While in my opinion there is no doubt 2009 will be a great year for silver, and prices will go up for silver futures, coin and bullion, as well as many silver mining company stocks.
A major reason there's been so much confusion surround the behavior of gold and silver recently, is because the unusal situation of forced liquidation has kept them down in price while the U.S. dollar has remained strong, even though underlying fundamentals said it shouldn't have.
Because of this, companies were forced to sell their positions in gold and silver and other commodities in order to raise much needed cash, this kept things where they have been for silver and silver futures until recently. It seems companies' positions have largely unwound now, and silver and gold are starting to be the investment of choice for those interested in both safety and getting a return. This will be true for silver, whether it's silver dollars, silver futures, silver bullion, or any type of silver coin, and most well run silver companies. Silver prices in the near future should do very well for silver investors, and whether you take physical possession of silver or buy silver company stocks or silver futures, they should perform strongly in 2009, as prices of silver go up.
This is one of the questions I've been asked about a lot lately, on whether silver prices are going up or will rise in 2009. The answer is almost assuredly yes! And considering the price of silver in contrast to gold is so large, the percentage of silver should outshine gold and probably perform even better in that regard. The one thing to keep in mind is if safety or a haven for your money is more important, gold will be the obvious choice, and it should give a solid return for the 2009 economic circumstances. Silver will do well to, but it could be more volatile than gold, but also has a better chance of making you more money. It's the old risk versus reward this year in silver and gold investing.
We shouldn't be afraid of those worried over the overall commdodity sector, and those making it look like everything connected to raw materials will fall this year. That's going to be absolutely false. I think they're asserting that so you don't pull your money out of their investments and put it into commodities, where is several cases prices should do quite well this year. Obviously we must do our homework in our commodity investing, as a number of raw materials will definitely fall in price, and so will be risky. All we have to do there is understand what sector we're investing in, and what sectors are weak as far as demand for raw materials go.
Back to silver, investing in silver will be profitable this year, and silver prices will rise in general across the board. Silver futures prices will rise along with other commodity futueres, and in some cases phyiscal silver in the form of bars and bullion should rise right along with silver futures. Investing in the stock of silver mining and silver companies, as in all cases, must be handled differently, and things like management and operations is as important as anything else. Silver prices will enable companies to expand, the question is whether it'll be done responsibly or not.
So in answer to the questin of whether prices of silver will go up this year, it is absolutely yes. I think investing in silver futures and physical silver, as far as bars and bullion will be a surety for profit, when you get into silver coins and numismatic value, obviously there are many more factors involved in silver coin prices.
Showing posts with label Silver Company. Show all posts
Showing posts with label Silver Company. Show all posts
Saturday, February 7, 2009
Sunday, January 25, 2009
Silver: Prices Ready to Breakout?
The place to put our money in 2009 will probably be in silver, gold and oil. I don't see any of them disappointing over the year. Already oil has a super contango going, with guaranteed profits built in with little or no risk.
Silver and gold are almost ensured the same thing, as the US dollar starts its inevitable collapse and decline, and investors rush to safety in the two metals.
Silver and gold futures, along with ETFs should also perform strongly, as the deleveraging and forced liquidation periods of investment funds and companies seems to be winding down. That's why we see money flowing to this precious metals.
It's also the reason the dollar will continue to drop for some time, as the artificial circumstances that allowed it to remain temporarily strong are now gone with the forced liquidation and deleveraging period, and so nothing stands in the way of silver futures and gold futures moving up in price.
Another reason 2009 looks good, is energy costs are down, which play a big part in the cost of mining silver, which with the timing of the economic conditions, is nothing but favorable for silver in 2009.
While there's no doubt that gold futures and prices will flourish in 2009, reaching heady numbers, in terms percentages percentages, silver futures will probably even outproduce gold futures as an investment, and bring some very good returns themselves.
One thing to consider with the pricing of silver is there are two components involved, just like their is with platinum, as they're both significant industrial metals as well as investment metals.
That means much may depend on how investors view silver as to how high it will go. If they look at it strictly from an industrial demand point of view, it may not rise as high as expected, because demand for industrial silver could definitely fall this year.
But view it primarily from as an investment metal, and silver will shine in 2009, as silver futures soar to dizzying heights.
One last thing about silver futures prices soaring this year, is they're denominated in U.S. dollars, while most silver mining companies are foreign, and not working from the dollar. That means that locally, prices are falling while the metal prices are soaring. What could be better than that for silver investors everywhere?
Well, those in America have the pesky problem of a currency falling in value, so exchange rates could hurt them depending on how things are structured and the silver company they've invested in, if that's how they went about doing it.
Either way, silver futures and investment in some silver mining companies and ETFs, should be one of the few solid investments available to those looking to not only salvage their money, but have it work for them too.
A few commodities will be hot this year, and silver will be one of them.
Silver and gold are almost ensured the same thing, as the US dollar starts its inevitable collapse and decline, and investors rush to safety in the two metals.
Silver and gold futures, along with ETFs should also perform strongly, as the deleveraging and forced liquidation periods of investment funds and companies seems to be winding down. That's why we see money flowing to this precious metals.
It's also the reason the dollar will continue to drop for some time, as the artificial circumstances that allowed it to remain temporarily strong are now gone with the forced liquidation and deleveraging period, and so nothing stands in the way of silver futures and gold futures moving up in price.
Another reason 2009 looks good, is energy costs are down, which play a big part in the cost of mining silver, which with the timing of the economic conditions, is nothing but favorable for silver in 2009.
While there's no doubt that gold futures and prices will flourish in 2009, reaching heady numbers, in terms percentages percentages, silver futures will probably even outproduce gold futures as an investment, and bring some very good returns themselves.
