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Message: FinancialPosat comments on Miguel Auza

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FinancialPosat comments on Miguel Auza

posted on Nov 14, 08 09:12AM

Silver Eagle Mines cries 'uncle'

Posted: November 07, 2008, 12:16 PM by David Pett

Mining, silver, zinc, hot stocks, lead

Silver Eagle Mines Inc. cried uncle Friday and watched its share price fall by almost half.

The company said the steep drop in metals prices has decimated the company's cash flow to the point it no longer can cover its costs. Silver Eagle has initiated a strategic review to explore options including its own sale in order to enhance shareholder value. At noon, the stock was down 45% or 9¢ to 11¢.

"As a result of the significant downturn in silver, lead and zinc prices, the company has experienced lower than planned cash flows from operations, Silver Eagle said in a a release. "These cash flows are insufficient to cover the operating and corporate costs of the company and as a result, Silver Eagle has minimal available cash resources."

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