Add a New Bears Reason

Company: Andina Minerals (CVE:ADM)
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  Andina Minerals (ADM-V)/Bears/The bottom line is that Volcan will be expensive to turn into a mine

it's the low grades, the early stage of resource definition and the big, big capex that would be needed to get the big machine built on top if it ever gets to construction stage.

The geographical area is difficult, too. It's between 4,300masl and 5,200masl, with the average at 4,800masl. I know what 5,000masl feels like and it's not the kind of place you can expect to work witout interruption. Winds get life-threateningly high at that altitude in the Cordillera, and construction work will take a lot longer than something at, say, 2,500masl.

The bottom line is that Volcan will be expensive to turn into a mine. No doubts. That brings down the price at which the junior can sell its in situ ounces. No doubts. It also calls into question whether it will ever become a mine. So with lower selling price on the one hand, and a heavyweight newsletter writer with a big following and (probably) skin in the game like Saville massaging the numbers to get to $8/oz valuation on the other, I can't help but see red flags.

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