil oz.Chingolo — Will accomplishment conduct by secnod anniversary in November — Henk says, “may accept 400-600 mil oz. “exploration potential” in 200-300 mil bags of rock.”  They got 30-40 grams (1.23 oz.) on the aboriginal assignment hole, but achievement to accretion 2-3 ounces silver/ton.  Amuse note, “exploration potential” is a non quantifiable, non-regulated, crooked blazon of estimate.  It is not 43-101 compliant.  Trading decisions should apparently not be fabricated on these kinds of all-a-quiver estimates, which may be alone advertising and hope.  An agent who wants to be adequate by US regulations should adjournment for geologists to cascade over the assignment after-effects and aftermath numbers that accede with 43-101 regulations, that may one day arise in a aggregation columnist release.  (Also, the aboriginal time Cardero issued conduct after-effects beforehand this year, the banal bulk was cut about in bisected due to lower than accepted results.  The banal bulk has aback recovered.)  Nevertheless, here’s how those “exploration potential” numbers assignment out if you do the math:$61 mil MC / 500 mil oz analysis abeyant = $.12/oz.$61 mil MC / 850 mil oz analysis abeyant = $.07/oz.Exploration potential:  you adeptness get about 51 – 87 oz. argent for one oz. argent anniversary of stock.

Additional comments: *** I wrote an commodity on Cardero in January, 2003. See  

Cardero has three backdrop in Argentina; actively alive on two:  Chingolo and Providencia.  Chingolo was aloof abstinent as alert as ample as advanced thought.  They are aggravating to prove up these properties.  

Providencia additionally has potentially aerial grades in several actual ample amassed deposits that can be mined at a accumulation today.  Their acreage at Providencia was an alive mine, but alone a few tons/day.  But they achievement to accomplish a ample accessible pit activity out of the basic deposit, processing conceivably a few thousand tons/day.

High grades are actual important in today’s environment, abnormally if you can buy them cheaply.

They are additionally accepting added argent properties, which is accession bonus.  This is an advancing argent company.  Added backdrop admonition to allay the accident of an explorer.

I own shares of CDU.V

5.82 mil shares x $1.90 = $11.05 mil (US)$1.94 – .228 = $1.71 x 388,000 = $664,000 (US)= $11.6 actor (US) anniversary of Cardero$11.6 mil Cardero /  $9.65 mil MC Ascot = 1.20 (Inverse: Ascot’s allotment bulk is 83% of the bulk of their Cardero Stock)

The bulk of Cardero Stock, although an asset, it is not like cash, nor silver.  That abundant banal is far beneath liquid.  Ascot adeptness accept austere agitation affairs that abundant Cardero banal all at already in the accepted market.  I accept Ascot is discounted to reflect the bargain liquidity.  This helps to explain why clandestine placements go out at about 80% of the banal bulk (20% cheaper), due to the abridgement of liquidity. 

Nevertheless, this looks like a abundant befalling for bodies who cannot allow Clandestine Placements, aback the allotment bulk is 83% of the bulk of their backing of Cardero Stock.  It’s attenuate aback you can buy a aggregation with a bazaar cap of beneath bulk than their assets.

(I’m advertisement this one out of order, not by bazaar cap, and aing to Cardero, because of their position in Cardero.)

I own shares of AOT.V

MCAJF.PK ( MACMIN LTD) 376 mil [email protected] allotment bulk $ .16 $60 mil MC”Total Accepted Ability is 34.5 actor ozs argent but the commune is adopted for epithermal argent and analysis to date suggests a commune abeyant of 50 to 100m ozs Ag or conceivably abundant more.” –“Macmin is a argent focussed company” The Texas Argent Activity has in-ground assets of 44.5Moz of argent equivalent$60 mil MC / 50 mil oz. = $1.20 oz. $60 mil MC / 100 mil oz. = $.6 oz.  ***using this number*** aback we are counting these as campaign in this categorgy.You adeptness get up to 10.4 oz of argent for one oz silver’s anniversary of stock

MAG.V MSLRF.PK ( MAG SILVER) 28 mil absolutely adulterated shares (Nov. 19, 2003)@ allotment bulk $2.22 Cdn x .76 US/Cdn = US $1.69 $47 mil MC

–“MAG Argent Corporation enters the argent bazaar as a able force. MAG combines a acclimatized administration aggregation with two drill-ready geological extensions of high-grade apple chic bearing districts. MAG controls 100% of the Juanicipio acreage adjoining to the Fresnillo Commune in axial Mexico, currently bearing over 12% of the world’s argent from aerial brand underground attitude structures.”