One thing to consider with the pricing of silver is there are two components involved, just like their is with platinum, as they're both significant industrial metals as well as investment metals.
That means much may depend on how investors view silver as to how high it will go. If they look at it strictly from an industrial demand point of view, it may not rise as high as expected, because demand for industrial silver could definitely fall this year.
But view it primarily from as an investment metal, and silver will shine in 2009, as silver futures soar to dizzying heights.
One last thing about silver futures prices soaring this year, is they're denominated in U.S. dollars, while most silver mining companies are foreign, and not working from the dollar. That means that locally, prices are falling while the metal prices are soaring. What could be better than that for silver investors everywhere?
Well, those in America have the pesky problem of a currency falling in value, so exchange rates could hurt them depending on how things are structured and the silver company they've invested in, if that's how they went about doing it.
Either way, silver futures and investment in some silver mining companies and ETFs, should be one of the few solid investments available to those looking to not only salvage their money, but have it work for them too.
A few commodities will be hot this year, and silver will be one of them.
Monday, January 5, 2009
Silver Falcon Mining, Inc. (SFMI) Announces 2009 Business Plan
Silver Falcon Mining, Inc. (PINKSHEETS: SFMI) begins working on its 2009 business plan, approved by its Board of Directors.
War Eagle Mountain is a Gold and Silver rich property where Silver Falcon Mining, Inc. has the developmental and operating rights to 17 deep-shaft mines covering the Mountain's primary epithermal Gold- and Silver-producing veins. At the beginning of the year, the property under contract covers approximately 1,500 acres.
The business plan provides for the following:
1) Working the mill on a double shift schedule and increasing the output tonnage through the addition of a larger ball mill to be installed parallel to the existing one as well as installing a larger Falcon Concentrator to multiply the precious metals output.
2) Bring to the mill sufficient ore from the tailings pile to guarantee the increased production for 24 months production of Gold and Silver.
3) In accordance with our operating contract with GoldCorp Holdings, Co., open up one more shaft on the property and prepare it for further activity.
4) Establish a large permanent mill site at the Sinker Tunnel Entrance thus eliminating present transport and road maintenance cost.
5) Dedicate 15% of the net smelter returns to a buyback plan of its common "A" stock.
6) Start permitting process to do underground mining in the Sinker Tunnel so as to allow year round operation to go on.
7) A core drilling program for an evaluation of reserves on the mountain.
Mr. Pierre Quilliam, President of Silver Falcon Mining, Inc., said, "Again we have laid out an ambitious plan and now that we have a cadre of competent and dedicated associates under contract, we are very excited at the prospects laid out before us. Thanks to the selfless dedication of our employees and contractors, we look forward to a very rewarding year in 2009 both financially and operationally."
Further Information contact Rich Kaiser, Investor Relations 800-631-8127 and www.silverfalconmining.com.
Silver Falcon Mining, Inc. cautions that the statements made in this press release constitute forward-looking statements, and not guarantees of future performance and actual results or developments may differ materially from the projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made.
War Eagle Mountain is a Gold and Silver rich property where Silver Falcon Mining, Inc. has the developmental and operating rights to 17 deep-shaft mines covering the Mountain's primary epithermal Gold- and Silver-producing veins. At the beginning of the year, the property under contract covers approximately 1,500 acres.
The business plan provides for the following:
1) Working the mill on a double shift schedule and increasing the output tonnage through the addition of a larger ball mill to be installed parallel to the existing one as well as installing a larger Falcon Concentrator to multiply the precious metals output.
2) Bring to the mill sufficient ore from the tailings pile to guarantee the increased production for 24 months production of Gold and Silver.
3) In accordance with our operating contract with GoldCorp Holdings, Co., open up one more shaft on the property and prepare it for further activity.
4) Establish a large permanent mill site at the Sinker Tunnel Entrance thus eliminating present transport and road maintenance cost.
5) Dedicate 15% of the net smelter returns to a buyback plan of its common "A" stock.
6) Start permitting process to do underground mining in the Sinker Tunnel so as to allow year round operation to go on.
7) A core drilling program for an evaluation of reserves on the mountain.
Mr. Pierre Quilliam, President of Silver Falcon Mining, Inc., said, "Again we have laid out an ambitious plan and now that we have a cadre of competent and dedicated associates under contract, we are very excited at the prospects laid out before us. Thanks to the selfless dedication of our employees and contractors, we look forward to a very rewarding year in 2009 both financially and operationally."
Further Information contact Rich Kaiser, Investor Relations 800-631-8127 and www.silverfalconmining.com.
Silver Falcon Mining, Inc. cautions that the statements made in this press release constitute forward-looking statements, and not guarantees of future performance and actual results or developments may differ materially from the projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made.
Thursday, December 18, 2008
International Minerals -- 2008 Review and 2009 Business Plans
SCOTTSDALE, AZ, Dec 18, 2008 (MARKET WIRE via COMTEX) -- International Minerals Corporation (CA:IMZ) (SWX: IMZ) ("the Company") reports a calendar year-end summary of its corporate and project activities during 2008 and its business plans for calendar year 2009.
Corporate
-- The Company's share price, like that of most resource companies,
has not performed well in 2008 due primarily to prevailing adverse
market conditions not only in the natural resources sector but also
in the general financial market. IMZ's current share price is
essentially at the same level as five years ago.
-- Management believes that the Company's accomplishments of the past
year (especially at the Pallancata underground silver-gold mine in
Peru) combined with our future plans will remedy this situation and
IMZ's share price should recover in 2009 together with a likely
resurgence in metal prices.
-- In terms of financial health, the Company is in the enviable
position of having a strong balance sheet with cash and short-term
investments of over US$50 million at calendar 2008 year end, with
expected cash dividends commencing in late 2009 from the 40%-owned
Pallancata Mine.
