Silver Futures Move in Sync with Gold
Although silver has a strong industrial base and demand in its own regard, investors at this time are considering it a haven of safety similar to gold, and consequently what is happening with gold is what is happening with silver, as far as price movements go.
Again, what that tells us is silver isn't being acquired for its industrial demand and use, but rather for its resistance to tough economic conditions and uncertainty in a similar way gold is.
Until that changes, we'll probably see the two move together as they have so many times in the past.
Silver Futures Move in Sync with Gold
Showing posts with label Silver News. Show all posts
Showing posts with label Silver News. Show all posts
Wednesday, March 10, 2010
Tuesday, July 28, 2009
Silver Market Outperforming Gold
Silver Prices Going Up
So far this year silver has outperformed gold, and that could continue on for some times, as silver is not only used as a hedge against inflation, but trades much more on supply and demand than its stronger cousin gold, which will keep silver prices going up.
With commodities certain to perform strongly in the years ahead, and silver possibly one of the potentially strongest performers among commodity metals, it future looks bright for investors in this area.
Those that understand commodities are starting to respond stronger in preparation for that, and one of those is the European-based ETF Securities, which has just created a new ETF focusing on silver.
"It's the first step in building a platform for commodities," said Graham Tuckwell, founder and chairman of ETF Securities.
This particular ETF will buy silver, and those investing in it will be buying into physical silver stored in a vault and stamped with a serial number.
Silver prices should continue to go up as demand outpaces supply, and new demand causes permanent usage of the metal which is unrecoverable.
Silver Prices Going Up
So far this year silver has outperformed gold, and that could continue on for some times, as silver is not only used as a hedge against inflation, but trades much more on supply and demand than its stronger cousin gold, which will keep silver prices going up.
With commodities certain to perform strongly in the years ahead, and silver possibly one of the potentially strongest performers among commodity metals, it future looks bright for investors in this area.
Those that understand commodities are starting to respond stronger in preparation for that, and one of those is the European-based ETF Securities, which has just created a new ETF focusing on silver.
"It's the first step in building a platform for commodities," said Graham Tuckwell, founder and chairman of ETF Securities.
This particular ETF will buy silver, and those investing in it will be buying into physical silver stored in a vault and stamped with a serial number.
Silver prices should continue to go up as demand outpaces supply, and new demand causes permanent usage of the metal which is unrecoverable.
Silver Prices Going Up
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.
Friday, January 16, 2009
Hunt Gold Corporation -- Sale of "Lookout Silver Mine"
Company Enters Into Agreement to Dispose of Its "Lookout Silver" Mining Interests
Hunt Gold Corporation (PINKSHEETS: HGLC) confirms that it is disposing of its "Lookout Silver" Mine. The Company is in the process of staking additional claims surrounding this mine and is disposing of the "entire package."
This sale is being effected to allow the Company to concentrate exclusively on its Gold Mining interests and to obtain further funds to fund the massively expedited exploration and drilling campaigns currently underway.
The proceeds from the sale of the "Lookout Silver" Mine package; in the amount of US$65 million are being retained by the Company.
This transaction will be concluded on February 2, 2009.
ABOUT HUNT GOLD CORPORATION
Hunt Gold Corporation is a Gold Mining & Exploration Company focused on the development and exploration of its Gold properties, namely "Mockingbird," "Ambassador," "Golden Eagle," "Gladstone Lookout," "Lady Alde," "Williamson," "Blue Copper Mine," "Starlight," "American Flag," "Venezia," "Stormcloud," "Cherry," "Buffalo Limecap," "Red Cloud" and "Federal." The Company has completed the sale of its "American Molygold" interests and will be distributing the entire sale proceeds through a Stock Dividend to its stockholders, this to be announced in January of 2009. The Company has entered into an Agreement to dispose of its "Lookout Silver" Mining Interests on February 2, 2009.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the SEC.
For further information contact:
Hunt Gold Corporation
E Mail: Email Contact
Telephone: (954) 840-6956
Contact: Mr. Michael G Saner
Hunt Gold Corporation (PINKSHEETS: HGLC) confirms that it is disposing of its "Lookout Silver" Mine. The Company is in the process of staking additional claims surrounding this mine and is disposing of the "entire package."
This sale is being effected to allow the Company to concentrate exclusively on its Gold Mining interests and to obtain further funds to fund the massively expedited exploration and drilling campaigns currently underway.
