As of April l4, Pan American Silver (PAASF, US$8.50, 604-684-ll75) a long-time resident on the recommended list of junior resource stocks, has options listed on both the AMEX and PHLX. In l997 PAA produced 2.84 million ounces, at a cost of $3.79 per ounce from its Quiruvilca mine in Peru. They anticipate having the La Colorado Mine in Mexico producing an additional 3 million ounces by late l999. They're also producing a bankable feasibility study on their 70% owned Dukat mine in the Russian Far East, which should start production in 4Q 2000 at a rate of l5 million ounces. Altogether they control 650 million ounces of silver, have C$36million in cash, and positive cash flow from Peru. I think selling naked puts, with the intention of accepting the stock it is's put to you, should be a winning strategy with this superbly run company.