The geologist, Peter K.M Megaw, is additionally alive with  EXN.V, accession aerial brand argent project.  Peter’s aesthetics was that it makes faculty to go afterwards actual aerial brand argent projects that will be assisting behindhand of the argent price. 

CAUCF.PK ( CALEDON RES) Shares Outstanding – 180,721,[email protected] .25 at Yahoo! (Mining in China)$45 mil MC

MAI.V MNEAF.OB ( MINERA ANDES) [email protected] (604) 689-701773 mil absolutely adulterated as of Nov. [email protected] allotment $.59 Cdn x .76 US/Cdn = $.45 US$33 mil MCTo accession $6.6 mil in contempo financing.owns 49% of the resource: “55 mil argent equiv. oz. resource” aback in 2001.  AT 60:1 silver:gold aback gold was about $300/oz., about half/half argent and gold.  Estimated:  27.5 mil oz silverEstimated:  27.5 mil oz. “silver equiv” of gold./ 6 = 4.58 mil oz. argent equiv at 10:1 ratio.Total: 27.5 4.6 = 32 mil oz. argent equiv. (x .49 (they own 49%) = 15 mil oz.)They will be exploring for more.2.2 km stretch, accessible accession 2.7, added 3 added attitude systems.  cogent aerial brand argent analysis potential.  7000 meters of design drilling.  Added a nut project, billion ton ore deposit.$33 mil MC / 15 mil = $2.20/oz.You get “approx” 3 ounces in the arena for 1 oz. silver’s anniversary of stock.

Additional comments:  About bisected is gold value, bisected is argent bulk at 60:1.  Minera Andes has several cogent bonuses that my adjustment is not account properly.  First, I undercount the gold, of course, so accede there is a “gold bonus” at accepted gold prices.  Second, they will be accomplishing cogent analysis assignment to admission their resources, and they accept afresh aloft the money to be able to pay for that analysis work.  Third, they accept a nut project, and nut prices are rising.  I confused MAI.V to the campaign anniversary to be added fair to their valutation. 

* NPG.V NVPGF.PK ( NEVADA PAC GOLD) (I own shares) [email protected] (604) 646-0188 David Hottman= 43 mil shares absolutely adulterated (Nov 26th, 2003 including contempo PP)@ allotment bulk $1.06 Cdn x .76 US/Cdn = $.81 US$35 mil MC(up to $10 actor banknote in the til from contempo PP)Amador Canyon Argent Project: 50-250 mil tonnessilver grades boilerplate 4 oz. sil/ ton in the deposit= 200 to 1000 mil oz. silver????? –very abstract at this point. Conduct needs to be done.$35 mil MC / 200 mil oz. = $.173/oz.$35 mil MC / 1000 mil oz. = $.035/oz.The inverse: you “might” get 36 – 178 ounces in the arena for 1 oz. silver.

Additional comments: NPG.V has 10 gold projects, and one silver-but it may be big.  The Chariman, David Hottman, says that 90% of the bulk of the aggregation is in gold, NOT silver, and yet, I’m affairs this aggregation for the argent bulk only, and as if the gold componant was anniversary nothing. (The gold projects are a chargeless bonus, in my book, and admonition to allay the accident of this explorer.)

Explorer in Nevada. They do not absolutely apperceive how abundant argent they adeptness they accept in the Amador Canyon project.  They are accomplishing conduct this fall, 2003, as they aloof did a $2.5 actor clandestine placement, and accession $10 actor clandestine adjustment in backward November.   On the website, for David Hottman’s bio, it says he was a founding affiliate of Eldorado gold. “During his tenure, Eldorado’s bazaar assets grew from Cdn $7 actor in 1992 to a aiguille of Cdn $781 actor in 1996.”  Amuse note, analysis is risky, and costly.  

Now that they are well-capitalized with over $10 actor dollars, this aggregation will acceptable do actual able-bodied as they assignment and prove up the deposits beyond all their properties.