The proceeds from the sale of the "Lookout Silver" Mine package; in the amount of US$65 million are being retained by the Company.
This transaction will be concluded on February 2, 2009.
ABOUT HUNT GOLD CORPORATION
Hunt Gold Corporation is a Gold Mining & Exploration Company focused on the development and exploration of its Gold properties, namely "Mockingbird," "Ambassador," "Golden Eagle," "Gladstone Lookout," "Lady Alde," "Williamson," "Blue Copper Mine," "Starlight," "American Flag," "Venezia," "Stormcloud," "Cherry," "Buffalo Limecap," "Red Cloud" and "Federal." The Company has completed the sale of its "American Molygold" interests and will be distributing the entire sale proceeds through a Stock Dividend to its stockholders, this to be announced in January of 2009. The Company has entered into an Agreement to dispose of its "Lookout Silver" Mining Interests on February 2, 2009.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the SEC.
For further information contact:
Hunt Gold Corporation
E Mail: Email Contact
Telephone: (954) 840-6956
Contact: Mr. Michael G Saner
Wednesday, January 14, 2009
Nevada Sunrise Intercepts 0.571 oz/ton Gold and 6.791 oz/ton Silver
VANCOUVER, BC - Nevada Sunrise Gold Corporation (TSX-V: NEV) has released its results from the 2008 exploration drill program on the Golden Arrow property located in Nye County, Nevada. Highlights include hole GA08-307 returning 30 feet at 0.446 oz/ton Au and 6.791 oz/ton Ag, and hole GA08-311 returning 9 feet at 0.571 oz/ton Au and 3.500 oz/ton Ag. CEO Bill Henderson stated, "It is exciting that the results from our 2008 drill program back up the geologic model developed by company geologists over the past year and support new geophysical and geochemical targets that may become additional centers of gold and silver mineralization on the property." A new resource estimate, presently being computed by Mine Development Associates of Reno, Nevada, is expected during Q1 2009. Extensive metallurgical tests being conducted at McClelland Laboratories of Sparks, Nevada, are expected to be completed in Q2 2009.
The table lists selected intercepts from the 2008 Golden Arrow drill program.
The company's primary focus is the exploration and development of precious metal properties in Nevada. The first phase of exploration drilling at Golden Arrow was completed in September 2008, and included 3,584 feet in 5 diamond core holes, and 16,880 feet in 28 reverse circulation (RC) drill holes. The company completed 8 holes in the Hidden Hill mineral zone and 18 holes in the Gold Coin mineral zone, as well as 7 holes testing new exploration targets. A map showing drill hole locations is included in our NI 43-101 Technical Report entitled Technical Report on Golden Arrow Project, Nye County, Nevada, U.S.A. dated February 18, 2008, available on SEDAR (the "Technical Report").
The volcanic-rock-hosted precious metal mineralization at Golden Arrow is best described as consisting of low-sulfidation epithermal quartz and precious metal veins overprinted by hot-springs style, high-sulfidation epithermal alteration and precious metal mineralization. The property is situated along the northeastern margin of the Walker Lane Structural Belt. The discovery of near surface high grade gold bearing quartz veins led to early development of the district.
The current resource as reported in the Technical Report is shown in the table below.
Au Grade Ounces Ag Grade Ounces
(oz/ton) Gold (oz/ton) Silver
Total Indicated: 0.025 239,000 0.35 3,366,000
Total Inferred: 0.015 98,000 0.29 1,846,000
About Nevada Sunrise
For the latest details on the Company, its properties, management team and philosophy, please visit our website at www.nevadasunrise.com.
All data, as reported to the company by McClelland Laboratories, Inc., American Assay Laboratories and ALS Chemex have been reviewed by Dr. Odin D. Christensen. Dr. Christensen, a Qualified Person under Canadian National Instrument 43-101 and Senior Geologist and a director of the Company, is the Qualified Person responsible for the preparation of the technical information included in this document and for supervision of field activities related to the Company's projects.
CAUTIONARY NOTE
This release contains forward-looking statements which may include, but is not limited to, statements with respect to the timing of our exploration and drilling programs; geological models; expectations related to enhancing resource grades; financing plans and availability of future financing for our projects; anticipated results of our exploration, mineral resource estimates and other plans, projections, estimates and expectations. Forward-looking statements address future events and conditions which are subject to various risks and uncertainties which are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. For details of the Company, its business and properties, including risks relating to an investment in securities of the Company, see the Company's prospectus dated June 25, 2008, as amended by an amendment dated August 22, 2008, both of which are available on SEDAR at www.sedar.com, or directly from the Company.