-- In mid-October 2008, IMZ instituted a share repurchase program
because the Board believed that the market price of the Company did
not fully reflect the underlying value of the Company's business
and its future business prospects. An update on the share
repurchase program will be provided in the Company's second fiscal
quarter financial information for the period ending
December 31, 2008.
A brief update on the Company's key projects is provided below:
Pallancata Silver-Gold Mine, Peru
-- Owned 40% by IMZ and 60% by the mine operator, Hochschild
Mining plc.
-- Pallancata has become one of the success stories in the mining
industry in 2008 and is now the number-one primary silver mine
in Peru in terms of silver reserves.
-- Proven and probable reserve estimates in August 2008 were
approximately 80 million ounces of silver equivalent (using a
75:1 silver:gold ratio) contained within 5.8 million tonnes at
329 g/t silver and 1.2 g/t gold in proven and probable reserves.
See IMZ news release dated August 25, 2008 for further details.
-- Production (100% project basis):
- From start-up (September 2007) to September 30, 2008 almost
3 million ounces of silver and over 10,000 ounces of gold have
been produced.
- For calendar year 2008, production is expected to reach
approximately 4.5 million ounces of silver and 18,000 ounces
of gold.
- In 2009, Pallancata should become one of the top-10 largest
primary silver mines in the world, producing an expected 6 to
7 million ounces of silver annually.
-- Total cash costs, including the government royalty, are currently
under US$6.00 per ounce of silver net of by-product gold credits.
Currently, direct mine site costs (included in the US$6.00 cash
cost) are approximately US$3.15 per ounce (assuming only mining,
processing and mine G&A costs).
-- IMZ's net earnings from the Pallancata Mine to September 30, 2008
are approximately US$3.8 million.
-- Because all cash flow has been required for funding the aggressive
capital expansion program at the Pallancata Mine, to date there
have been no cash dividends distributed to the joint venture
partners. Cash dividends are expected to commence, however, in the
final quarter of calendar year 2009, dependent on metal prices and
ongoing capital requirements.
Rio Blanco and Gaby Gold Projects, Ecuador
-- It has been a difficult year for the mining/exploration sector in
Ecuador.
-- The market awaits the expiry of the mining mandate (that suspended
exploration and mining activities in April) and approval of the new
mining law in January 2009. Normalization of exploration/mining
activities likely will take several months longer while the detailed
regulations for the mining law are prepared and approved.
-- The negotiation of project-specific mining contracts (covering
issues such as income/windfall taxes and royalty payments) for the
more advanced projects (such as IMZ's Rio Blanco, Kinross' Fruta
del Norte, IAMGOLD's Quimsacocha and Corriente's Mirador projects)
are expected to take up to an additional six months to negotiate
with the government.
-- In calendar year 2009, IMZ does not expect to spend significant
funds in Ecuador at the Rio Blanco underground gold-silver project
and the Gaby open-pit gold project and has already reduced its
workforce accordingly. The Company is, however, maintaining its
significant in-country infrastructure and its commitment to
developing its Ecuadorian projects.
-- IMZ has previously completed much of the environmental permitting
process for the proposed development of a mining operation at Rio
Blanco. Final permitting approval is expected by the end of 2009,
with construction (subject to required additional financing)
starting in 2010.
-- In February 2008, the Company completed a preliminary feasibility
report at Gaby, which was not positive at US$650 per ounce gold
price but is currently being optimized for higher tonnage
production. Results of the optimization program will be announced
in the first quarter of 2009.
New Acquisitions
-- In the current market there are significant opportunities for IMZ
to acquire gold-silver companies and/or projects that are in or
near production at low acquisition costs that have not been seen
in the industry for the past 20 years. IMZ is well-positioned with
its cash resources and strong technical team to take advantage of
this situation.
-- IMZ's preference is to seek these opportunities in the Americas,
especially in South America in order to leverage off of IMZ's
considerable technical and corporate expertise from over 15 years
of exploration and development of projects in that region.
-- The Company has evaluated at least 25 companies/projects in 2008,
using its experienced acquisition team, and management is confident
that IMZ will achieve at least one major acquisition during the
coming year.
The technical information in this news release was reviewed by IMZ's Qualified Person, Nick Appleyard, Technical Manager.
Cautionary Statement:
Some of the statements contained in this release are "forward-looking statements" within the meaning of Canadian securities law requirements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include statements regarding capital expansion costs and completion, drilling and development programs on the Company's projects, timing of commencement of production, completion of feasibility studies, obtaining of required environmental and production permits, and timing and amounts of future cash flows from operations. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of mineral resources and reserve; risks relating to project capital and production costs; risks relating to obtaining mining and environmental permits; mining and development risks; risk of commodity price fluctuations; political and regulatory risks; risks related to a new mining law in Ecuador, and other risks and uncertainties detailed in the Company's Renewal Annual Information Form for the year ended June 30, 2008, which is available at www.sedar.com under the Company's name. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For additional information, contact:
Wendy Yang
Tel: (303) 357-4863
Internet Site: http://www.intlminerals.com
SOURCE: International Minerals Corporation
http://www.intlminerals.com
Copyright 2008 Market Wire, All rights reserved.
Corporate
-- The Company's share price, like that of most resource companies,
has not performed well in 2008 due primarily to prevailing adverse
market conditions not only in the natural resources sector but also
in the general financial market. IMZ's current share price is
essentially at the same level as five years ago.
-- Management believes that the Company's accomplishments of the past
year (especially at the Pallancata underground silver-gold mine in
Peru) combined with our future plans will remedy this situation and
IMZ's share price should recover in 2009 together with a likely
resurgence in metal prices.
