Value Microcaps Junior Miners

[dr_airtime]

USA.TO

No. I sold like half near 5.80 on the second trip up I think and then used all those funds again at 5.10. I don't need to any more so just holding.

Here is a quick and dirty picture of year 1 from San Rafael applying current spot prices (well Zinc @ 1.50, not 1.40) for a picture of what 2018 will look like from San Rafael alone. Reference is page 154 and 155 of pre-feas. All amounts in $USD.

http://www.americassilvercorp.com/i/pdf/reports/SanRafaelReport.pdf

900k oz Silver @ 17 = $15.3mm
32.7mm lbs zinc @ 1.50 = $49.5mm
15.3mm lbs pb @ 1.20 = $18.4
Total Revenue $83.2mm
Smelter Treatment ($14.1)
Smelter Return $69.1mm
Year 1 Op costs ($22,0mm)
Year 1 Operating CF $47.1mm
Year 1 devel. capex ($19.3mm)
Free Cash Flow $27.8mm

AISC from San Rafael (22.0 + 19.3 + 14.1 - 18.4 - 49.5) = ($12.5mm)/900k ounces = negative ($14)/ounce applying zinc and lead as by-product credits.

Until I did that I didn't realize how much development capex there in in year 1 in the mine plan. There is probably a big portal extension here.

San Rafael is not a silver project but these are the types of metrics USA will be compared against.

That is an awesome operating CF number if they can deliver with $22mm of operational costs at San Rafael. Project looks great if zinc prices stay up here.

Keep watching EXN.TO as Americas and Excellon are moving in lockstep.