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Wednesday, April 21, 2010 5:32:01 PM

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What Bob M. wrote. He's biased toward Minco.

Bob Moriarty
Archives
Jan 27, 2010

"...Contrary to what Alberta Star has been saying in press releases, they do not have a binding contract for the Sunshine Mine and mill. When a company is in bankruptcy, the Court determines the terms of deals, not the debtor-in-possession. That was little more than a publicity gesture from Alberta Star that was pretty meaningless. If the market took them seriously, they might be selling for more than the cash they have on hand.

We will learn in three weeks just how many people intend to bid for the Sunshine. Minco Silver is going to bid; I think we can safely presume Alberta Star will. Others might. Anyone who has not put in a deposit by February 15th and been qualified may not bid. We will learn on April 5th just who the next operator of the Sunshine Mine will be. (dates were pushed back--M)

Just as a matter of interest, Minco Silver has announced receipt of their Land Use Permit for their Fuwan project in China on the 25th of January. Minco is in the process of acquiring the surface rights to the property in order to begin mine construction. Production could begin in mid 2012 of 5.5 million ounces of silver per year with a cash cost of about $5.65 an ounce with an IRR of 46% at $16 silver.

Presently Minco Silver has a market cap of about $71 million less about $12 million in cash and another $9.5 million invested in Sterling. Either they end up with the Sunshine or they get their money back. Both are good alternatives but it makes Minco one of the closest to production primary silver mines in the world.

My opinion is that Fuwan all by itself is worth a lot more than the present market cap. If Minco captures the Sunshine, it's an entirely new game with a new valuation. A higher valuation. Fuwan has 101 million ozs of silver in indicated and inferred resource, and 55 million ozs Ag reserves.

We are shareholders; I do have options on both Minco Gold and Minco Silver as a consultant to Minco. I am biased. Minco is an advertiser.
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