-- In terms of financial health, the Company is in the enviable
position of having a strong balance sheet with cash and short-term
investments of over US$50 million at calendar 2008 year end, with
expected cash dividends commencing in late 2009 from the 40%-owned
Pallancata Mine.
-- In mid-October 2008, IMZ instituted a share repurchase program
because the Board believed that the market price of the Company did
not fully reflect the underlying value of the Company's business
and its future business prospects. An update on the share
repurchase program will be provided in the Company's second fiscal
quarter financial information for the period ending
December 31, 2008.
A brief update on the Company's key projects is provided below:
Pallancata Silver-Gold Mine, Peru
-- Owned 40% by IMZ and 60% by the mine operator, Hochschild
Mining plc.
-- Pallancata has become one of the success stories in the mining
industry in 2008 and is now the number-one primary silver mine
in Peru in terms of silver reserves.
-- Proven and probable reserve estimates in August 2008 were
approximately 80 million ounces of silver equivalent (using a
75:1 silver:gold ratio) contained within 5.8 million tonnes at
329 g/t silver and 1.2 g/t gold in proven and probable reserves.
See IMZ news release dated August 25, 2008 for further details.
-- Production (100% project basis):
- From start-up (September 2007) to September 30, 2008 almost
3 million ounces of silver and over 10,000 ounces of gold have
been produced.
- For calendar year 2008, production is expected to reach
approximately 4.5 million ounces of silver and 18,000 ounces
of gold.
- In 2009, Pallancata should become one of the top-10 largest
primary silver mines in the world, producing an expected 6 to
7 million ounces of silver annually.
-- Total cash costs, including the government royalty, are currently
under US$6.00 per ounce of silver net of by-product gold credits.
Currently, direct mine site costs (included in the US$6.00 cash
cost) are approximately US$3.15 per ounce (assuming only mining,
processing and mine G&A costs).
-- IMZ's net earnings from the Pallancata Mine to September 30, 2008
are approximately US$3.8 million.
-- Because all cash flow has been required for funding the aggressive
capital expansion program at the Pallancata Mine, to date there
have been no cash dividends distributed to the joint venture
partners. Cash dividends are expected to commence, however, in the
final quarter of calendar year 2009, dependent on metal prices and
ongoing capital requirements.
Rio Blanco and Gaby Gold Projects, Ecuador
-- It has been a difficult year for the mining/exploration sector in
Ecuador.
-- The market awaits the expiry of the mining mandate (that suspended
exploration and mining activities in April) and approval of the new
mining law in January 2009. Normalization of exploration/mining
activities likely will take several months longer while the detailed
regulations for the mining law are prepared and approved.
-- The negotiation of project-specific mining contracts (covering
issues such as income/windfall taxes and royalty payments) for the
more advanced projects (such as IMZ's Rio Blanco, Kinross' Fruta
del Norte, IAMGOLD's Quimsacocha and Corriente's Mirador projects)
are expected to take up to an additional six months to negotiate
with the government.
-- In calendar year 2009, IMZ does not expect to spend significant
funds in Ecuador at the Rio Blanco underground gold-silver project
and the Gaby open-pit gold project and has already reduced its
workforce accordingly. The Company is, however, maintaining its
significant in-country infrastructure and its commitment to
developing its Ecuadorian projects.
-- IMZ has previously completed much of the environmental permitting
process for the proposed development of a mining operation at Rio
Blanco. Final permitting approval is expected by the end of 2009,
with construction (subject to required additional financing)
starting in 2010.
-- In February 2008, the Company completed a preliminary feasibility
report at Gaby, which was not positive at US$650 per ounce gold
price but is currently being optimized for higher tonnage
production. Results of the optimization program will be announced
in the first quarter of 2009.
New Acquisitions
-- In the current market there are significant opportunities for IMZ
to acquire gold-silver companies and/or projects that are in or
near production at low acquisition costs that have not been seen
in the industry for the past 20 years. IMZ is well-positioned with
its cash resources and strong technical team to take advantage of
this situation.
-- IMZ's preference is to seek these opportunities in the Americas,
especially in South America in order to leverage off of IMZ's
considerable technical and corporate expertise from over 15 years
of exploration and development of projects in that region.
-- The Company has evaluated at least 25 companies/projects in 2008,
using its experienced acquisition team, and management is confident
that IMZ will achieve at least one major acquisition during the
coming year.
The technical information in this news release was reviewed by IMZ's Qualified Person, Nick Appleyard, Technical Manager.
Cautionary Statement:
Some of the statements contained in this release are "forward-looking statements" within the meaning of Canadian securities law requirements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include statements regarding capital expansion costs and completion, drilling and development programs on the Company's projects, timing of commencement of production, completion of feasibility studies, obtaining of required environmental and production permits, and timing and amounts of future cash flows from operations. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of mineral resources and reserve; risks relating to project capital and production costs; risks relating to obtaining mining and environmental permits; mining and development risks; risk of commodity price fluctuations; political and regulatory risks; risks related to a new mining law in Ecuador, and other risks and uncertainties detailed in the Company's Renewal Annual Information Form for the year ended June 30, 2008, which is available at www.sedar.com under the Company's name. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For additional information, contact:
Wendy Yang
Tel: (303) 357-4863
Internet Site: http://www.intlminerals.com
SOURCE: International Minerals Corporation
http://www.intlminerals.com
Copyright 2008 Market Wire, All rights reserved.
Tuesday, December 9, 2008
Silver Wheaton Announces Adoption of Shareholder Rights Plan
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/08/08 -- Silver Wheaton Corp. (TSX: SLW)(NYSE: SLW) announced today that its board of directors has approved the adoption of a shareholder rights plan (the "Rights Plan"), effective December 8, 2008.