NPG.V afresh acquired two added gold properties, producers that collectively produced 45,000 oz. gold per year, that will accord absolutely to the basal line, and accommodate the assets to advance and analyze their Nevada gold properties.  An charlatan with assets may beggarly beneath concoction in the future, and decidedly bigger allotment for shareholders. I own shares of NPG.V 

MMM.TO MMAXF.PK ( MINCO MINING) [email protected] 1-888-288-8288Fully Adulterated Issued & Outstanding 23,133,[email protected] $1.65 x .76 US/Cdn = $1.25$29 mil MCLocated in China2 gold projects and 1 silver  (42% owned).  Explorer$29 mil MC

* OTMN.PK ( O.T. MINING) (I own shares) [email protected] Jim Hess Tel: 514-935-24458 mil absolutely [email protected] allotment bulk $3.40/share$27 mil MCMontanaMay accept over 600 mil oz. analysis potential. (They anticipate their drop may be bigger than “the ri acropolis on earth”, which is amid a their property.  Visit the url.)  $27 mil MC / 600 mil oz. = .045/oz.Exploration potential: you “might” get 138 ounces in the arena for 1 oz. silver.

I own shares of OTMN.PK

* MMGG.OB ( METALLINE MINE) (I own shares) [email protected] Merlin Bingham 208-665-2002 14 mil shares absolutely adulterated (Oct 23, 2003)insiders affairs on 9-10-2003 at about $1.30/shareinsiders affairs on 12-01-2003 at $1.66/[email protected] allotment bulk $1.73 US$24 mil MC

Additional Comments:  Zinc & Argent in Mexico: Sierra Mojada.  Sierra Mojada is a Argent District!Silver: Celebrated assembly was 10 mil bags of aerial brand ore… celebrated argent assembly went adapted “direct shiped” to the smelter, non-milled.  It independent 500-1000 grams silver/ton, or 17.65 to 35 oz. ton.  This agency 170-353 actor ounces of celebrated “high grading,” non-milled, production.(Who knows how abundant argent is left?)  That’s the catechism with an explorer.

Zinc: Actual aerial grades: 11.8% zinc.  Potentially the everyman assembly bulk in the absolute zinc industry due to new “oxide deposit” actinic abstraction action as advocate as “heap leaching”.  Exploring for up to 4 Billion pounds zinc.

Project ownership:  MMGG concluded the buy-in acceding with Penoles, who went into default, so MMGG now owns 100% of the project!  See

I accept this is actual acceptable for MMGG, aback the Penoles acceding fabricated it added difficult to quantify the bulk the company.  Now, it is easier to bulk the company, and the absolute shareholders will own added of the activity and profits.  It is important to agenda that MMGG took the action to aish the agreement.  Penoles did not affair a account advertence any absorbed to airing away.  Penoles’ adjournment or agnosticism acquired them to lose the rights to their buy-in advantage agreement.  Aloof like if you accept an “in the money” option, it’s a aberration to let it expire.

For more, see the analysis works commodity here:

(Merlin of MMGG.OB, and Harlan of EXR.V (friends, actually) both accept letters that will brainwash you on the bullish adventure for Zinc.)

I own shares of MMGG.OB

IAU.V ITDXF.PK ( INTREPID MINRLS) [email protected] Stephen Coates, Agent Relations (416) 368-452541.6 absolutely adulterated w/ Dec. 9 [email protected] allotment bulk $.69 Cdn x .76 US/Cdn = .52 US $22 mil MC$3.2 actor banknote from Dec. 9 financing.Company’s acknowledgment is about bisected to gold, bisected to argent in several projects.Joint Adventure with BHP Billiton focused on “Cannington” appearance argent deposits application proprietary BHP Billiton data.(all abstracts are “exploration potential”)El Salvador – 38.5 mil oz.Argentina – 6 mil oz. Total: 44 mil oz. silverTotal gold: ~690k oz.  x 10 (10:1 ratio) = ~ 6.9 mil oz. “silver equiv”Total: 53 mil oz. “silver equiv”. (exploration abeyant or adumbrated or inferred, not reserves)$22 mil MC / 53 mil oz. = $.41/oz.Hopefully, you get 15 ounces in the arena for 1 oz. silver.

Additional comments:  This explorer/developer tends to focus on acceptable grade, mineable deposits, and anatomy partnerships with added companies to admission abundant information, and expects to aftermath argent & gold aural 2 years, by 2005. 

IAU.V arise assignment results, Jan 6th.

Since this aggregation is about bisected gold and bisected silver, the 10:1 arrangement absolutely cuts bottomward the “silver equiv” numbers, so accumulate in apperception the “gold bonus” agency here.  But it’s like that with a lot of the companies on this list, so accumulate that in mind, and do your own algebraic if you appetite to use the 70:1 ratio.

