SST v. SLW resources--corrections...Shoot, a little birdie pointed out that I erred twice in my resource calculations for SLW and SST. First, i mis-read the fine print on SLW's site. While SST's 43-101 resources are INCLUSIVE of the proven and probable reserves, SLW's P&P reserves are listed as EXCLUSIVE from their 43-101 resources. That's a big difference.
What it means is that SLW has a total of 948.9mm ounces of silver; or, 3.58 ounces of P&P reserves AND resources per share.
Second, to really compare apples to apples, I should drop the historical resource figures for SST's exploration properties from the calculcations, as if I do that I should include any historical figures for SLW that aren't yet reserves or resources. That drops SST's resources down to around 217mm; or, around 1.78 silver ounces per share.
With those corrections, each SLW share has twice the P&P and 43-101 silver reserves and resources as SST: 3.58 to 1.78. (I would like to re-do this calculation when the Copala resource numbers come out, as we know there are resources there. They just aren't yet 43-101 compliant.)
So, at the stock prices extant last night, a buyer of SST still gets more silver per dollar than a buyer of SLW. At US$2.01 and US$12.47, one dollar invested in SST buys $11.26 worth of silver. One dollar invested in SLW buys $3.65 worth of silver.
The bottom line is that a buyer doesn't get 7.5 times the silver for his money by buying SST instead of SLW shares--he gets 3 times the silver. Still, quite significant.
My apologies for the errors.
Thx and GLTA!