The purpose of the Rights Plan is to provide shareholders and the board of directors with adequate time to consider and evaluate any unsolicited take-over bid made for Silver Wheaton's common shares, provide the board of directors with adequate time to identify, develop and negotiate value-enhancing alternatives, and encourage the fair treatment of shareholders in connection with any take-over bid made for Silver Wheaton's common shares. The Rights Plan is intended to prevent any person from acquiring beneficial ownership of more than 20% of the outstanding common shares of Silver Wheaton while the board of directors' process is ongoing, or from entering into arrangements or relationships that have a similar effect. The Rights Plan remains subject to acceptance by the Toronto Stock Exchange and ratification by Silver Wheaton's shareholders at its next annual meeting of shareholders expected to be held in May 2009. If ratified by the shareholders, the Rights Plan will continue in force until the end of Silver Wheaton's third meeting of shareholders after such ratification. Silver Wheaton is not aware of any specific take-over bid for Silver Wheaton that has been made or is contemplated.
In order to implement the Rights Plan, the board of directors has authorized the issuance of the rights to holders of its common shares at the rate of one right for each common share outstanding. The rights will automatically attach to the common shares and no further action will be required by shareholders.
Pursuant to the terms of the Rights Plan, any bid that meets certain criteria intended to protect the interests of all shareholders will be deemed to be a "permitted bid" and will not trigger the Rights Plan. These criteria require, among other things, that the bid be made by way of a take-over bid circular to all holders of voting shares other than the offeror under the bid, and remain open for acceptance by shareholders for at least 60 days. In the event a take-over bid does not meet the permitted bid requirements of the Rights Plan, the rights issued under the plan will entitle shareholders, other than any shareholder or shareholders involved in the take-over bid, to purchase additional common shares of Silver Wheaton at a significant discount to the market price.
A copy of the Rights Plan will be filed on SEDAR at www.sedar.com and made available on Silver Wheaton's website upon acceptance by the Toronto Stock Exchange.
Silver Wheaton is the largest public mining company with 100% of its operating revenue from silver production.
The purpose of the Rights Plan is to provide shareholders and the board of directors with adequate time to consider and evaluate any unsolicited take-over bid made for Silver Wheaton's common shares, provide the board of directors with adequate time to identify, develop and negotiate value-enhancing alternatives, and encourage the fair treatment of shareholders in connection with any take-over bid made for Silver Wheaton's common shares. The Rights Plan is intended to prevent any person from acquiring beneficial ownership of more than 20% of the outstanding common shares of Silver Wheaton while the board of directors' process is ongoing, or from entering into arrangements or relationships that have a similar effect. The Rights Plan remains subject to acceptance by the Toronto Stock Exchange and ratification by Silver Wheaton's shareholders at its next annual meeting of shareholders expected to be held in May 2009. If ratified by the shareholders, the Rights Plan will continue in force until the end of Silver Wheaton's third meeting of shareholders after such ratification. Silver Wheaton is not aware of any specific take-over bid for Silver Wheaton that has been made or is contemplated.
In order to implement the Rights Plan, the board of directors has authorized the issuance of the rights to holders of its common shares at the rate of one right for each common share outstanding. The rights will automatically attach to the common shares and no further action will be required by shareholders.
Pursuant to the terms of the Rights Plan, any bid that meets certain criteria intended to protect the interests of all shareholders will be deemed to be a "permitted bid" and will not trigger the Rights Plan. These criteria require, among other things, that the bid be made by way of a take-over bid circular to all holders of voting shares other than the offeror under the bid, and remain open for acceptance by shareholders for at least 60 days. In the event a take-over bid does not meet the permitted bid requirements of the Rights Plan, the rights issued under the plan will entitle shareholders, other than any shareholder or shareholders involved in the take-over bid, to purchase additional common shares of Silver Wheaton at a significant discount to the market price.
A copy of the Rights Plan will be filed on SEDAR at www.sedar.com and made available on Silver Wheaton's website upon acceptance by the Toronto Stock Exchange.
Silver Wheaton is the largest public mining company with 100% of its operating revenue from silver production.
Thursday, December 4, 2008
Silver Falcon Mining, Inc. (SFMI) Meets Objectives of 2008 Business Plan
NEW YORK, NY, Dec 04, 2008 (MARKET WIRE via COMTEX) -- Silver Falcon Mining, Inc. (PINKSHEETS: SFMI) looks back at its 2008 business plan agreed to by its Board of Directors in late 2007.
The SFMI Board of Directors approved a business plan which called for the following objectives to be met within the 2008 calendar year:
-- Build and start up, 100 tons per day precious metal processing mill
within a 50 miles radius of War Eagle Mountain.
-- Bring previously mined ore (tailings) as needed, from the mountain to
the plant, for a six month production of Gold and Silver.
-- Re-open one of the mine shafts on the property and prepare it for
further activity; in accordance with the Company's operating contract with
GoldCorp Holdings, Inc.
-- Mandate the officers of the company to file documents with the United
States Securities and Exchange Commission, in order to become fully
reporting and provide financial transparency.
SFMI's Management reports that it has fulfilled all aspects of its aforementioned 2008 business plan.
Having purchased and installed state of the art milling equipment, SFMI goes into operation by the end of this year, processing approximately one hundred tons of ore per day.
The Company transported ore, from atop War Eagle Mountain to its Melba, ID mill. The Company reports enough mill-feed tonnage available to last until mid-year 2009. Ore transport operations will resume, in the spring, providing additional mill-feed for 12 months of continuous production.
SFMI's mining engineers opened the "Belle Peck" adit, thus giving access to the "Poorman" complex of gold and silver veins. This secured access gives our personnel, the year round ability to conduct the geological and mining steps necessary to start underground operations in the spring of 2009.