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: This news release uses the terms "Indicated" and "Inferred" Resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable.
The TSX Venture exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The Securities of Nevada Sunrise Gold Corporation have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to the account or benefit of any U.S. person.
FOR FURTHER INFORMATION:
William B. Henderson
President and Chief Executive Officer
Telephone: (530) 887-9901
Facsimile: (530) 884-3822
© MarketWire 2009
The table lists selected intercepts from the 2008 Golden Arrow drill program.
The company's primary focus is the exploration and development of precious metal properties in Nevada. The first phase of exploration drilling at Golden Arrow was completed in September 2008, and included 3,584 feet in 5 diamond core holes, and 16,880 feet in 28 reverse circulation (RC) drill holes. The company completed 8 holes in the Hidden Hill mineral zone and 18 holes in the Gold Coin mineral zone, as well as 7 holes testing new exploration targets. A map showing drill hole locations is included in our NI 43-101 Technical Report entitled Technical Report on Golden Arrow Project, Nye County, Nevada, U.S.A. dated February 18, 2008, available on SEDAR (the "Technical Report").
The volcanic-rock-hosted precious metal mineralization at Golden Arrow is best described as consisting of low-sulfidation epithermal quartz and precious metal veins overprinted by hot-springs style, high-sulfidation epithermal alteration and precious metal mineralization. The property is situated along the northeastern margin of the Walker Lane Structural Belt. The discovery of near surface high grade gold bearing quartz veins led to early development of the district.
The current resource as reported in the Technical Report is shown in the table below.
Au Grade Ounces Ag Grade Ounces
(oz/ton) Gold (oz/ton) Silver
Total Indicated: 0.025 239,000 0.35 3,366,000
Total Inferred: 0.015 98,000 0.29 1,846,000
About Nevada Sunrise
For the latest details on the Company, its properties, management team and philosophy, please visit our website at www.nevadasunrise.com.
All data, as reported to the company by McClelland Laboratories, Inc., American Assay Laboratories and ALS Chemex have been reviewed by Dr. Odin D. Christensen. Dr. Christensen, a Qualified Person under Canadian National Instrument 43-101 and Senior Geologist and a director of the Company, is the Qualified Person responsible for the preparation of the technical information included in this document and for supervision of field activities related to the Company's projects.
CAUTIONARY NOTE
This release contains forward-looking statements which may include, but is not limited to, statements with respect to the timing of our exploration and drilling programs; geological models; expectations related to enhancing resource grades; financing plans and availability of future financing for our projects; anticipated results of our exploration, mineral resource estimates and other plans, projections, estimates and expectations. Forward-looking statements address future events and conditions which are subject to various risks and uncertainties which are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. For details of the Company, its business and properties, including risks relating to an investment in securities of the Company, see the Company's prospectus dated June 25, 2008, as amended by an amendment dated August 22, 2008, both of which are available on SEDAR at www.sedar.com, or directly from the Company.
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: This news release uses the terms "Indicated" and "Inferred" Resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable.
The TSX Venture exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The Securities of Nevada Sunrise Gold Corporation have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to the account or benefit of any U.S. person.
FOR FURTHER INFORMATION:
William B. Henderson
President and Chief Executive Officer
Telephone: (530) 887-9901
Facsimile: (530) 884-3822
© MarketWire 2009
Monday, January 5, 2009
Silver Standard Resources Ready to Resume Production at Pirquitas Argentine Mine
After being abandoned for 20 years, the Pirquitas mine in Argentina is set to be reopened by Silver Standard Resources Inc., according to an Argentine regulatory agency.
The company has spent north of $231 million to get the mine going again.
Along with silver, the mine is expected to produce lead and zinc.
Production will begin sometime in the first months of 2009, said the Mining Secretariat.
The company has spent north of $231 million to get the mine going again.
Along with silver, the mine is expected to produce lead and zinc.
Production will begin sometime in the first months of 2009, said the Mining Secretariat.
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.
Monday, December 29, 2008
iShares Silver Trust Bullion Increases by 30.69 Tons on December 26
iShares Silver Trust (SLV) increased its physical bullion holdings by 30.69 tons on December 26, the highest level since the latter part of October.
The iShares Silver Trust fund is the largest ETF backed by silver in the world. They now have a total of 6,792.99 tons of bullion on hand, against the 6,762.3 tons they had on December 24.
