beconase aq cost without insurance rhinocort aqua nasal spray dose can female use cialis codeine cough syrup high blood pressure roxithromycin side effects pain generic synthroid safe viagra india name side effects of doxycycline hyclate 100mg cap xenical where to purchase sample of viagra pills flovent coupon discount yagara roche precio argentina chloramphenicol tablets uk lotrisone cheap uk robaxin medication dosage cost of cyklokapron levoxyl generic equivalent online sale of cefixime metformin medication actos buy usa orlistat generico senza ricetta can you drink on clarithromycin tablets brand amoxil pills buy viagra online with no prescription with overnight delivery aldactone fastest delivery what are roxithromycin tablets used for omnicef where can i buy it phexin lawsuit american ginseng benefits diabetes content validity buy mifepristone online us overseas pharmacy no prescription bactroban best online pharmacy generic brahmi astelin discount coupon what are the side effects of augmentin 625mg mycelex-g order by phone we found love lyrics jessie j buy skelaxin 800mg amantadine generic drug non generic finast i want to pay some actoplus met what does noroxin do cephalexin non perscription countries glucophage metformin dosage terbinafine cream over the counter cialis shopping lithium 1000ah nitrofurantoin mono 100mg cap best online pharmacy generic nolvadex suhagra canadian pharmacy order cod buy endep tetracycline tablets used for finpecia without prescription miami will generic aciphex available how much does cardura cost buy finpecia overseas canadian pharmacy online abana pharmaceutical jobs north west best place to buy zoloft in australia buy periactin hong kong without pharmacy zofran odt package insert atacand missed dose diarex medication overnight delivery buy clomid cheap uk minocycline uses what is cymbalta 60 mg used for viagra shopping in india pletal prices where to buy duphalac ointment zyloprim drug classification natural supplement tamoxifen how to use moduretic biaxin no prrescription bactrim ds and cold medicine norvasc medication order best price phexin fluoxetine without a prescription cheap indocin mg zyvox iv administration rate lipitor over the counter date lasix sublingual dosage generic pills for zerit cialis preise apotheke shortage of diovan is it safe to use rogaine and propecia together what is the dosage for cialis sinequan overseas comparateur de prix xenical viagra para mujeres venta keppra epocrates online order benicar us vantin deluxe massage recliner splitting proscar tablets cost of proventil hfa 90 mcg inhaler cephalexin medicine indian pharmacy viagra professional ultra low dose allopurinol cephalexin 500 mg canine dose provera overnight tapering prednisone in dogs generic lasix us astrazeneca nexium discount card indian pharmacy tadacip ordering cialis sublingual prescription can order viagra professional online zoloft side effects sexually in women pyridium 100mg tablets buying codeine cough syrup online can i order antivert no prescription in the usa how to take cordarone institute of nuclear medicine and allied sciences (inmas) delhi pharmacy assistant jobs ireland can i make lisinopril where can i order fincar ashwagandha australia price zyprexa olanzapine mckesson zetia coupon kamagra gold pharmacy coupons buy nolvadex perth how to use liv 52 viagra soft buy australia cheap penegra sale uk mail order generic zocor all time premier league stats alli diet plan menu purchase ditropan on line in mexico recommended dose of benadryl for infants can you buy flonase in ireland buy vermox bulk is allegra d over the counter prescription opiniones ivalia dermis discount cheap pills coupon code buy hyzaar online no prescription united states does levitra generic work trazodone drugs abuse generic from advair diskus doxycycline for dogs same as people cholestoplex on line no script depo provera price in canada lithium traduzione in italiano no prescription amaryl sale best pharmacy to order mobic triamterene hctz 75 50 mg levitra cheapest price cheap dutasteride uk lantus optiset solostar difference buspar for anxiety dosage kamagra for sale in ireland do you need rx caverta lasix pills online in the india over the counter medicine zestoretic hair loss after using accutane buy generic terramycin online no prescription baclofen 5 mg tablets eulexin paypal order tadacip in purchase clonidine 2 mg side effects of dulcolax laxatives snovitra super power generic wikipedia drugs buy clozaril canada what does methotrexate do to your body synthroid uk sale buy generic synthroid with bonus is provera a form of birth control alli diet reviews orlistat ventolin inhaler order online order vpxl online no presctiption como se llaman las pastillas para abortar en guatemala dostinex buy seroflo barato ordering flomax here in canada motrin suppositories buy lipothin tablets us online can you buy himplasia over the counter in germany saw palmetto mg buy atacand usa get aceon las vegas pcos clomid multiple births what does lisinopril and hydrochlorothiazide do safe phenergan buy generic for synthroid where are parietal cells located in the stomach norvasc without a prescription from canada inderal dosage too high metformin uses medication buying uk drugs what works better than diflucan best place to buy proventil in usa cozaar tablets on line to buy avandamet drug classification comprare xenical prices combivent inhaler price motilium generic generic clavamox for kittens how to get adderall in london buy erection packs 3 online with out prescription phenergan sublingual dosage can you buy rumalaya in ireland purchase ceftin in us purchase etodolac los algodones mary;s pharmacy viagra 3days delivery buy topamax pills online 100mg kamagra tablets methocarbamol tablets for dogs dose of bactrim ds for uti what are some legit online pharmacies eltroxin no prescription phone in order for deltasone accutane long term side effects infertility metoprolol er in pregnancy avalide order in the us to buy actonel in uk mail order generic zantac vipps online pharmacy in canada what is lisinopril 10 mg used for cheap nymphomax sale uk amitriptyline for daily use canada what is erythromycin used for cheap genuine maxalt online abilify reviews schizophrenia serophene ships from india what does zovirax do amoxicillin 500mg alcohol cheapest places to live florinef brand positioning order isoniazid overnight trazodone mail order spironolactone without prescription what is trileptal used to treat viagra side effects in women how to order aspirin what is bactroban nasal cream used for septilin pharmacy prices list generic cialis sublingual methotrexate dosage calculator for ectopic compare prices naprosyn buy unisom online pharmacy cost of tofranil order carafate online uk lopid 600 what are the long term side effects of unisom what is amoxil used for in babies methotrexate pregnancy wait can you buy cytoxan celebrex max dose zovirax cream safe during pregnancy best site get eulexin viagra soft without a prescription from australia alli over counter medicine pharmacy pills rx net medicine similar to accutane norvasc billig kaufen is generic doxazosin available in usa himcolin gel in bangladesh lukol brands india side effects of xenical orlistat 120mg how much can you sell viagra for cheap desyrel no prescription discount urispas mg generic hoodia usa pharmacy how to use ventolin accuhaler where can i get some zofran what is suprax made of viagra over the counter thailand prescription free or low cost minipress kosovarja chat lexapro side effects weight gain or loss phone in order for azulfidine buy terramycin 10 topical finasteride cream atarax no prescription needed canadian online pharmacy acai berry juice costco canada what is tinidazole 500mg where do i vantin in canada vp 120 drug buy female cialis paypal accepted levitra professional no prescription pill bayer side effects of glyburide during pregnancy legal buy brand cialis online canada ordering synthroid on line ajanta pharma limited dahej how much does differin cost with insurance pharmacy has best price aleve cheapest drug prilosec best generic aldactone sites legal buy finpecia online canada generic geriforte syrup in usa lasix 40 mg weight loss ondansetron odt 8 mg tablets pregnancy suppliers of ditropan in us provera mail order ampicillin 1000 mg nebenwirkungen lowest effective dose of buspar cheapest place to buy baclofen metronidazole gel bv alcohol rid canadian pharmacy emails ventolin inhaler dosage children cheap au buy metformin cheap albenza usa buy accutane uk online isotretinoin brand amoxil where to get order nymphomax online in usa delivery buy premarin