Replies to post #38379 on One Step Ahead

[Downunder]

MYNG

Thanks Bo it does look like a good middle long term hold I dont own any yet.
It may drop a little but certainly would like 200,000 or so at these prices.

Downunder, re: MYNG

I give them an A for effort and gold production given some tough situations in 2004. Some of those tough situations have past now. Even though on April 1st they filed for an extention to file their 10K, their revenue from mining operations will be between $1,000,000 and $1,500,000. They are obviously focusing on the Buen Futuro mine and have secured the #3.5 million in financing to set up operations for the remainder of the year.

Their balance sheet is a D+, C-,but may improve as their high initial start up costs for some of these mines evolve.

Because of the dilligence and real effort in mining production in the past, their concentration in many ways to Buen Futuro tells me they see bang for the buck here. Between their Cangalli and Buen Futuro mine they estimated 97,860 troy ounces of gold and 82,000,000 pounds of copper as the probable reserves from these mines.

Their Cangalli mining operation ran into a snag when citizens formed a roadbloack in opposition to government policies. Good news for them is that the road block is no longer in place. However there is still a snag in pension issues between the government and mining companies. In August progress was made when Bolivia established a Ministry of Mining and Metalurgy to help deal with these and other issues. It will be interesting to seein their 10-K how this matter at the Cangalli mining operation has progressed.

Their o/s has remained fairly stable. Any current financing efforts (including their most recent $3.5 million) appears to coming from debt and not equity financing which helps to keep the pps stable and keeps open the oppotunityfor a run up if good news hits. This $3.5 million is being target to establishing their mining equipment at the Buen Futuro mine for production.

It's not a get rich quick company, but at .033 if their share structure remains stable and the Buen Futuro mine is as good as they think it will be in 2005 and beyond, it could be a decent buy and hold for a year if you are not interested in trying to trade in and out of the stock during peaks and valleys during that time.

Good luck Downunder!