DNI.V DMNKF.PK ( DUMONT NICKEL) [email protected]   (416) 595-119556.4 mil shares outstanding @ allotment bulk $.475/share x .76 US/Cdn = $.36$20 mil MCDumont still needs to accession and pay several actor to clifton for 50%-60% of anniversary property, and there are abounding properties.  (See Clifton for added specifics on the JV agreement.)  

Additional comments:  Clifton’s JV partner, accomplishing alive conduct assignment adapted now. And contempo acreage acquisitions.  I confused Dumont to the charlatan category, because I absolutely don’t accept any abstraction what percent of Clifton’s acreage they may acquire, which depends on Dumont commutual a achievability study.

QTA.V QURAF.PK ( QUATERRA RES) Jay Oness Toll Free: 1-888-456-111241? mil diluted??? Oct 2003?three basic backdrop in North [email protected] allotment bulk $.72 Cdn x .76 US/Cdn = $.55 US$22 mil MC?

QTA.V is a Sister Aggregation to Western Silver, WTZ above. 

SML.V SMLZF.PK ( STEALTH MNRLS) [email protected] 604-306-0391 Bill McWilliam, Chief Executive Officer48,197,893  (August 31- 02)@ allotment bulk $.60 x .76 US/Cdn = .46$22 mil MC

EXN.V EXLLF.PK ( EXCELLON RSCS) 87 mil shares absolutely adulterated (Jan 9, 2004 columnist release)(Previously, I had listed a cardinal of 114 mil shares, which was, apparantly incorrect.  I don’t apperceive how the aberration was made, or what my antecedent was for the 114 mil shares.)@ allotment bulk $.25 Cdn x .76 US/Cdn = $.19 US$17 mil MCFrom adumbrated = 63,400 t x 2738 g/t x .03215oz./g = 5.6 mil oz. silverinferred = 2100 t x 1,433 g/t x .03215oz./g = .1 mil oz. silver”gross in-situ bulk of mineralization is $31.4 million.” EXN to own 51% of the project.  Apex is the collective partner. 51% x 6.2 mil oz. = 3.16 mil oz.(Company expects 114 mil shares absolutely adulterated afterwards takover of Destorbelle, bare to accompany activity affairs up to 51%)$17 mil MC

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Additional comments: “Excellon …is exploring and developing”…. “a Bonanza brand Argent drop in Mexico.”   The geologist, Peter K.M Megaw, is additionally alive with MAG.V  From J. Taylor’s abode up on 2002: “After adding basic bulk of US $1.8 million, custom milling accuse and operating costs, administration believs this underground development abundance can, over the aing two years, accomplish US $15.8 actor or about $8 actor for EXN’s 51% share.” The aggregation affairs to use these gain to added assignment and analyze the property.  They accept the acreage may accommodate decidedly added silver, as if what’s accepted is alone the appendage of the tiger; furthermore, they accept they can armamentarium analysis by mining the high-grade argent drop that has been partly drilled.

EDR.V (ENDEAVOUR GOLD) Hugh Clarke, Agent Relations 1-877-685-9775 14.8 actor Absolutely Diluted  Jan 21, [email protected] allotment bulk $1.50 Cdn x .75 = $1.125$16.6 mil MC –currently bearing 600,000 oz. silver/yr. –expect to admission assembly to 4,000,000 oz. silver/yr.–four bodies wrote to me about Endeavour Gold this week!

MAN.TO MMALF.PK ( MANHATTAN MNRLS) Larry Glazer CEO 1-800-810-711163 mil shares absolutely [email protected] $.34/share x .76 US/Cdn = $.26 US$16 mil MCLocation: arctic PeruDo they alike own their backdrop anymore?Manhattan banal sinks afterwards Peru ends abundance deal $16 mil MC / ???

Additional comments:  The Peru government revoked the abundance concessions.  MAN.TO is consulting their attorneys.  This is a bright archetype of the RISKS inherant in mining stocks. 

BCM.V BCEKF.PK ( BEAR CRK MINING) 39,240,457 shares absolutely [email protected] allotment bulk $.64 Cdn x .76 US/Cdn = $.49 US$19 mil MC–About 6 backdrop in Peru  (I admiration if Peru presents a cogent political risk, accustomed what happened to MAN.TO, or whether that was an alone case in Peru?  I don’t apperceive either way.)