online prescription rosuvastatin suppliers overseas donde comprar betapace is generic avodart effective where can i get some aldactone buy keflex boots pharmacy avalide online pharmacy uk moduretic medicine children zyvox pills drugstore buy online zetia generic phenamax where can i buy it mail order generic compazine how to buy benzac pictures of amitriptyline pills buy cipro without a prescription buy tofranil in usa diltiazem iv to oral dose zithromax buy on line combivent 40 mg dose celexa by mail order diclofenac canada sale midamor discount avapro direct pharmacy safe place order olanzapine exelon drugstore com is there a shortage of lopressor what is the generic name for requip prednisone dose for asthma exacerbation viagra online samples cheap cardura free delivery what does diamox do for altitude sickness flomax rxlist purchase phenamax vardenafil proper dosage erectile dysfunction pill samples buy amoxicillin tablets buy over the counter zithromax online arava 10 mg tablets patient information cytotec coupon code stopping allopurinol medication purchase propranolol 40 mg suhagra refill pack where can i get viagra professional voltaren roche precio argentina where could i buy alesse without prescription best place to buy levaquin in canada buy alli online for mexico levitra pill shortage brafix shortage buy himcocid australia what is duphalac used for lortab 7.5 wikipedia alli pills discontinued allegra 180 mg fexofenadine canadian pharmacy online capoten buy brand duetact zentel 200 mg dosage of best resources for aspiring writers what is the penalty for buying prescription drugs online nitroglycerin next day shipping rosuvastatin api price venlor brands india buy saw palmetto oil cheap levaquin no prescription horse meds online canada strattera abuse potential trazodone pas cher italie viagra suppliers london get levlen las vegas buy generic zovirax ointment buy bentyl cheap online pharmacy seroquel bonus pills buy azulfidine pills brand cialis 40 mg pilex spain flomax pharmacy questionnaire research grade asacol what does prinivil pletal online shipping motilium uk brand name what does prilosec help with apo-metformin 500mg buy buy aleve visa purinethol generico italiano pain medications online no prescription the online drugstore atorlip-10 effexor vs cymbalta fibromyalgia find 24 hour pharmacy near me what is didronel tablets cost of diltiazem hydrochloride rogaine 2 sold over counter metformin 1000 mg weight loss what does allegra drug side effects what is mobic pain medicine cheap genuine ginette-35 online generic v-gel in usa serophene online uk donde comprar metformina en colombia exelon patch rxlist is it legal to buy prescription drugs online from overseas over the counter estrace protonix overnight pharmacy alli dosage sildenafil citrate powder sale bactrim antibiotic alcohol blopress canada drug store florinef spc does zoloft cause weight gain or weight loss what is tetracycline staining on teeth promethazine syrup prices betnovate rd ointment side effects roxithromycin 150mg speman online ordering aspirin for dogs buy amoxicillin clavulanate potassium 875 mg alcohol cialis order online canada best place to order acivir pills in us baclofen overnight pharmacy amrit manthan life ok desi tashan aleve reviews duetact price ventolin online shipping generic geriforte syrup safe donde comprar pulsera livestrong espan~a buy amaryl online cialis south africa online safe cordarone buy brand cialis from europe canada drugs zyvox with prescription is it safe to order cyklokapron combivent max dose safe buy zetia online suhagra online price generic name for diclofenac acheter artane pas cher buy online discount alphagan p buy cheap diflucan online how long does it take for zofran to work for morning sickness buy cheap voltaren pills betnovate n cream in pakistan cost of abilify 2mg order uk doxycycline without usa buy finpecia without prescription astelin online shipping buy elimite cream uk paxil vs celexa weight gain side effects of penegra minomycin tablets cheap premarin cream online pharmacy allopurinol canada rx reviews non prescription fluoxetine depo medrol dosage for children methotrexate for psoriasis reviews where can i get zerit buy aristocort pills t3 thyroid medication effects buy acai paypal accepted unisom online shipping exelon patch side effects insomnia oder mg tablets of methotrexate no script flomax mg pravachol 40 mg generic order erection packs 21 from maxifort zimax info v-gel online in usa generic viagra 150 mg pills generic vermox cheap what is pariet medication what does alli simpson act in healthyman com reviews where to buy bentyl purchase liv levothroid 100 mcg side effects viramune online usa no prescription human pain meds for dogs levitra cost canadian discount canadian pharmacy toprol xl are alli and roberto still together buy grifulvin v no prescription where to buy celebrex online betnovate c medicine pharmacy online london otc aleve dose adalat dosage children finast delivery generic pamelor switzerland what does generic zovirax look like mirtazapine and alcohol buy nolvadex online from canada do you take doxycycline with or without food meclizine medicine what is clonidine hcl 0.1 mg tablet how to take clomid 50 mg pct fr6 l91 aa-size lithium batteries price in india pravachol side effects uk zovirax tablets for cold sores dramamine 100mg buy can you only get viagra soft on prescription what color are lithium pills capoten tablets 25mg levaquin discount code lanoxin express canada how to make lean with promethazine pills 25 mg best place to buy crestor in australia buy lexapro online pharmacy what types of cipro are there alli coupon discount purchases viagra free shipping order acticin one pharmacy online cheap glycomet pills free or low cost aricept benicar cost canadian cleocin gel free shipping praziquantel bilharzia overseas pharmacy no prescription promethazine indian pharmacy council registration buy citalopram with paypal avapro prescription only how to buy flonase cipro looking for how to take glucophage to lose weight buspar without prescription miami side effects of cialis for men ciprofloxacin side effects tendon buy compazine from india how to order amoxil minocin billig kaufen best pharmacy to order naprosyn bystolic price walgreens abilify pictures of pills tesco pharmacy order diclofenac buy benicar boots cheap alligator hairclips for hair bows zoloft discount price generic prednisone for sale on line buy cabgolin australia site fiable achat viagra how to get propranolol in australia triamterene hydrochlorothiazide contraindications generic aricept in avandamet tablets price zestril on line for sale no script risperdal consta new zealand doxycycline hyclate uses uti retin-a ge medicine online buy cialis black online generic dostinex cabergoline is clomid over the counter drug is it illegal to order generic prilosec where to buy micronase fluoxetine and allergy medicine thyroxine overdose antidote purchase allegra what is imuran side effects acai 100 pure juice approved canadian pharmacies online cost of nystatin and triamcinolone acetonide cream lexapro withdrawal dizziness cholestoplex cheap price estrace generic reviews free sample viagra coupon buy cheap prograf thyroxine tablets to buy paxil weight gain omega 3 are crocodiles more aggressive than alligators medrol brand order mylan metformin 500 mg tablet citalopram hydrobromide tablets 20mg rio rico pharmacy low price lamictal uk prednisone discount card price increase valtrex flovent doctors online how to get prescription drugs with no prescription fluconazole tablet usp ordering levaquin serpina mg tablet ciprofloxacino pensa prospecto finasteride 1mg ml where to buy protonix online canada best price for real eurax cipla share price accutane total cumulative dose how to buy allopurinol keftab for men sale in uk gasex himalaya legal buy antibiotics canada where can i buy alli weight loss chloramphenicol usage didronel phone orders relafen online ordering order generic voveran do you need a prescription for orlistat buy effexor xr lowest price megalis 20 mg tablets menosan uk next day delivery eurax delivery london what is prednisone 20mg tablets used for viagra cialis levitra trial pack abilify visa cheap minocycline usa bentyl 40 mg dose trental medication uses bupropion hcl 75mg tablet purchase kamagra pills on line pharmacies the online drugstore combivent nizagara without rx viagra prescription information cost comparison canada propecia canadian healthcare online pharmacy complaints what is brand levitra pills used for pharmacie de garde paris 15 wedding insurance comparison generic elavil usa pharmacy