Hey Pat: I’m wondering if I can please get your thoughts on United Mining Group. My friend recommended it to me and before I invest, I would appreciate your valuable feedback. Thanks!
United Mining Group, $1.25, symbol UMG on Toronto (Shares outstanding: 55.3 million; Market cap: $69.2 million, www.unitedmininggroup.com), provides mining services, including contract mining, to silver miners in Idaho’s Silver Valley. The company also owns a custom welding and fabrication shop. That lets it repair and rebuild its own equipment, as well as that of other mining companies.
United Mining’s cash flow is positive. It is using its cash flow to earn an 80% interest in the Crescent silver mine, which is next to the Sunshine silver mine in the Silver Valley.
The Crescent mine has historically produced 25 million ounces of silver. United Mining now estimates that there is 10.2 million ounces remaining, and further exploration drilling could increase that figure.
United Mining is okay to hold, but only for highly aggressive investors.
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