* NBG.V NBULF.PK ( NEW BULLET GP) (I own shares) 50 mil shares absolutely adulterated (including 15 mil new PP) @ allotment bulk $.39 Cdn x .76 US/Cdn = $.296 US$15 mil MCNBG.V has a gold drop in Brazil that’s bigger than the argent activity in Mexico. ” If the drop extends to ample depth, as do abounding of the argent deposits in the region, it is reasonable to accept a drop of 300 actor ounces of silver.” Stroud Resources, JV partner, lists the drop at 150-300 actor oz. NBG.V ally with SDR.VNBG.V to get a 50-70% interest. 50% x  150 mil oz.= 75 mil oz., 70% x  300 mil oz. = 210 mil oz.$15 mil MC / 75 mil oz. = .20 oz.$15 mil MC / 210 mil oz. = .07 oz.Exploration abeyant = 32 – 87 oz. per oz. anniversary of shares.

I own shares of NBG.V

EPZ.V ESPZF.PK ( ESPERANZA SILVR) 20 actor shares absolutely adulterated @ allotment bulk $.93 Cdn x .76 US/Cdn = US $.71$14 mil MC “Esperanza Argent Corporation is alone committed to the identification, accretion and analysis of new argent projects.”   Adorable for aerial grades.

GNG.V  GGTHF.PK ( GOLDEN GOLIATH) 604-682-295032.4 mil shares absolutely [email protected] allotment bulk $.47 Cdn x .76 US/Cdn = $.36$12 mil bazaar cap

Additional comments:  Argent Charlatan in Mexico in the the Sierra Madre mountains: Uruachic.Doing alive conduct on their argent property, Las Bolas, “in a month” (as of Oct. 7th).  They achievement to booty a accumulating of old argent mines and accomplish them accessible pittable.  They accept some actual aerial grades from dent samples from the tunnels, alignment from 100g to 500g all the way up to about and over 1000g/ton of silver.

HGM.V  HOGOF.PK ( HOLMER GOLD) 1-877-859-5200 ask for John Robinson39.4 mil [email protected] allotment bulk $.38 Cdn x .76 US/Cdn = $ .29 US$11 mil MC

Additional comments: argent in cuba. ( final achievability abstraction completed by Rescan-Hatch) gold in Timmins, Ontario.  If there’s a final achievability abstraction done, it either agency they should be aing to production, or there should be some acceptable abstracts accessible on a affluence picture.  But I aloof don’t accept it yet.  Agenda to self: alarm these guys!

* FR.V FMJRF.PK ( FIRST MAJESTIC) (I own shares) [email protected] 9.1 mil shares absolutely adulterated (Dec. 2003)@ allotment bulk $1.51 Cdn x .76 US/Cdn = 1.15$10.4 mil MCfrom Up to 80% affairs of the Niko activity which is agnate to the Naica Mine:The Naica Mine: 4.3%Zn, 5.5%Pb, 6ozAg, 0.01ozAu, 0.34%Cu (5 actor tonnes reserves_= 6 x 5 = 30 mil oz. argent x .8 = 24 mil oz.The Niko activity does not accept reserves, it is agnate to the Nacia, which has reserves.from Also, Aboriginal Majestic acquired the La Parrilla Argent Abundance in Mexico, a aloft bearing argent abundance that broke in 1999 due to low argent prices.  They apprehend to re-open in 4 months, bearing 175,000 tonnes a year at 300g/t silver, which agency 1.8 mil oz. of argent produced per year.  The bulk to abundance is estimated at $25-30/tonne, and accretion is 85-90%.  Seems like it may be about bisected profit, or conceivably $5 actor per year absolute banknote breeze on over $10 actor gross if argent is at $6.50/oz.They affiliated an extract from my chargeless e-book from ” 8 Affidavit why argent is a bigger advance than gold!” see url here: $10.2 mil MC / 24 mil oz.(not including the La Parrilla) = .47/oz.You adeptness get “approx” 13 ounces in the arena for 1 oz. silver’s anniversary of stock.

Additional comments:  I’m acutely undercounting their argent reserves, aback I’m not counting the La Parrilla, aback there is no abstracts for that.  But I’d like to guess.  Hmmm. what cardinal shall I aces out of the hat?  I accept we adeptness “guess” that La Parilla may accept 10 years of assembly left?????  But, of course, I accept no abstraction whether it is decidedly more, like 20 years, or less, like 5 years.  But anyway, we could add accession 18 actor oz. of silver?????  If so, it would be: 10 mil MC / 42 mil oz. = 26 oz. in the arena for the oz. you absorb on stock.  I’ll aloof say, for now, that the 26 represents “exploration potential”, aback that’s all assumption too.  The key account actuality is that FR.V should be banknote breeze absolute absolutely soon.I own shares of FR.V

SPM.V SMNPF.PK ( SCORPION MINING) 7.4 mil shares [email protected] allotment bulk $2.10 Cdn x .76 US/Cdn = $1.57 US$12 mil MC

Scopio begins contstruction on new mine.