hydroxyzine dichlorhydrate wiki is generic seroquel safe side effects of dipyridamole tablets claritin doctors online prednisone for dogs side effects diarrhea ciprofloxacin 500mg and alcohol renagel with american express canadian internet policy and public interest clinic actos discount medications ipharmacy what is rumalaya liniment pills used for buy gasex with paypal topical zovirax for genital herpes pulmicort side effects in children behavior altace pharmacies methotrexate order by phone xalatan side effects forum what is viagra soft tablet half price aspirin low cost propranolol is glucotrol xl legal in uk us pharmacy online cleocin gel amoxil 250 mg tablets best viagra deals generic emsam buy canada buy avapro online overnight what works better than accutane tetracycline antibiotics ppt quiero comprar levitra plus zovirax cream breastfeeding buy lasix online from australia order buspar online canada femara online in usa cialis online without prescription buy generic cymbalta online organic pomegranate extract powder pill rx health order singulair products buy propecia australia side effects of levitra professional zestril 40 mg tablet doxycycline used for acne treatment nexium online from uk quibron-t italiano what is doxycycline hyclate side effects cost of viagra sublingual without insurance where to buy augmentin non prescription eurax pharmacy how to take viagra recreationally accutane tablets price viagra dosage 150 mg insurance agencies buy midamor online cheap lotrisone dosage too high mexican pharmacy no prescription zovirax nitroglycerin spray canada pharmacy all types of drugs in a list buy viagra super force online average cost generic zoloft indian allies and enemies lincocin online pharmacy uk can i buy a visa gift card online with paypal effexor xr generic date controlled release viagra online same day delivery strattera dosering reducing dosage of prednisone clozaril prices cheap minomycin metformin tablets manufacturers india lisinopril 5 mg tablet side effects acheter revia vivitrol naltrexone buy antibiotics mastercard alli mas barato aldactone usa sale diclofenac cost uk tetracycline staining treatment what is the typical dosage for cipro northwest drugstore canada depo provera weight gain after order capoten probalan shoppers drug mart buy keppra levetiracetam where to buy casodex in canada safely lisinopril side effects itching order metformin hcl safe place order furosemide half price stromectol usa buy effexor xr without prescription zaditor phone orders generic actoplus met 14 500 metformin and visalus viagra mastercard allegra cole facebook american brafix best place to buy proscar online florida glucotrol xl flomax reviews ordering tenormin mexico purchase cheap generic valtrex online singulair prices at costco comprar xenical usa order femara uk cialis jelly tablet sale order alli 120mg seroquel coupons discounts buy methotrexate singapore exelon medication canada order live crawfish from new orleans artane boys band cd ordering singulair here in canada moduretic canada prescription lisinopril on line in the usa cheap femara using cialis and viagra together avodart ordering no prescription sildenafil citrate dosage canada drugs female viagra with prescription is there a generic brand for allegra d billig pletal online kaufen differin online pharmacy can you get high off bupropion 300 mg el padre chelo can taking too much synthroid make you gain weight avandamet italiano albenza package insert generic zovirax safe cheap 1 pharmacy abilify generic flagyl er shortage levitra amlodipine interactions buy feldene 100 nizagara no prescription reviews order viagra jelly purchase female viagra online prescription drugs online pharmacy buy elocon lotion no prescription net rx online pharmacy over the counter benadryl for dogs buy female viagra 80 mg online zyvox 600 mg best price fast shipping cordarone ships from india cilas orleans orlistat online ordering tricor over counter uk imuran india asacol 400 mg spc cheapest prometrium tablets uk diakof without a prescription generic drug for glucophage is there a type of viagra for women veterinary pharmacy online course viagra soft precio mexico gulf of mexico alliance regional partnership projects epa-gm-2009-1 duphalac usa ketoconazole shampoo boots uk generic uk paypal acivir pills generic from toradol best place buy eulexin pct voltaren canada no prescription cialis super active discounts codes buy lamisil from canada buying kamagra oral jelly in manchester buy generic retin-a 0,025 online ditropan medicine used buy medications online sildenafil online india kytril lawsuit canada buy zantac capsules alli over counter weight loss pills can we trust voveran sr online can you split bupropion tablets cheap rumalaya pills high blood pressure medication names common clomid clomiphene citrate information trazodone for sale online online fertomid purchase olanzapine online price trazodone uk online astelin by mail order augmentin suspension australia cost of depo provera shot without insurance cipro otic price fastest orlistat uk delivery amitriptyline migraine prophylaxis buy chloromycetin ophthalmic ointment what is retin-a 0.05 cream used for over the counter nexium 40 mg captopril capoten mechanism of action is it safe to order remeron twitter search friends artane with no rx health canada atorlip-10 arimidex no prescription needed chlamydia antibiotics can you drink alcohol a good web page to buy procardia with no script cheap avapro 300 mg minocin without perscription non prescription ginette-35 trazodone desyrel and mirtazapine remeron stopping lasix weight gain billig kamagra gold online kaufen kamagra gold cheap yasmin canada sale buy bystolic online no prescription buy regenon bystolic tablets uk cheap metformin glucophage no prescription proscar sale shingles valacyclovir dosage purchase carafate cheap dilantin delivery cloridrato sertralina pode ser usado emagrecer florida quibron-t where to buy glycomet drugs online vantin prix en pharmacie en france drugstore cowboy watch online zocor online in usa terramycin online legally buy acai australia buy crestor online overnight does nexium cause you gain weight casodex uses medication canadian pharmacy betapace xenical medication side effects estrace lawsuit to buy alphagan in uk acheter cialis montreal to buy astelin azelastine sneezing what is ampicillin prescribed for diflucan no prescription compare prices information on micardis medication css content space geriforte prices cvs does benicar hct cause weight gain can you order arimidex best place buy cleocin gel pct decadron results forum aspirin visas zales washington low income housing alliance contact coalition prazosin shortage nolvadex drug class flomax reviews patients levitra sales canada lowest lisinopril 10 mg tablets picture comprar betapace online precio adalat oros mexico diabecon prices at costco buy nitroglycerin with no script can you buy quibron-t over the counter is generic buspar effective toradol best price viagrasonline discount mevacor erythromycin price safe buy cardizem online is generic zantac safe during pregnancy norvasc medicine information Purchase cephalexin 500mg capsules free or low cost trandate cytotec online price pulmicort turbuhaler spc hytrin reviews avalide online order buy generic zithromax buyers of himcocid canada wellbutrin anxiety meds do over the counter ed pills work buy brand cialis online reviews cheapest pravachol tablets uk how to get tadacip drug online pharmacy emsam buy cheap vpxl pills prednisone precio mexico allopurinol dosage instructions cheap dapoxetine pills priligy geriforte syrup prices usa comprar chloramphenicol online parlodel side effects weight loss prescription anti anxiety pills singulair barato cuando usar ahi o alli can order periactin online cheapest place to buy asacol pharmacy mexico atarax price increase lotrisone roxithromycin low dose birth control buy actos generic discount periactin online from uk original zithromax online liquid retin-a 0,025 review erythromycin 250 mg tablets for acne the online drugstore dulcolax angelica and ginseng traditional chinese medicine cheap alternative to zovirax what is the cost of zithromax online paxil no prescription mazda rx8 sale ontario canada dulcolax shortage where can i buy diclofenac topical gel generic arjuna for sale on line lamisil shop where can i buy acai berry select in stores msc marc and marc mentat v2010 get generic viagra overnight anacin shortage alli in the uk over counter flomax abc pharmacy canada reviews buy colchicine in mexico snovitra super power lawsuit settlements where can i purchase malegra dxt can you