Interessant....... (vom 04.07.07)
INVESTMENT OPINION
Site visit confirms BIPAR (Bathurst Inlet Port and Road Authority) option for property access is the best choice available for development of this significant resource. We feel that, at these levels, Sabina Silver represents good long-term value.
ANALYSI S
BIPAR is key to project development: We recently had the opportunity to visit the Hackett River project in Nunavut. As part of our site visit, we flew the two proposed access routes by helicopter. One option is a northern road that connects High Lake, Ulu, and Lupin to the Coronation Gulf (Arctic Ocean), and the second option is a road eastward from the lake, on which the Lupin is located, to the bottom of the Bathurst Inlet. The organization proposing the Bathurst Inlet scenario is the Bathurst Inlet Port and Road Authority (BIPAR).
In our opinion, the BIPAR option is clearly the superior access route to Hackett River. Not only is the distance shorter (105 kms), but the terrain eastward is gentler and easier to build on. We believe that Hackett River is a significant resource – the only question now is how best to develop the project, and site access is an important element of the process. New resource in early 2008: As part of the pre-feasibility process, SBB is extensively completing in-fill drilling of the known resource. The intent is to increase the confidence level of the resource by converting inferred mineralization to measured or indicated. Drilling should be completed by early fall, resulting in a new resource statement early in 2008. While tonnage should
creep higher, we expect more of the resource to be classified as measured or indicated. Potential for new mineralized area: In addition to in-fill drilling, SBB intends to test a new area for mineralization called Patricia Lake, which is less than 1.0 km from the East Cleaver and Boot Lake zones, and has a similar geophysical expression as the known deposit. Drilling is to commence shortly, and results may be available by early August.
Strong cash position: With the recently completed monetization of SBB’s
share position in Wolfden, the company is fully funded through feasibility, with C$52 million in cash and C$5.5 million in Premier Gold shares. The company has C$17 million budgeted for Hackett River in 2007.
AMEC to complete feasibility: On May 31, 2007, SBB announced the
appointment of AMEC Americas Ltd. to provide technical support services and prefeasibility assessment for Hackett River. AMEC has extensive experience working in the Arctic, including the Ekati Diamond Mine, Pogo Gold Mine, and the Red Dog Zinc Mine.
Waiting for snow to melt at Del Norte: The above-average snow-pack in
British Columbia this year has delayed the onset of exploration at the
company’s Del Norte gold project in the Stewart-Eskay Creek area. The
company has C$600,000 budgeted to drill the project.
Red Lake looms in the background: With drilling planned for September, SBB has C$1 million budgeted for the property in 2007. Preliminary work has commenced to define drill targets.
Strategic partner in place: In December 2006, Silver Wheaton purchased
14.2% (19.9% fully diluted) of SBB in a private placement. This gives SBB an important strategic partner with downstream marketing capacity in the silver market.
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Eine weitere Headline (Port-Location allerdings noch offen...)
ESQUIMALT, B.C. -- Abandoning an election promise to put powerful armed icebreakers in the Arctic, Prime Minister Stephen Harper yesterday said his government will spend $3.1-billion for six to eight Canadian-made patrol ships capable of operating in ice up to a metre thick, and that a deep-water port will be built to service them.
--> Der letzte Satz ist wohl der WICHTIGSTE.
D.h., auch die Regierung hat starkes Interesse an einem Port....
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