The Company, in October 2008, acquired the "Sinker Tunnel," which is situated at a lower elevation on the mountain and allows us easy year round access. This tunnel structure allows engineers, miners and geologist further internal access to SFMI's underground minerals contained above and around the tunnel. Two more "Deep-Shaft" mines were included in this purchase, as well as, 4 mill sites.
At the beginning of the year, the property owned by GoldCorp Holdings, Co, covered approximately 172 acres. In 2008, it filed mineral claims at the Bureau of Land Management to an additional 1,400 acres on War Eagle Mountain, giving it almost complete mineral rights to the area. Under SFMI's long-term contract with GoldCorp Holdings, Co., SFMI's geologist/ mining engineers began a mapping operation of this total acreage which will result in a current picture of the underlying value of the numerous precious metal veins and determine the best access routes for future development.
Management retained the services of an independent auditor, who is going through an exhaustive financial audit of the company's affairs. A registration statement filing, under the USSEC 1933 Act, will be submitted with the exchange commission upon the audit's completion.
Mr. Pierre Quilliam, President of Silver Falcon Mining, Inc., said "We had an ambitious plan and carried it out successfully thanks to the selfless dedication of our employees and contractors. We hired competency in the various disciplines needed to carry out our successful mining program, now and in future years. This past performance should make it easier to get Board of Directors approval for the 2009 operations plan. "
About SFMI:
Silver Falcon Mining, Inc., is an exploration and development Company specializing in high-grade Gold and Silver mining properties in North America. Its primary operations at War Eagle Mountain, Owyhee County, ID is a Gold and Silver rich property, where it has the developmental and operating rights to (14) deep-shaft mines covering the Mountains' primary epithermal ore producing veins.
Further Information contact Rich Kaiser, Investor Relations, YES INTERNATIONAL 800-631-8127; www.silverfalconmining.com.
Silver Falcon Mining cautions that statements made in this press release constitute forward-looking statements, and not guarantees of future performance and actual results or developments may differ materially from the projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made.
CONTACT:
YES INTERNATIONAL
800-631-8127
SOURCE: Silver Falcon Mining
Copyright 2008 Market Wire, All rights reserved.
The SFMI Board of Directors approved a business plan which called for the following objectives to be met within the 2008 calendar year:
-- Build and start up, 100 tons per day precious metal processing mill
within a 50 miles radius of War Eagle Mountain.
-- Bring previously mined ore (tailings) as needed, from the mountain to
the plant, for a six month production of Gold and Silver.
-- Re-open one of the mine shafts on the property and prepare it for
further activity; in accordance with the Company's operating contract with
GoldCorp Holdings, Inc.
-- Mandate the officers of the company to file documents with the United
States Securities and Exchange Commission, in order to become fully
reporting and provide financial transparency.
SFMI's Management reports that it has fulfilled all aspects of its aforementioned 2008 business plan.
Having purchased and installed state of the art milling equipment, SFMI goes into operation by the end of this year, processing approximately one hundred tons of ore per day.
The Company transported ore, from atop War Eagle Mountain to its Melba, ID mill. The Company reports enough mill-feed tonnage available to last until mid-year 2009. Ore transport operations will resume, in the spring, providing additional mill-feed for 12 months of continuous production.
SFMI's mining engineers opened the "Belle Peck" adit, thus giving access to the "Poorman" complex of gold and silver veins. This secured access gives our personnel, the year round ability to conduct the geological and mining steps necessary to start underground operations in the spring of 2009.
The Company, in October 2008, acquired the "Sinker Tunnel," which is situated at a lower elevation on the mountain and allows us easy year round access. This tunnel structure allows engineers, miners and geologist further internal access to SFMI's underground minerals contained above and around the tunnel. Two more "Deep-Shaft" mines were included in this purchase, as well as, 4 mill sites.
At the beginning of the year, the property owned by GoldCorp Holdings, Co, covered approximately 172 acres. In 2008, it filed mineral claims at the Bureau of Land Management to an additional 1,400 acres on War Eagle Mountain, giving it almost complete mineral rights to the area. Under SFMI's long-term contract with GoldCorp Holdings, Co., SFMI's geologist/ mining engineers began a mapping operation of this total acreage which will result in a current picture of the underlying value of the numerous precious metal veins and determine the best access routes for future development.
Management retained the services of an independent auditor, who is going through an exhaustive financial audit of the company's affairs. A registration statement filing, under the USSEC 1933 Act, will be submitted with the exchange commission upon the audit's completion.
Mr. Pierre Quilliam, President of Silver Falcon Mining, Inc., said "We had an ambitious plan and carried it out successfully thanks to the selfless dedication of our employees and contractors. We hired competency in the various disciplines needed to carry out our successful mining program, now and in future years. This past performance should make it easier to get Board of Directors approval for the 2009 operations plan. "
About SFMI:
Silver Falcon Mining, Inc., is an exploration and development Company specializing in high-grade Gold and Silver mining properties in North America. Its primary operations at War Eagle Mountain, Owyhee County, ID is a Gold and Silver rich property, where it has the developmental and operating rights to (14) deep-shaft mines covering the Mountains' primary epithermal ore producing veins.
Further Information contact Rich Kaiser, Investor Relations, YES INTERNATIONAL 800-631-8127; www.silverfalconmining.com.
Silver Falcon Mining cautions that statements made in this press release constitute forward-looking statements, and not guarantees of future performance and actual results or developments may differ materially from the projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made.
CONTACT:
YES INTERNATIONAL
800-631-8127
SOURCE: Silver Falcon Mining
Copyright 2008 Market Wire, All rights reserved.