buy astelin over the counter zyvox overnight shipping cheap unisom usa alli trippy twitter skelaxin drugs forum how to take amaryl reviews on trental viagra swissmedic buy mentat mg donde comprar hoodia gordonii colombia will medrol dose pack cause weight gain craigslist newcastle indiana femara from mexico cheap fertomid buy antivert bulk sarafem by mail where to buy mobicam overnight membership order accutane no prescription aygestin sale how long for finasteride to take effect where can i buy keflex what is the drug lithium used for generic premarin 1.25 bactroban now voltaren dosage rapid 25 can you get viagra over counter where can i buy alligators size gout medication allopurinol tretinoin 0,05 pill shortage zyprexa 10mg olanzapine lopid next day best place buy rosuvastatin plendil medication dose etodolac drug oversea ventolin uk sale how much aspirin to take to prevent skin cancer can you buy viagra in japan side effects of pilex ointment doxycycline 100mg capsules price kamagra chewable online cheap proscar annual sales cardura pill shop discount code speman comprar en espan~a generic benemid safe viagra order online india buy haldol quick buy bactrim online in usa what is estrace cream dosage para hyzaar forte buy ranitidine online with mastercard amlodipine besylate 10 mg price zoloft lawsuit settlements purchase generic viagra in canada best rx online trazodone 50 mg tablet for sleep lipvas 40 mg can i get high off haldol abilify price canadian pharmacy meclizine supplier in uk order tamoxifen pills diovan 100/25 generic name for florinef fml forte doctors online ranitidine weight gain zithromax limited india aricept generic release date lexapro buy online no script fast glucotrol xl deleviery rumalaya forte tablets on line to buy how to buy viagra over the counter in canada generic cialis shipped from canada generic doxazosin mesylate where can i buy tetracycline in canada cymbalta mg tablet psoriatic arthritis flare up buy casodex online cheap calan now co uk zofran generic 2013 drugs cheap differin gel where nizoral cost of trileptal buy haldol with e check generic dostinex overnite shipping brand levitra reviews and dosage pill rx health order cytotec products para que se usa furosemide order bystolic cheap cabaser for gyno list names of birth control pills brands half inderal la buy cochicine indian generics online vasodilan discount canadian pharmacy nitroglycerin nolvadex tablets buy uk harga cialis 50 mg himcolin uk online zyban maximum dosage azulfidine buy canada cialis can i get online qsymia price reminyl from canada harga voltaren salep where to buy cheap generic retin-a ge to buy lincocin acyclovir cream for genital herpes where to buy aciclovir tablets online kamagra reviews uk buy diovan online no prescription united states worldwide pharmacy benadryl how to order painkillers online levitra super active mail order buy snovitra super power paypal kamagra jelly prices order prescription drugs from mexico online ethionamide to buy from europe where can i buy alli diet pills what is the generic name for lipitor buy tramadol pay with mastercard is there viagra for women buy ventolin cheapest online generic endep order cialis soft online no prescription with a echeck zebeta pas cher pharmacy buy alesse canada buy cheap tricor online nexium 40 mg capsulas sex pill for men last long sex metformin and alcohol pcos safe suprax buy opening omeprazole capsules cheap calan blanes holiday female viagra in indian market list of pharmaceutical companies in indiana isoptin on line no script fosamax tablets side effects dipyridamole discounts codes amoxicillin drops no script estradiol hemihydrate increasing fertility in men aciphex 20 mg price biaxin online india top drugstore makeup can i get high on robaxin does kamagra oral jelly work on women propranolol dosage migraine what is bactroban ointment for cheapest lithium golf trolley better than accutane best generic cialis forum mevacor drug schedule order aygestin cheap cialis generique paypal how to use metformin to get pregnant aygestin delivery london accutane name india online fluoxetine with no prescription diflucan for sale online diclofenac gel australia pharmacy lowest price cozaar 100 mg alli crestor on line in the mexico prilosec coupons canadian pharmacy online no prescriptions us pharmacy online aristocort ginette-35 canada head office best place to order emsam in us how long does it take for paroxetine to take effect nizoral tablets purchase on line is it legal to buy viagra in uk tamoxifen 40 mg dose canadian online pharmacy for isoptin buy generic lamisil tablets online no prescription cheapest cephalexin 1000 tretinoin 0,05 women buy synthroid order university puerto rico pharmacy program comprar desyrel pela internet tadalis sx buy on line indian generics online seroquel how to take eulexin mg cheap viagra professional usa buy eldepryl 50 can order combivent canada fake cialis packaging artane 40mg brand levitra delivery finpecia online pharmacy buy accutane online uk mastercard where purchase v-gel where to purchase cardura clomid or femara for infertility get ophthacare las vegas atacand 8mg tablets zocor prices costco can men take hydroxycut max for women what is carafate suspension for dogs beat way to order flagyl er the pharmacy express legit canton discount drugs how long after taking azithromycin is chlamydia gone sale mestinon primamedics online pharmacy leukeran tablets msds original cefadroxil online el viagra es de venta libre en usa elavil 10mg for headaches buy lexapro tablets online hydrochlorothiazide in the uk now safe buy revia online best generic indocin sites liv 52 generic reviews overnight erection packs 1 prescription where can i buy acai berry in south africa sustiva sales where can you get free samples of viagra cost of tamoxifen in india torsemide no prescription overnight delivery compazine now diclofenac medication order cystone maximum dosage nitroglycerin extended release capsules where to buy live chickens in atlanta red panax ginseng capsules methotrexate rx coumadin canada prescription prilosec annual sales ordering himcolin how atorvastatin is better than rosuvastatin bupropion reviews is it safe to order roxithromycin zerit sale cheap elimite 100 mg ialex cephalexin capsules bp xalatan price comparison pharmacie france godbout cheap pharmacy online i pill levitra professional website online doxycycline india can going off wellbutrin cause weight gain watson generic wellbutrin xl viagra trusted online drug stores in canada zanaflex lowest price drug pills list viagra how to use injectable lasix brand cialis pills online in the india buying furosemide online buy cheap accutane online no prescription generic anafranil tablets us online pyridium rx cafergot 40 mg pharmacy indian pharmacy lamictal comprar propecia original effects of male viagra on women ranitidine shopping Purchase actos generic 30mg side effects and adverse effects of lithium therapy liquid baytril for pigeons american express canada costco card buy capoten fast shipping generic for aleve flonase shortage 2012 reminyl drugstore.com orlistat online forum where do i buy rosuvastatin lamisil online pharmacy per pill order augmentin online price where can i buy betoptic buy betnovate c online purchase calcium carbonate buy generic evista ramipril 10 mg anti anxiety medication boots can you buy aspirin gum janssen cilag germany address lisinopril side effects after long term use buy drugs without a prescription generic plendil switzerland best price for real coumadin mail-order risperdal where nootropil buy generic prandin with bonus brand name calcium carbonate online hoodia brands india buy brand advair diskus from mexico online buy vantin buy cozaar mg online buy atacand with e check compare prices precose imitrex dosing for migraines buy eldepryl cheap buy speman hong kong ranitidine 100mg buy actos 100 topamax cost in canada aceon prix en pharmacie en france safe erythromycin buy ginseng by mail cloridrato de ciprofloxacino 500mg como tomar noroxin cost comparison alligator snapping turtle for sale california treating cancer in dogs with prednisone protonix side effects forum what is singulair 4mg chewable tablets donde comprar feldene buy online tricor generic generic brand viagra for sale on line voltaren medication used for olanzapine uk buy order strattera online in usa lamisil generic mexico citalopram weight loss yahoo viagra plus no prrescription buy trental with visa azithromycin and alcohol pfizer comprar motilium original en madrid atarax medication cost lincocin italiano isoptin capsules donde puedo comprar cialis en monterrey vpxl without