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Author Topic: WEX @ .82 should be ready to go
BCmouser
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This low float beauty looks primed and ready-only 9 million shares out for a miniscule cap of around 7.5 million. They are the Canadian 40% owner/ partner with GPXM on the ASDOWN moly property in Nevada. GPXM has been on a run over doubling in the lst 5 weeks or so but WEX has barely moved . Real story tho is that they will be producing moly (and loads of money) by Sept most likely. Estimates for a 100 ton mill coming in around 75 million $ US annually at current prices. This should provide for more exploration on the property and expansion of resources. There is also Gold @ .088 ozs per ton mixed in with the moly. Appears to me WEX is the better buy right now and of note also is that they acquired an option on the old COWDEN Mine near ASHDOWN , a former gold producing mine that never did do any drilling or assays.

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The Mouse

Posts: 443 | From: Valemount | Registered: Dec 2003  |  IP: Logged | Report this post to a Moderator
BCmouser
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Came back 5 cents today to .87 and I believe I detect just a little more interest lately. When the mine starts producing perhaps the market will look at WEX and give them some forward revenue valuation. Right now they arent. Estimates for the next year of production from a 100ton per day plant is in the range of 70 million US @30$US moly. (currently US38.50 per lb). Wex 's share of this would be around US 30 million or about $3.80 Canadian per share. Give them a valuation of 2 x earnings and that makes it 7.60 - and that is being conservative. Based on the moly grades only - there are also over 100,000 ozs of gold proven @ .088 ounces per ton and the property has not been fully explored. Looks like a 5-bagger at least from here.JMHO

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The Mouse

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zoltan
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Im Gonna Look into it!

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Dead Kennedys-"Give me convenience or give me death"

Posts: 470 | From: Vancouver B.C | Registered: Jan 2005  |  IP: Logged | Report this post to a Moderator
BCmouser
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Finished at .97 today although onlu 4000 shares traded. But it appears there are not many sellers - I and a bid in for .90 today and no bites. I have a feeling I will have to hit the ask to get more shares.

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The Mouse

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BCmouser
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Win-Eldrich Mines Limited Signs Agreement To Move Stockpiles
6/14/05

TORONTO, Jun 14, 2005 (Canada NewsWire via COMTEX) --
Win-Eldrich Mines Limited (TSXV-WEX) today announced that it has entered into a transportation agreement to move the stockpiles currently located on its Ashdown property to a mill in Montana for processing. The stockpiles consist of approximately 1,400 tons of mineralized material mined by previous operators many years ago. As a result of the current high prices of molybdenum, transporting and processing of these stockpiles have become feasible. It is anticipated that trucking to the mill will be completed over the course of the next month and that milling of the stockpiles will commence shortly, subject to finalizing a milling agreement.

As previously announced, Golden Phoenix Minerals, Inc. has an option to earn a 60% interest in the Ashdown property. This interest has not as yet been earned. The stockpiles currently being transported for processing belong entirely to Win-Eldrich and do not form a part of the joint venture. Golden Phoenix has advised Win-Eldrich that in its view, the stockpiles may belong to the joint venture. Both Win-Eldrich and Golden Phoenix are working together to facilitate the transportation of the stockpiles.

Mr. Reuben Brant, President of Win-Eldrich, said "These stockpiles have lain dormant on the Ashdown property for over 20 years since the moly prices were so low for most of that period. It is encouraging to be taking steps to convert these stockpiles into cash proceeds

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BCmouser
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Twenty years ago Reuben Brant and wex acquired a 100% interest, less royalties, in an abandoned gold property. Extensive work had been carried out on this property to the point where initial gold mining had been achieved. With gold in the midst of a bear market the gold mining did not prove economical. The interesting point is the fact that 1400 tons of tailings are present with 2.9% molybdenum, moly ore grade. As I have said, this is one of the highest known ore grades of moly in the world. At the time very little excitement was generated, as the price of moly was thought to not be at a sufficient price to generate any economic viability. Over the last 1 1/2 years moly prices have risen from $3/lb. to a high of $39/lb.
Simple math; 2.9% X 2000 lbs. = 58 lbs. moly per ton
58 lbs. X $3/lb. = $174/ton low
58 lbs. X $37/lb. = $2146/ton high
100/ton per day = $214,600/day cash flow
The current reserves at Ashdown are estimated to be 140,000 tons of 2.9% moly and 1,000,000 tons of 1% moly. There has been $7-$8 million spent drilling 270 core and rotary holes, performing numerous metallurgical tests, excavating an 1880 foot tunnel for bulk moly samples, and conducting feasibility studies for potential open pit and underground mining operations. This work identified potentially open-pitiable gold and underground moly resources. Both resources are open in all directions. The property currently consists of 196 mining claims covering 6.1 square miles.
Using a 100 ton/day mill the high grade ore would have roughly 4 years worth of reserves with a daily cash flow, using the a moly price of $30/lb. or $174,000/day X 300 day year =$52,2000,000 cash flow /year.
Using a 500 ton/day mill to process the 1% moly would give you roughly 5 years worth of reserves with a daily cash flow at $30/lb. X 20lb./ton X 500ton/day = $300,000/day X 300day year = $90,000,000 cash flow/year.
This is simple math and it does not take into consideration the cost of mining, which should be in the $3/lb. range less the gold and copper recovered. I have been told that the gold grades are sufficient to cover the cost of mining the moly.
It does not take a rocket scientist to understand that at current moly prices this project makes more sense than any project I have ever seen.
WEX stands to net over 2 million US from the 1400 tons being shipped to Montana for processing and that is allowing a generous 1 million for trucking and processing.
Not bad for a little company with a market cap of 8.5 million C . Should make this next Quarterly report look REAL GOOD. LOL

Posts: 443 | From: Valemount | Registered: Dec 2003  |  IP: Logged | Report this post to a Moderator
BCmouser
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WEX up to .97 today and some of that buying was me. Have liquidated most of my position in GPXM @ .24 and .22 so right now it is looking like a lucky move. Really like the prospects of WEX going forward with their low float , and relative value to GPXM. I still believe GPXM will have its upside , around .50 this year but WEX should do better as far as % gained. GPXM however is the better trading stock because of the high O/S count which provides better liquidity.

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The Mouse

Posts: 443 | From: Valemount | Registered: Dec 2003  |  IP: Logged | Report this post to a Moderator
   

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