Peter Brieger Americas Silver Corp. SPM-T HOLD Feb 25, 2013

Looks at it as a silver play. Prefers SGN-X, but owns both.

Considers this as a blue chip. Has taken over the US’s second-biggest pure silver producer. The guys who were running Barrick have come over to run this so it has great management. Cost of production is about $17. Has quite a bit of upside because it has the best leverage to the rise in the price of silver.

Very positive on the new chair and the new CEO. Have just come out with a new resource statement, which cleared the air on the reserve position on the Western Sonora. Expect there will be an expansion of the existing mill from 1500 tons a day to 2700 tons next year. You will have to have some patience.

(A Top Pick September 7/12. Down 67.49%.) This has the highest leverage to the price of silver in the ones that he owns. A nicely leveraged machine to the price of silver. The US’s third-largest silver producer. Top-notch management.

Has been a disappointing story in-as-much as they are trying to prove up additional reserves and improve the grade they are taking out of the ground. Thinks the story is intact, but unfortunately, it is going to take a year or 2 longer to prove up the reserves and to build up future production. The good news is that they are producing $.07 a share in cash flow this year.

Has been adding a little bit to his holdings at this price. Trading close to cash value. The key is that it is still producing. Cost of production is going to come in at around $14 so they are still making money. Management has reorganized the company and have done a great job of trimming all the fat.

Had a good Christmas present. Production will increase significantly. You have to be prepared to wait a year before buying it.

The reason it went down besides the price of silver was that there was a fear that their reserves would be insufficient for their mill. He has spoken to management and was told there would be no interruption in the operation of the mill. Is thinking of buying more.

Stock is under pressure because people fear an interruption in production this year. They are now finding a bit more outside of the original envelope. So that is going to supply about 50% of this year’s production.

MAG has a good project in Mexico. However, with Americas Silver, you have better leverage with active mines. Execution from a time perspective will come up faster. However, he has a $21 target for MAG. Silver will probably move faster than gold. If silver hits $20, he would go with SPM.