a script what is carafate 1 gm where to purchase midamor daily cialis reviews pakistan pharmacy online buy nolvadex usa desyrel prescription only lincocin with no rx aristocort uk brand name best generic zenegra review arimidex tablets uses eldepryl generico italiano what does cytotec pill look like marksman stats hellgate london fucidin canada head office best depression medicine to lose weight buy nizagara online from canada roaccutane for discount shallaki order para que se usa terramycin what is roxithromycin used for best place to buy capoten us pharmacy online zithromax elavil new zealand digoxin over the couter upper back pain relief medicine how many moles of aspirin are in a tablet weighing 500 rm mg what does promethazine codeine feel like protonix vs nexium cost order erection packs 2 buy viagra levothroid generic drug order famvir buy tadapox for daily use dewalt 20 volt lithium ion reviews can i buy fluconazole online list of tesco stores selling celebrex isoniazid side effects weight gain januvia sales data in india safe place order evecare when will requip xl go generic can you buy live online diovan mail order india depo provera weight gain side effects medrol price where to get fluoxetine get accutane nhs elimite cream reviews where to buy ethionamide drugs online floxin delivery uk buy brahmi tablets canadian online pharmacy for prazosin buy frumil have no prescription colospa pill shortage cialis kopen in thailand prednisone 5mg dose pack pharmacy mexico carafate buy generic minocycline online no prescription nitrofurantoin price philippines buy anafranil 50 buy tamoxifen online no prescription uk what is nexium esomeprazole for buy prednisolone for daily use lisinopril 10 mg tablet lup diclofenaco tabletas 50 mg dosis do i need a prescription for claritin d can you buy emsam over the counter online mexican pharmacies oxycodone purchase american ginseng root rx pharmacy one reviews how much is a prescription of singulair advair hfa 230/21 mircette active ingredients p57 hoodia pills myambutol not generic order kamagra soft online uk how to import chloramphenicol cost of proventil hfa without insurance dipyridamole 75 mg tablet generic robaxin how long to get lexapro out of your system vytorin online meds indocin medication used pariet tablets 10mg where can i buy live chickens in los angeles purchase dapoxetine cheap generic priligy buy ortho tri cyclen online no prescription canada aurochem pharmaceuticals mumbai my alli weight loss coupon best medicine to take for back pain order trial erection packs 1 online no presctiption what is the generic for flomax online floxin purchase buy tamoxifen online pharmacy what is the cost of sustiva cost of alprazolam without insurance terramycin mexico differin 0.3 discount clomid overnight shipping order pharmacy that sells arimidex unique hoodia slimming pills depo provera side effects australia lopressor reviews and dosage fast venlor delivery order brand cialis without rx heart medication zestril purchasing benadryl online uk lamisil price in india clozaril uk sale how long does it take for bystolic to work cheap wellbutrin buy online ugg boots online shop promo code allegra usa cvs prices azithromycin and pregnancy side effects generic actoplus met 17 850 diovan tablets 150 mg over the counter hydrochlorothiazide eritromicina mas alcohol prevacid pills online in the australia discount canadian pharmacy aygestin lipitor generico italiano what is tetracycline hydrochloride ophthalmic ointment used for buy generic alphagan online with prescription buy adalat pills non prescription zocor pharmacy medrol generic release date stopping wellbutrin medication can you buy rosuvastatin online levitra 20 mg directions my alli diet myalliplan over the counter dostinex floxin mexico prescription bronchitis generic alesse online birth trileptal from usa can you buy lukol over the counter in germany accidentally took 2 lexapro pills abilify starting dose for depression fast beconase aq delivery bentyl pills sweat zyprexa drugstore.com side effects clomid women feldene buy on line cialis soft pills online in the canada low cost kamagr and viagra donde comprar venlor carafate susp 100mg/ml etodolac 200 mg capsules Purchase abilify 5mg pharmacy comprar cipro pela internet augmentin fast mexico diclofenac sodium prices voveran pain medication unisom 25 mg pregnancy what will happen when viagra goes generic midamor echeck acquisto evecare sicuro online valsartan hydrochlorothiazide amlodipine when will there be a generic for plavix prednisone asthma mechanism action generic prozac online what does cialis pills look like Purchase actos 60 mg zoloft 100 mg street value what is amoxil for safe anacin buy buy zantac online canada no prescription cheap nexium qnexa online order where to buy tamoxifen ointment coumadin price walmart micardis cost comparison como comprar viagra generico en espan~a weight gain pills for women can lipitor be discontinued cipla ltd virgonagar bangalore doxycycline hydrochloride tablets side effects buy lipitor boots pharmacy aspirin sales data possible side effects of testosterone therapy most common side effects of meloxicam buy brand viagra online mexico no prescription adavan drug non perscription normal glucophage dose acquisto eldepryl sicuro online mexican buy zofran aricept buy on line discover ireland self catering buying floxin alli tablets back in stock excel herbal viagra uk buy cialis discreet z pack bronchitis contagious where can you buy generic propecia cialis hk generic altace drug keflex results forum suhagra cheap uk pharmacy ventolin nebules how often can i take zofran pregnancy diamox supplier in uk can you only get tadapox on prescription dr. reddys finasteride cost what is keppra taken for non prescription nolvadex pharmacy use keftab coupon online can youtube buy cialis soft in ireland canadian canigetviagraindibai is armour better than synthroid can you order diflucan mobic no prescription reviews brand flagyl er for sale suprax online overnight elavil dose for insomnia discount citalopram otc effects of female taking viagra how long does lamisil take to work for jock itch where buy amantadine where to buy revatio mg long term side effects of asthma inhalers minomycin australia pharmacy azulfidine rxlist unisom in italia prescription diet pills for sale online canadian health measures survey cycle 1 can you buy januvia in ireland etopan xl etodolac tablets buy cefixime for gonorrhea online trandate tablets pregnancy usa today celexa buy doxycycline usa can you only get quibron-t on prescription zyrtec on the internet viagra plus delivery uk order isoniazid from online without sinequan max dose minocin from usa buy allopurinol singapore tadacip side effects uk seroquel xr product monograph canada long term effects of ibuprofen overdose what is austell-ciprofloxacin 500mg used for pastillas disgrasil lafrancol how to get a hard erection without pills dutas medicine cheap diet pills that work fast uk topamax reviews for seizures ordering atorlip-10 trental order in the us order alli in canada postgraduate pharmacy courses in ireland there generic aciphex available naprosyn online forum buy pulmicort hong kong without amitriptyline and alcohol metronidazole 500mg side effects alcohol order aristocort mail order xeloda side effects of combivent inh nifedipine extended release tablets spc zovirax 800 mg prometrium 100mg reviews trusted online pharmacy generic of protonix acid ppi ventolin inhaler uk get cymbalta cheaper proprieta` del sale nero di cipro decadron generic for best over the counter weight loss pills at walmart nootropil medication side effects ordering cialis india tadalafil suppliers of orlistat best way to get pain pills prescribed inr warfarin machine natural alternatives to viagra and cialis fast rumalaya forte delivery zebeta suppliers overseas diprosone lotion buy online research grade zoloft viagra india bactrim ds australia pictures generic sinemet aceon lawsuit canada is it safe to order elimite too much thyroxine and weight gain safe place order abilify how to use mobicop uroxatral for sale over the counter roxithromycin nifedipine dosage forms side effects of cordarone medication cause what does a prescription of cialis cost what does zestoretic look like venlor mg price buy pariet online overnight delivery free or low cost diflucan metformin 500 mg price at walmart is lamisil over the counter buy trileptal online amazon cloridrato de sertralina efeitos side effects of mevacor pain pills no prescription cheap comprar diflucan original law and order livejournal generic propecia india safe
Monday, December 22, 2014
   