Tuesday, November 11, 2008
Minera Andes announces third quarter gold/silver sales at the San Jose mine total $18.5 million - First phase of expansion completed
SPOKANE, WA, Nov 11, 2008 /PRNewswire-FirstCall via COMTEX/ --
Minera Andes Inc. (TSX: MAI and US OTC: MNEAF) is pleased to announce details of the San Jose mine performance to September 30, 2008. The San Jose project is operated by Minera Santa Cruz S.A. ("MSC") and is owned 49% by Minera Andes and 51% by Hochschild Mining plc ("Hochschild") (HOCM.L: Reuters and HOC LN: Bloomberg - London Stock Exchange). Hochschild is the operator of the project. Gross proceeds from metal sales during the third quarter of 2008 were $18.5 million.
Production at the San Jose mine in Q3 2008 totaled 990,000 ounces of silver and 12,340 ounces of gold, of which 49% is attributable to Minera Andes. Mill throughput increased 11.5% compared to the previous quarter, but silver production was 9.4% lower and gold production was 0.6% lower than the previous quarter due to lower head grades.
SAN JOSE MINE PRODUCTION
-------------------------------------------------------------------------
Production* Q3 Q2 Q1
2008 2008 2008
-------------------------------------------------------------------------
Ore production (metric tons) 67,589 60,603 59,897
-------------------------------------------------------------------------
Average head grade silver (g/t) 547 681 624
-------------------------------------------------------------------------
Average head grade gold (g/t) 6.78 7.56 7.10
-------------------------------------------------------------------------
Silver produced (ounces) 990,000 1,093,000 968,000
-------------------------------------------------------------------------
Gold produced (ounces) 12,340 12,410 12,140
-------------------------------------------------------------------------
Net silver sold (ounces)* 846,000 2,284,400 323,000
-------------------------------------------------------------------------
Net gold sold (ounces)* 9,760 28,980 5,050
-------------------------------------------------------------------------
* The company has a 49% interest in the San Jose production.
Third quarter 2008 sales of gold and silver are lower than Q2 because an inventory build of metal produced in 4Q 2007 and 1Q 2008 gave the second quarter higher than normal sales. In addition, another build up of metal inventory has occurred in Q3 due to a smelting furnace being temporarily down. The metal in inventory is forecast to be sold in Q4 of 2008. The average realized market prices in 3Q 2008 were 4.5% lower for Au and 25% lower for Ag than in 2Q 2008. Prices for sales of metal in Q3 2008 on an average weighted basis were $861 per ounce of gold and $12.37 per ounce of silver.
Phase I of the expansion has been completed, consisting of an increase in the mining and processing capacity from 750 metric ton per day to 1,500 metric ton per day. Mine production will ramp up to full capacity over the next few months. Currently, approximately 40% of the ore fed to the expanded plant is being processed to produce dore bars and approximately 60% is being processed to produce concentrates. Phase II of the expansion involves connecting to the regional electrical grid which is estimated to be completed in Q1 2009. Meanwhile, there is sufficient diesel generating capacity at the mine to run the mill at its full capacity. Phase III of the mine expansion involves further expansion of the refining circuit at the processing facility to convert all the concentrate produced at the mine to dore which is expected to be completed by mid 2009, which will reduce working capital requirements and selling discounts and receive a lower tax treatment.
Allen Ambrose, president of Minera Andes said, "The San Jose project now has cash flow that is being used to pay for the expansion of the mine, refining circuit, and for the connection to the regional power grid. Remaining funds will be used to begin repayment of the joint venture project debt."
The San Jose mine now comprises 18 km of underground workings accessed by ramps on the Huevos Verdes, Frea and Kospi veins. During 2008 to date, 4,095 meters of workings were completed on the Huevos Verdes, Frea, and Kospi veins. The mine is currently staffed with 724 employees and over 230 contractors.
Allen V. Ambrose, Minera Andes' President, who is a "qualified person" as defined by National Instrument 43-101, is responsible for the information used in this news release and has supervised the preparation of the information and reviewed all information used in this news release.
Minera Andes is a gold, silver and copper exploration company working in Argentina. The Company holds about 304,000 acres of mineral exploration land in Argentina including the 49% owned San Jose silver/gold mine that commenced production last year. Minera Andes is also exploring the Los Azules copper project in San Juan province, where an exploration program is underway to define a resource and scoping study. Other exploration properties, primarily silver and gold, are being evaluated in southern Argentina. The Corporation presently has 189,706,935 shares issued and outstanding.
This news is submitted by Allen V. Ambrose, President and Director of Minera Andes Inc.
Caution Concerning Forward-Looking Statements:
This press release contains certain "forward-looking statements", including, but not limited to, the statements regarding the Company's strategic plans, evolution of mineral resources and reserves, work programs, development plans and exploration budgets at the Company's San Jose Project. The forward-looking statements express, as at the date of this press release, the Company's plans, estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. In particular, there can be no assurance that production capacity at the San Jose mine will be successfully increased, that resources and reserves at the San Jose mine will be increased. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, risks associated with foreign operations, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral reserves and other risks. We refer readers to the risk factors and uncertainties described in the Company's continuous disclosure record, a copy of which is available under the Company's profile at www.sedar.com. Minera Andes' joint venture partner, a subsidiary of Hochschild Mining plc, and its affiliates do not accept responsibility for the use of project data or the adequacy or accuracy of this release.
Cautionary Note to U.S. Investors:
The United States Securities and Exchange Commission (the "SEC") permits mining companies, in their filings with the SEC, to disclose only those mineral deposits with "mineral reserves" that a company can economically and legally extract or produce. We use certain terms in this press release, such as "mineral resources", that the SEC guidelines strictly prohibit us from including in our filings with the SEC, because these terms are common usage in Canada and form part of our Canadian filing requirements.
SOURCE Minera Andes Inc.