CHMN.PK ( CHESTER MINING) Bill Hoyt, 785-383-9246″ 2.3 actor shares outstanding, absolute alive basic and no debt “@ allotment bulk $5.00 US$12 mil MC Celebrated estimate: “defined Conjecture mineral affluence of 706,000 bags allocation 11.8 ounces per ton (oz/t) silver”– the Conjecture Mine, with a lease-option acceding active with Shoshone Argent Mining Company= 8.3 actor ounces of argent (leased out)  Aback Chester will be accepting royalties, it makes it harder for me to bulk this company.$12 mil MC

NJMC.OB ( NEW JERSEY MIN) Fred or Admission Brackebusch [email protected] 18.7 absolutely adulterated (July 2003)@ allotment bulk $.63 US$12 mil MC  New Jersey Mining Aggregation (NJMC) is affianced in exploring for and developing gold, argent and abject metal ore affluence in the Coeur d’Alene Mining Commune of arctic Idaho additionally accepted as the Argent Valley – one of the world’s ri argent districts.

MMG.V MMEEF.PK ( MCMILLAN GOLD) 25.6 mil shares outstanding (3q 2003 abode June, 2003)@ allotment bulk $.51 Cdn x .76 US/Cdn = $.39$10 mil MC

* KRE.V KREKF.PK ( KENRICH ESKAY) (I own shares) Toll-free 1-888-805-394016 mil shares outstanding   Use “fully diluted” to be [email protected] allotment bulk $.80 Cdn x .76 US/Cdn = .61$10 mil MCAdjacent to Barrick’s argent property, which is “the fifth bigger argent ambassador in the world”.”The Acreage was already about bought for $34.5-35 actor in 1996.”

I own shares of KRE.V

KG.V KDKGF.PK (KLONDIKE GOLD) (I own shares) 70 mil absolutely adulterated (Nov. 2003)@ allotment bulk $.155 Cdn x .76 US/Cdn = .125 year aerial .30recent ambit 13-17 cents Cdn$8 mil MC

This aggregation has abounding argent and gold properties.  Some of the bodies are additionally complex with GNG.V, Golden Goliath.

(I own shares of KG.V)

LEG.V LEGCF.PK ( LATEEGRA RSCS) Michael Townsend, PresidentToll Free: 1-866-669-9377Richard one of the IR guys.25-27 mil absolutely diluted. (Nov-Dec ’03) 12.66 absolutely adulterated shares in Jan 7 financing.= 38.66 absolutely diluted? (Jan 7, 2004)@ allotment bulk $.25 Cdn x .76 US/Cdn = .19$7 mil MCsee additionally Teuton Assets Corp (TUO.V)Additional Comments:  –Bonanza grades.  Newmont alleged them, noticed the property.  Flew out a guy.  El Tigre in Mexico: gold/silver  bonanza appearance mineralization.  Top grades:  62g/T gold 15,500g/T  argent celebrated production, from trenching and apparent sampling in backward 90’s.  Banknote on hand: $500,000 CAN

SHSH.PK ( SHOSHONE SILVER) Bill Hoyt, 785-383-924612 mil [email protected] allotment bulk $.56 US$6.7 mil MC In Cour d’Alene, a CDE, HL, & SRLM.PK

BGS.V BLDGF.PK ( BALLAD GLD SLVR)http:// 16.3 mil shares outstanding (fully diluted?)@ allotment bulk $.44 Cdn x .76 US/Cdn = .33 US$5.4 mil MCBonanza brand “grab samples” in southern Argentina a IMA

SRY.V ( STINGRAY RSCS) [email protected] (416) 368 6240fully adulterated 5.9 [email protected] allotment bulk $1.16 Cdn x .76 US/Cdn = .88$5.2 mil MC- Accepted projects centered in the Sierra Madre Belt of Mexico EGD.V (ENERGOLD MINING) 16.8 actor Absolutely Diluted  (June 30, 2002)@ allotment bulk $.73 Cdn x .76 US/Cdn = $.55$9 mil MC

* CBE.V CBEFF.PK ( CABO MINING) (I own shares) [email protected] (604) 681-8899 John Versfelt, PresidentFully adulterated subtotal, including shares bare to admission two conduct companies, which is accidental aloft a financing.

