Value Microcaps Junior Miners

[dr_airtime]

USA.TO - highlights of Denver Presentation

Link won't work unless you go back to PMS conference website but anyways....

http://www.gowebcasting.com/events/precious-metals-summit-conferences-llc/2017/09/19/americas-silver-corporation/play/stream/23114

- claim to be lowest AISC silver producer in world in 2018 (zinc and lead credits here)

- in their P&P + M&A + Inferred resource base they have a billion pounds of led and 700M lbs of zinc in addition to silver (about 80M oz of silver in three categories)

- cash balance will bottom at $6M in November 2017 before increasing once cosala is online

- 60% institutional shareholder base - very high for micro silver. Mix of Canadian and American institutional.

- The $15M glencore pre-payment facility was only at LIBOR + 4.5% back in 2016 - speaks to quality of Cosala (130% unlevered project IRR)

- 27 historic mines @ Cosala - mostly open pits that didn't go underground. They announced great step-out results about a month ago. 4M tons of 200g/t in zone 120. Aiming for 5M tons in M&I category and go straight to pre-feas to bring the next mine on line instead of mining at the end of the life of San Rafael. Minimal capital required here because

- 1.6-2M dollars to expand San Rafael mill which they think they will do in 2018 based on zone 120 exploration success.

- own 100% of properties, no royalties, no streams, no partners.

- On new acquisition the veins they have (5M tons) move onto Penoles ground so they are trying to do a deal here.

- 7.5M oz production in 2017. Potential from a triple here still.

I did ending up selling 50% of my holdings at 5.75 and have bought most of it back now at 5.10. Still have a bit more to buy.