Copyright (C) 2008 PR Newswire. All rights reserved
Minera Andes Inc. (TSX: MAI and US OTC: MNEAF) is pleased to announce details of the San Jose mine performance to September 30, 2008. The San Jose project is operated by Minera Santa Cruz S.A. ("MSC") and is owned 49% by Minera Andes and 51% by Hochschild Mining plc ("Hochschild") (HOCM.L: Reuters and HOC LN: Bloomberg - London Stock Exchange). Hochschild is the operator of the project. Gross proceeds from metal sales during the third quarter of 2008 were $18.5 million.
Production at the San Jose mine in Q3 2008 totaled 990,000 ounces of silver and 12,340 ounces of gold, of which 49% is attributable to Minera Andes. Mill throughput increased 11.5% compared to the previous quarter, but silver production was 9.4% lower and gold production was 0.6% lower than the previous quarter due to lower head grades.
SAN JOSE MINE PRODUCTION
-------------------------------------------------------------------------
Production* Q3 Q2 Q1
2008 2008 2008
-------------------------------------------------------------------------
Ore production (metric tons) 67,589 60,603 59,897
-------------------------------------------------------------------------
Average head grade silver (g/t) 547 681 624
-------------------------------------------------------------------------
Average head grade gold (g/t) 6.78 7.56 7.10
-------------------------------------------------------------------------
Silver produced (ounces) 990,000 1,093,000 968,000
-------------------------------------------------------------------------
Gold produced (ounces) 12,340 12,410 12,140
-------------------------------------------------------------------------
Net silver sold (ounces)* 846,000 2,284,400 323,000
-------------------------------------------------------------------------
Net gold sold (ounces)* 9,760 28,980 5,050
-------------------------------------------------------------------------
* The company has a 49% interest in the San Jose production.
Third quarter 2008 sales of gold and silver are lower than Q2 because an inventory build of metal produced in 4Q 2007 and 1Q 2008 gave the second quarter higher than normal sales. In addition, another build up of metal inventory has occurred in Q3 due to a smelting furnace being temporarily down. The metal in inventory is forecast to be sold in Q4 of 2008. The average realized market prices in 3Q 2008 were 4.5% lower for Au and 25% lower for Ag than in 2Q 2008. Prices for sales of metal in Q3 2008 on an average weighted basis were $861 per ounce of gold and $12.37 per ounce of silver.
Phase I of the expansion has been completed, consisting of an increase in the mining and processing capacity from 750 metric ton per day to 1,500 metric ton per day. Mine production will ramp up to full capacity over the next few months. Currently, approximately 40% of the ore fed to the expanded plant is being processed to produce dore bars and approximately 60% is being processed to produce concentrates. Phase II of the expansion involves connecting to the regional electrical grid which is estimated to be completed in Q1 2009. Meanwhile, there is sufficient diesel generating capacity at the mine to run the mill at its full capacity. Phase III of the mine expansion involves further expansion of the refining circuit at the processing facility to convert all the concentrate produced at the mine to dore which is expected to be completed by mid 2009, which will reduce working capital requirements and selling discounts and receive a lower tax treatment.
Allen Ambrose, president of Minera Andes said, "The San Jose project now has cash flow that is being used to pay for the expansion of the mine, refining circuit, and for the connection to the regional power grid. Remaining funds will be used to begin repayment of the joint venture project debt."
The San Jose mine now comprises 18 km of underground workings accessed by ramps on the Huevos Verdes, Frea and Kospi veins. During 2008 to date, 4,095 meters of workings were completed on the Huevos Verdes, Frea, and Kospi veins. The mine is currently staffed with 724 employees and over 230 contractors.
Allen V. Ambrose, Minera Andes' President, who is a "qualified person" as defined by National Instrument 43-101, is responsible for the information used in this news release and has supervised the preparation of the information and reviewed all information used in this news release.
Minera Andes is a gold, silver and copper exploration company working in Argentina. The Company holds about 304,000 acres of mineral exploration land in Argentina including the 49% owned San Jose silver/gold mine that commenced production last year. Minera Andes is also exploring the Los Azules copper project in San Juan province, where an exploration program is underway to define a resource and scoping study. Other exploration properties, primarily silver and gold, are being evaluated in southern Argentina. The Corporation presently has 189,706,935 shares issued and outstanding.
This news is submitted by Allen V. Ambrose, President and Director of Minera Andes Inc.
Caution Concerning Forward-Looking Statements:
This press release contains certain "forward-looking statements", including, but not limited to, the statements regarding the Company's strategic plans, evolution of mineral resources and reserves, work programs, development plans and exploration budgets at the Company's San Jose Project. The forward-looking statements express, as at the date of this press release, the Company's plans, estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. In particular, there can be no assurance that production capacity at the San Jose mine will be successfully increased, that resources and reserves at the San Jose mine will be increased. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, risks associated with foreign operations, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral reserves and other risks. We refer readers to the risk factors and uncertainties described in the Company's continuous disclosure record, a copy of which is available under the Company's profile at www.sedar.com. Minera Andes' joint venture partner, a subsidiary of Hochschild Mining plc, and its affiliates do not accept responsibility for the use of project data or the adequacy or accuracy of this release.
Cautionary Note to U.S. Investors:
The United States Securities and Exchange Commission (the "SEC") permits mining companies, in their filings with the SEC, to disclose only those mineral deposits with "mineral reserves" that a company can economically and legally extract or produce. We use certain terms in this press release, such as "mineral resources", that the SEC guidelines strictly prohibit us from including in our filings with the SEC, because these terms are common usage in Canada and form part of our Canadian filing requirements.
SOURCE Minera Andes Inc.
Copyright (C) 2008 PR Newswire. All rights reserved
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