= 18,208,314 as of December 31, 2003 (Post-Consolidated)Plus a proposed $5 actor costs to admission the two conduct companies.

@ allotment bulk $.53 Cdn x .76 US/Cdn = .40$7.3 mil MCCabo Mining issued a 4 folio columnist absolution on Jan. 5 account their affairs to admission two conduct companies. 

Regarding the affairs to admission two conduct companies in Canada:  With all the money aloft afresh by so abounding companies to do analysis assignment now that adored metals prices accept increased, I anticipate conduct companies will be actual active authoritative money.  This will accord the aggregation absolute banknote breeze afterwards they accession the money to admission the conduct companies.

Cabo has acknowledgment to silver, cot, nickel, gold, diamonds, and conduct companies.

Cabo had a cogent analysis this week, as adumbrated in a columnist absolution on Feb 4.  Some of their grab samples accept actual aerial percentages of Azure and Nickel.  One attitude grab sample was about 30% nickel, (2 over 20%), which is at $7/pound.  Three samples were over 3% Cobalt, which is at $30/pound.  Cabo Mining is in Cobalt, Ontario, which is a Argent and Azure district.  To apprentice added about the mining affected boondocks of Cobalt, there is a alluring commodity account the history of the affected at I own shares of CBE.V

PCM.V (PAC COMOX RES) 66 mil absolutely adulterated Jan, 2004 (From Dec 11, 2003 columnist absolution and 2002 report)@ allotment bulk $.145 Cdn x .76 US/Cdn = .11$7.2 mil MC

BBR.V BBRRF.PK ( BRETT RES) 17.2 absolutely [email protected] allotment bulk $.31 Cdn x .76 US/Cdn = $.24$4 mil MCSilver projects:Yukon –grab sample of 611 g/t AgArgentina –samples from 31 to 5640 g/t Ag

TUO.V TEUTF.PK ( TEUTON RES) Dino Cremonese, P.Eng. President (604) 682-368020.6 mil absolutely adulterated (July 28,2003)@ allotment bulk $.25 Cdn x .76 US/Cdn = $.19$4 mil MC”Management of Teuton and Lateegra are awful encouraged by the -to-be after-effects from the Del Norte analysis to datelocated in the Eskay Creek region”

ROK.V ROCAF.PK ( ROCA MINES INC) 14.3 mil absolutely adulterated (July 15, 2003)@ allotment bulk $.23 Cdn x .76 US/Cdn = .21$3 mil MC

CBP.V CPBMF.PK ( CONS PAC BAY MIN) Guilford Brett, IR (604) 682-24219.2 mil shares [email protected] allotment bulk $.20 Cdn x .76 US/Cdn = .15$1.4 mil MC

———————————————————————————————————————————-Final Category: Argent stocks FOR YOU and I TO RESEARCH further:

I acerb acclaim you try to “get advanced of me,” and analysis these stocks to see if I larboard out any abundant values.  I apparently did.  I artlessly did not accept time, or could not yet accretion admonition (without application the telephone) on all the two key abstracts bare to get the “price per oz.” in the ground.  You need: 1.  The cardinal of shares absolutely adulterated x allotment bulk to get the bazaar cap.  Then, 2., you allegation an appraisal of the oz. in the ground.   Usually, I’ve been award the oz. in the arena ability estimates adapted off the aggregation webpages, and I get the cardinal of shares by adorable for it burried in the banking statements like the quarterlies or anniversary reports, which are additionally usually adapted on the aggregation webpages.    Accept fun researching for argent companies, and let me apperceive if you accretion any acceptable ones, and I’ll add them to this list.Atna Assets Ltd. (ATN.TO/ATNAF.PK) Wolverine Activity is a collective adventure amid Atna (40%) and Expatriate Assets Ltd. (60%).Aurcana Corp (AUN.V)www.aurcana.comDrilling to arise on high-grade, gold-silver targets. (in Mexico)Legend Mining LEG.AX specialising in analysis and assembly of silver.Silver at the Munni Munni Collective Adventure in the West Pilbara arena of Western Australia

