john ing on mining shares

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A project so robust that we can mess up and still make a lot of money

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john ing on mining shares

posted on Dec 19, 2008 08:19PM

john ing expects fresnillo to make a higher offer:

Mag Silver Corporation

As expected Fresnillo Corp, the biggest silver producer in Mexico, has made a "take under bid" for Mag Silver, for the Juanicipio joint venture where Mag and Fresnillo have outlined an inferred silver resource of 238 million ounces. Mag's share is 140 million ounces. Fresnillo currently owns 19.8 percent of the company and its bid of US$4.54 is less than the company's worth particularly since a new resource is expected to be released shortly. Mag also has almost $55 million of cash. In addition, there are significant silver-lead- zinc discoveries at Cinco de Mayo plus success at Bato Pilas as well as drilling news to come from the huge Legarto land spreadwhich could be spun-off. We expect a higher offer by Fresnillo, since Mag is a critical part of Fesnillo's expansion plans. Buy.