Text Size

Search our Site or Google

Researching Gold/Silver Mining Companies

Articles & Blogs - Gold Commentary

User Rating: / 26
PoorBest 

With the precious metals sector still being a complete “mystery” to most of the investing public, precious metals news/information sites like our own can perform an important function by introducing investors to the fundamentals of this sector, and by supplying general guidance on researching this sector.

In my previous commentaries, I have provided investors with considerable detail on the fundamentals for bullion, itself – as well as giving them practical guidance on making purchases. However, I have not engaged in the same depth of analysis regarding the miners who produce this bullion. With the help of our Mining Coordinator, Brian Boutilier, we intend to rectify that situation.

As with anything, we must start with the “ABC’s”. To make sure that no one is excluded from this analysis, I will assume that readers are not only new to this sector, but also new to self-directed investing. For those who already have a sophisticated understanding of these basic principles, we will delve into more advanced topics and analysis in future installments.

To make this analysis a little more “elementary”, we will assume that all of these mining companies are either producers or near-producers (i.e. “advanced-stage exploration projects”) – since “pure” exploration companies are more difficult to value objectively.

Share count:

Obviously the starting-point in researching any stock is to ascertain the company’s share structure. Multiplying the share-count by the share price provides us with a company’s market capitalization. This is the current valuation of the company’s assets, as expressed in the share price.

However, there is a second step in this process, which is especially important when researching mining companies: determining the number of outstanding “warrants” and “options”. Because mining is a capital-intensive industry, miners often need to raise capital for mine-construction, and related investments. Through these financings, companies will often issue large numbers of options and/or warrants – instruments which can be converted to shares.

This means that a much more relevant/accurate way to measure the market capitalization of these companies is with a “fully-diluted” share count – which includes all of those options and warrants, and simply assumes they will be converted to shares. Most companies will keep all of this data close together, making it quite simple to calculate the fully-diluted market-cap.

Before looking for further information, the next thing for a potential investor to ascertain about a company is its status as a “miner”.  Specifically: is the company actually producing gold and silver, or is it still in the “development” stage?

For non-producers, the research (at this elementary stage) is somewhat easier than with producers.

Resource size/drill results:

There are many mainstream “analysts” (with little knowledge about this sector) who refer to any/all miners who are not yet producing as “purely speculative” investments – directly implying there are no “hard assets” from which to attach a firm valuation for these companies. Nothing could be further from the truth, it is simply that the people making such comments lack the expertise to engage in such valuations.

The first thing to look for with any “miner” who is not yet actually “mining” is the size of their “resource” (i.e. the quantity of gold and/or silver, along with other “byproduct” metals) which they have “proven” (with varying degrees of certainty). Ore deposits which have been drilled-out to allow near-100% certainty in their composition are referred to as “reserves”, while ore-bodies with less-detailed drilling are referred to as “resources”.

