Going APE for a new junior silver?

I have a certain screen in my yahoo finance portfolios section (very useful for watching a large amount of stocks) that has mostly silver juniors.  You can set it to show what the charts look like on a yearly basis.  Lo and behold, I came across one that looked interesting.  Let's dial up the chart, shall we?

The name of the company is Apogee Silver, and the symbol is APE.V.

Next we have the important stats:

Shares O/S: 284 Mio - Tad high, but respectible share structure for a junior. Just did a private placement of 71.5 million shares, raising 20.2 million dollars.  You don't raise this type of money unless you have plans for it.

Resources:  Good resources in both Bolivia and Chile.  Two countries which are mining friendly.  They have NI 43-101 resources of 79 million ounces of silver equivalents.  The most important property is the Pulacayo property, and the first one that would produce any silver.

Development: They want to initiate high grade mining and custom milling for early cash flow.  They will then use this money to increase resoucres through the drill bit. See page 10 of presentation for their plan.  Also, see page 13 of presentation for their drilling plans.  What I'm excited about is all of the drilling that will be done to expand this resouce.  In fact, see latest news release about hole 170, 173, and 176.  Link is here:
http://www.apogeeminerals.com/apog/?cat=1

Price:  See page 22 of presentation.  Price of stock is based on a silver price of 28.31 per ounce.  As silver is over 40 now, I only see upside from their projection.  Silver will probably correct here, but I don't see it dipping more than 5-6 bucks.  Still way above 28 per ounce.

Here's the link to the presentation:  http://www.apogeeminerals.com/apog/?page_id=92

If you feel that you need to put some money to work, this stock may not be a bad play over the short term.

FD:  I own this stock, and have not been paid to write about it.

Until the next time...

Fiat Doubter