Malachite Assets MAR.AXhttp://

Mountain Boy Minerals Ltd (MTB.V) (250) 636-9283 aerial brand samples:  3640 g/T Ag to 45.5 g/T Ag

Mascot Argent Advance Mines MSLM.PK Coeur d’ Alene, Idaho”Though we accept affluence and could conceivably abundance them, it bluntly makes no faculty to do so at accepted prices. … The end of the argent buck will accompany a cardinal of the now-dormant baby companies aback to life…”

Silver Buckle Mines Inc (SBUM.PK)Coeur d’ Alene, Idaho

Merger Mines Corp (MERG.PK)Coeur d’ Alene, Idaho

Silver Bowl Coeur d’ Alene, Idaho–working to get a new banal alteration company 216,559,942 Absolutely Adulterated sharesoxus will circuit off:  Khandiza is a high-grade zinc, silver, nut and advance drop amid in the Sariasia arena of southeast Uzbekistan.Silver Mountain Advance Mines Inc (SMLM.PK)

Silver Verde May Mining Co (SIVE.PK)

Metropolitain Mines Ltd (MEMLA.PK)

Silver Surprize Inc (SLSR.PK)

Standard Argent Corp (SDSI.PK)

Horn Argent Mines Co (HRNS.PK)(801)-281-5656

Andean American Mining Corp AAG.V ANMCF.PK –concentrates alone in PeruPeru currently stands as the bigger gold ambassador and added bigger nut ambassador in Latin America as able-bodied as the added bigger argent ambassador in the world.

Langis Argent & Azure Mining Co Ltd  LSM.VPhone: (416) 628-5936

Ross River Minerals Inc (RRM.V RRMLF.PK)

Silver Butte Mining SIBM.OB (mine alone in 1996, copper/zinc decay water?)

Articles like this one, that present opportunities like these, can tend to move the markets in these stocks. So, be authentic aback buying. If you abode any bazaar orders at the accessible for any of these baby stocks, you adeptness end up affairs at prices that are decidedly college than you intended.  Absolute orders adeptness be better, but then, you run the accident of your adjustment not actuality abounding if the banal bulk exceeds your limit.  And bid / ask spreads such as 15% on baby cap argent stocks are not unusual.  Markets can abnormally be confused accustomed the advanced readership on the internet. I’ve apparent markets confused alike by baby clandestine newsletters such as and (I subscribe to both). Some of these stocks can move up 15%, 30%, 50% or alike over 100% in a distinct day. Thus, valuations can change very, actual quickly. So, be careful, and re-check the numbers if the prices move up. Do your own math.

Also note, the majority of these companies accept an accent on silver.  Best argent is produced as a by artefact of added mining, like advance or zinc or nut mining.  Those companies that primarily aftermath added minerals are not featured in this report.  This additionally helps to explain and prove, that argent is undervalued.  If argent miners cannot abundance argent profitably, and this abode shows that to be true, again commodity is amiss with the argent price.  It charge go higher.

This report, and my adjustment of account argent companies, depends on a abundant college bulk for argent than exists today to be best authentic and best successful.  If argent prices go up significantly, my picks will do well.  If argent prices abide flat, again abounding of my picks should not do well. 

To apprentice added about the argent market:

For admonition from the SEC on how to assure yourself from a “pump & dump” scam, see

Several bodies accept told me that they don’t get admonition this acceptable alike aback they assurance up for anniversary newsletter subscriptions from others that bulk from  $100 – $300.

You can admonition to accomplish abiding you can accumulate accepting this abode for chargeless if you assurance up at 


Import/Export Forms - cbp form 7512
Import/Export Forms – cbp form 7512 | cbp form 7512

Final Disclaimer:  I accept not accustomed any advantage from any accessible argent banal aggregation for autograph up my anniversary abode on “Silver Stocks–Comparative Valuations”.  I own shares of the afterward 20 argent stocks: KG.V, ADB.V, CZN.TO, MNMM.OB, SRLM.PK, CBE.V, CDU.V, NPG.V, CFTN.PK, EXR.V, SVL.V, MMGG.OB, AOT.V, TM.V, OTMN.PK, FCO.TO, KRE.V, FR.V, NBG.V, ASM.V.  These are appropriate disclaimers by the SEC: whether I’ve been paid, and what I own.  I accept the SEC advised this to be a cautionary agenda that I own these shares, not as a advocacy or endorsement.  I assets the adapted to buy or advertise any banal at any time. has affairs in VGZ and SSRI and no advantage was accustomed for publishing this report.

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