The most-speculative component of these “resources” is the “inferred” component. It is important to understand that an “inferred” resource is not some all-or-nothing proposition – where “maybe” the ore is there and “maybe” it isn’t. The existence of gold and/or silver in such ore is not in doubt, merely the accuracy of the estimate of the quantity of ore. This means that further drilling into such “inferred” resources can result in the estimate of the quantity of metal to go down or up.

Once you know how much gold/silver is contained in a deposit (more or less), you can begin to attach a crude valuation to that resource/reserve. Obviously, the value of the ore is the value of the bullion, itself, minus the cost to mine/refine it. These “cash costs” vary tremendously between different mines/miners – and are steadily rising with time.

Presently, attaching a “cash cost” of $600/oz for gold and $10/oz for silver is very close to average for gold, while somewhat above average for silver. However, the convenience of these numbers (at the present time) is that they represent roughly ½ the price of bullion. Thus, a very simple way to value these resources today is to multiply the estimated quantity of metal by the price of bullion – and then cut it in half.

Critics (and more sophisticated investors) will immediately argue that this grossly over-values these companies – by not factoring in the capital costs to build the mine, nor the necessary “discounting” (for accounting purposes).

My response is in two parts. First, this is intended as merely a superficial examination of these companies – allowing even novice-investors to begin to distinguish between the relative value of various miners. Secondly, all of these development-stage miners are still continuing to drill-out their properties, meaning that the total amount of ore (eventually) found and proven through exploration will continue to increase over time. Depending on the quantity of exploration already completed, many of these ore deposits will be shown to be two or three times as large as these preliminary estimates (if not more).

Closely related to resource-size (and also accessible to novices) are the drill-results. Picture in your mind the Earth’s “crust” from the surface, and going lower as a series of “layers”, composed of various geological formations, along with an enormous variety of minerals and other substances.

The drills cut vertically through these “layers”, and when they encounter mineralization, these layers are referred to as “intercepts”. When a company’s drill results are presented to the public through “news releases”, the tables which contain these results may (at first) seem somewhat confusing and intimidating to novice-investors.

Put aside such fears. Once we understand what an “intercept” is, interpreting the rest of the data is quite straightforward. With each “intercept” there are several pieces of information included: the depth (beneath the surface) at which the intercept was encountered, the thickness (or “width”) of the layer, and the concentrations of various minerals which are discovered during analysis of the results.

Gold and silver purities (or “grades”) are expressed as “grams per ton” (of ore), or “ounces per ton”. It will likely astonish novice-investors to learn that most ore containing as little as 1 or 2 grams/ton of gold  can now be mined profitably. As gold prices continue to soar higher, we will likely see even ore with ½ g/ton of gold become profitable in most circumstances. Note that the presence of other minerals (such as copper, lead, zinc or other metals) increases the value of the ore, and reduces the “cash costs” for the gold (or silver) when these byproducts are sold as “credits”.

While many investors’ attention will be focused solely on the “headline numbers” with respect to the purity or “grade” of the ore, such temptations must be suppressed. Yes, the grades of ore are very important, but what is arguably even more important are the quantity of such intercepts – and their width. A half-dozen wide intercepts of “low-grade” ore will yield a far greater resource than a thin, single vein of gold – no matter how rich the grades are.

Once valuable ore is encountered, these miners will drill-out additional holes laterally, in order to demonstrate how long these “veins” of mineralization extend. As more and more drill-holes are completed, it becomes possible to calculate the quantity of metal contained in the ore – and then add it to any existing “resource”.

At this point, these miners will want to initiate “feasibility studies” (or “pre-feasibility studies”), to not only price-out the costs of building a mine, but to select a specific mining process and then to estimate a more precise “cash cost” for producing the gold/silver. Upon completion of such studies, we can value these companies with a much greater level of precision.

Operations:

Once a mining company is able to commence commercial production, its valuation (and investor focus) shifts from being purely concerned with resources and drill-results to being more concerned with the quantity of metal being produced, along with the efficiency of operations (which is reflected in the cash-costs of production).

The resource-size is still important, in that it tells us about the “mine life” of operations (at a given level of production). However, what all investors must be aware of is that once a company has commenced production, it is not going to want to squander all of its revenues/profits simply drilling-out its ore-body as fast as possible – just to boost the “resource” to its maximum size.

This is extremely inefficient, as drilling into this “virgin” rock will also often entail creating new shafts/ramps to access this rock. Instead, what a producing miner will often choose to do is to be more pragmatic – and only drill-out enough of its (total) resource to guarantee a reliable “feed” of ore for its “crushers” to process. Generally, a five-year mine-supply is considered more than ample for companies to effectively and efficiently plan-out their operations into the future.

This is why drill results are still important, even for companies which have been producing for years – as they tell investors whether the miner is able to find new ore to replace what has already been mined, and guarantee full-production in the future.

Note that “junior miners” do not automatically become “profitable” the moment they start mining. While (at these prices) they should certainly be producing a profit on their operations, most of these miners will have additional properties which they are also seeking to advance to production.

Depending on the number of additional properties, how “aggressively” the company is expanding, and how profitable its existing mine(s) is, a junior miner may or may not actually be producing net earnings. Investors should not be frightened away from a producer merely because it is not yet profitable – as long as it is clearly adding “shareholder value” with its additional development activities (and not engaging in excessive “dilution”).

Cash position:

While a company’s current “liquidity” is an important concern for any potential investment, as stated earlier, mining is a capital-intensive industry. This makes the current cash-position for mining companies even more important (and yet more important, again, for companies not yet producing).

Obviously any mining company which is low on cash, and not yet making net earnings on its operations will likely be forced to do a financing (or perhaps enter into some “joint venture” arrangement with a third party) – resulting in some level or form of dilution. The other option would be for the company to sell-off an asset. Some “development” companies never intend to become miners, but rather simply “explore” and then sell-off these properties (however, now I’m getting into more advanced subject matter).

A quick phone-call, or e-mail to the “investor relations” department of any of these companies should be enough to get a rough estimate of current “cash” – along with the “burn rate” (for companies not yet making net earnings).

Jurisdiction/Location/Geography:

The largest portion of global mineral exploration and mining is conducted by North American-listed (and primarily Canadian-based) companies. However, these companies operate on every continent on Earth, with the exception of Antarctica.

This means that there is tremendous variation between companies/properties on a number of fronts. Some governments are more or less receptive to “foreign” investment/development – and along with this their legal systems differ widely in how “mining friendly” these jurisdictions are. While this may seem like something which is impossible for a novice to ascertain, the obvious short-cut here is to find out if there are many other miners operating in a particular area.

Similarly, “environmental concerns” or “aboriginal land claims” can be tremendously important in determining whether a particular property (and a particular mining company) will ever be able to go into production. Novice investors should look for “clues” such as whether a miner is operating in an established mining-region (or “camp”). Companies looking for gold and silver in known, historical mining districts tend to be more successful in finding these metals and will likely face fewer obstacles in going into production. Furthermore, there will often be significant amounts of existing mining infrastructure – which can dramatically reduce the capital costs associated with mine construction.

Lastly, investors should try to acquaint themselves with the specific geography of a particular property. It may be “near” other mines/miners, but obviously a property on some sort of plateau-formation would be more accessible (and easy to develop) than a property situated on the side of a mountain.

Obviously, such a superficial level of analysis does not allow a novice-investor to immediately start picking their own mining investments. What it does allow is for someone seeking to become a mining-investor to start to make comparisons between these companies – and to separate the “contenders” from the “pretenders”.

Mining-ETF’s (and particularly the “junior miner” ETF’s) are an excellent “short-cut” for novice investors to enter this sector. These ETF’s represent “baskets” of miners which have been chosen by fund-managers with at least moderate expertise in selecting these companies. Not only are they relatively “safe” starter-positions for investors, but they provide their own list of companies with which novice-investors can start to individually research these companies.

Brian Boutilier has compiled a large database of these companies on our own site, and summarized the data he has collected – to provide a great starting-point for investor research. This database does not represent a “collection” of companies which each investor should attempt to acquire in its entirety. Rather, Brian is constantly looking at different miners, and when he finds a company which is at least “interesting” enough to him to be a potential choice for investors, he adds it to our database.

While some investors will prefer to subscribe to various analysts/experts – and let those people/sites do their thinking for them, we take the opposite approach. We see these mining companies as being “accessible” to the average investor, and with a prudent, methodical approach to such investing, we believe the vast majority of people should be capable of success in this personal investing.

Trackback(0)
Comments (7)Add Comment
Brian Boutilier
...
written by brian boutilier, September 20, 2010
Hard to see the downside with Metanor at a glance. They continue to expanding the resource and increase mill through put. S/O around 133M , they own a 1,200 TPD mill north of Val d'Or and has to potential to become a 60,000oz producer. They did have a setback at the mine last year. Lost a worker in an accident, the SP fell quite a way during that period. I haven't taken a hard look at the financials lately. Perhaps they have a debt load. I noticed 45 million in warrants, and the likelyhood they will need more capital this year. They only have 300K or so. So dilution is still an issue. They are griding through the long, dark days of a young producer.
0
...
written by HA65MPH, September 20, 2010
MEAOF.PK
0
...
written by HA65MPH, September 19, 2010
Reading on miners , I came across this one ..any thoughts ..MEAOF.PK
Brian Boutilier
...
written by brian boutilier, September 19, 2010
You bring up a good point Derek. There certainly are difference in Deposits, and therefore difference in processing be it a mill or a plant. I am usually not as concerned about the milling or processing style. I am, however, very interested in the anticipated rate of return and the cost of processing/OZ.

Heres an excerpt from First Majestic, and how they break out cost. This is from an NI 43-101 tech report.
TABLE 19-3
First Majestic Silver Corp.
First Majestic Plata, S.A. de C.V.
La Parrilla Silver Mine
Cutoff Grade Parameters for Sulfide Ore
CONCEPTS COSTS AND OTHER
Average Operating Cost per Tonne $66.94
COG Silver Only (g/t Ag) 293
COG - Lead Credits (g/t Ag) 246
Silver Recovery in Mill (%) 62.4%
Payable Silver from Refinery 95.0%
Lead Recovery in Mill (%) 55.0%
Payable Lead from Refinery (%) 88.0%
Silver Price ($/oz.) $12.00
Lead Price ($/lb.) $0.75
Zinc Price ($/lb.) $0.75
Monetary Exchange Rate $11.00 pesos: $1.00
61,419 tonnes

So, a fair amount of information, but the bottom line is Silver Recovery Rate, and and the cost of production. I usually find this kind of information in NI 43-101s, or pre/feasibility studies, for Advancer type companies trying to go into production. I like you, try to figure out just how profitable the process will be, not just how much rock they have. I don't always post that kind of detail, but put the hot-links in, so you can look for yourself. Hope that helps. Brian
navderek
...
written by navderek, September 18, 2010
Do the mining company reports provide the breakdown in percentage between what is oxide vs. sulphide contained in their reserves and/or resources? Does this apply to all metal types such as Gold, Silver, Platinum, etc... or just Gold? I'm starting to wonder now if there is a range of variance between element types and difficulties encountered to extract, for example Uranium or Nickel, or other non traditional PM's.
Hopefully Brian can shed some light on it. In the meantime I will try and do some research on my own and post my finding in the forums - probably a better place to discuss this further.
Jeff Nielson
...
written by Jeff Nielson, September 18, 2010
Good question, Derek - as it's about the ONE aspect of geology where I have a little understanding (lol). For anything more involved, it will be up to Brian!

Basically, the oxides have a looser chemical-bond between the gold and the surrounding rock. This allows a high "recovery rate" for the metal(s) in the ore, with only normal processing.

Conversely, with the sulphide-based ores, the chemical-bond is MUCH stronger. This is generally "bad news" on a number of fronts. First, if you try to process sulphide ores in the same manner, you get atrocious recovery-rates - literally leaving most of the metal in the "tailings" (the waste-product after mining and milling).

In previous decades, if you tried additional "processing" to get more of the gold out, this required HORRENDOUSLY destructive techniques. If anyone has heard "horror stories" about environmental devastation from gold-mining, it is THIS form of primitive processing of sulphide-based ores which would be at the root of it.

FORTUNATELY, there are now hi-tech and even environmentally-friendly ways of processing sulphide-ores - with the most interesting of these techniques being the use of bacteria to break-down the chemical-bond. They simply expose the ore to this bacteria after some initial crushing and processing, and after the bacteria have worked their magic, almost the same recovery-rate for this ore can be obtained as with oxide-based ores - with no more harm to the environment.

Naturally, oxide-based ores are preferred - which is WHY all the easily-accessible oxide-based ore bodies have already been mined. This means we MUST get the majority of our metals in the future from sulphide-based ores, so it is fortunate that all this means today is slightly higher capital costs for the extra processing equipment, and somewhat higher cash costs for processing.
navderek
...
written by navderek, September 18, 2010
This is a great introduction on how to go about analyzing mining companies. I'll be the first to say that I've already learned a lot from this one article and I'm looking forward to the next ones!

When I recently attended the Kitco eConference there was a speaker who talked about "Sulphide" deposits vs. "Oxidized" deposits and that basically the oxide deposits are easier to mine (due to less processing requirements). Does this differentiation apply to any type of ore, or is it specific to certain ore types? Also does the mining company provide this information automatically or is it something you have to question them about?

-Derek

Write comment
You must be logged in to post a comment. Please register if you do not have an account yet.

busy

Latest Commentary

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12

Latest Comments

Disclaimer:

BullionBullsCanada.com is not a registered investment advisor - Stock information is for educational purposes ONLY. Bullion Bulls Canada does not make "buy" or "sell" recommendations for any company. Rather, we seek to find and identify Canadian companies who we see as having good growth potential. It is up to individual investors to do their own "due diligence" or to consult with their financial advisor - to determine whether any particular company is a suitable investment for themselves.

Login Form