Since the early part of December, silver tonnage held by the trust is up 1.5 percent or 106.24 tons.
The iShares Silver Trust fund is the largest ETF backed by silver in the world. They now have a total of 6,792.99 tons of bullion on hand, against the 6,762.3 tons they had on December 24.
Since the early part of December, silver tonnage held by the trust is up 1.5 percent or 106.24 tons.
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.
MAG Silver Provides Corporate Update
VANCOUVER, BRITISH COLUMBIA - MAG Silver Corp. (TSX: MAG)(NYSE-A: MVG) ("MAG") provides the following as an update to recent company activities.
MAG has approved an exploration budget of approximately CDN$17.0M for 2009. These monies are earmarked for the drilling of almost 30,000 metres on five MAG-owned properties in Mexico. Diamond drilling is expected to continue on the "Jose Manto" at Cinco de Mayo where MAG is outlining a new and potentially significant sulphide silver/lead/zinc carbonate replacement discovery. Drilling is also planned to commence in early 2009 at Sierra Ramirez/El Pavo, Lagartos SE and Salemex. Drilling at Juanicipio is expected to continue at roughly the same level as this year (25,000 metres). Relying on the same experienced team that discovered the Juanicipio Vein, MAG will aggressively continue to pursue high priority targets.
Presently MAG has two drills operating at Cinco de Mayo and one drill at each of Lagartos SE and Lorena. At Juanicipio, four drills in total are operating. Two drills are operating on the Valdecanas Vein completing the 100 metre by 100 metre grid pattern and two drills are operating on the Juanicipio Vein, located one kilometre south of the Valdecanas Vein. These holes are testing for deeper intersections on the western extension of the earlier high grade intercepts.
To the end of November approximately CDN$55.0M remains in the treasury.
Separately, MAG has informed Fresnillo plc that, without prejudice to any of MAG's rights and interests, MAG has created an independent committee that is proceeding to identify and retain an independent valuator to prepare a valuation of MAG as required under applicable securities legislation. Under these rules, the valuation will be prepared at Fresnillo's cost. MAG continues to evaluate a number of strategic alternatives and no action is required by shareholders at this time.
Qualified Person: Dan MacInnis, P.Geo., has acted as the qualified person as defined in National Instrument 43-101 for this disclosure and supervised and verified the preparation of the technical information in this release. Mr. MacInnis is not independent as he is the President, CEO and a director of MAG Silver Corp.
About MAG Silver Corp. (www.magsilver.com)
MAG is focused on district scale projects located within the Mexican Silver Belt. Our mission is to become one of the premier companies in the silver mining industry. MAG and its partner Fresnillo plc are delineating a significant new silver vein discovery on the Juanicipio Joint Venture in Zacatecas State, Mexico. MAG is based in Vancouver, British Columbia, Canada. Its common shares trade on the TSX under the symbol MAG and on NYSE-A under the symbol MVG.
On behalf of the Board of MAG SILVER CORP.
Dan MacInnis, President and CEO
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts are forward looking statements, including statements that address future mineral production, reserve potential, exploration drilling, exploitation activities and events or developments. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, changes in commodities prices, changes in mineral production performance, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions, political risk, currency risk and capital cost inflation. In addition, forward-looking statements are subject to various risks, including that data is incomplete and considerable additional work will be required to complete further evaluation, including but not limited to drilling, engineering and socio-economic studies and investment. The reader is referred to the Company's filings with the SEC and Canadian securities regulators for disclosure regarding these and other risk factors. There is no certainty that any forward looking statement will come to pass and investors should not place undue reliance upon forward-looking statements.
Cautionary Note to U.S. Investors: The U.S. Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this press release, such as "Inferred resources", that the SEC guidelines prohibit U.S. registered companies from including in their filings with the SEC.
Please Note: Investors are urged to consider closely the disclosures in MAG's annual and quarterly reports and other public filings, accessible through the Internet at www.sedar.com and www.sec.gov/edgar/searchedgar/companysearch.html.
Neither the Toronto Stock Exchange nor the American Stock Exchange has reviewed or accepted responsibility for the accuracy or adequacy of this news release, which has been prepared by management.
Contacts:
MAG Silver Corp.
Gordon Neal
VP Corp. Development
(604) 630-1399 or Toll Free: 1-866-630-1399
(604) 484-4710 (FAX)
Email: info@magsilver.com
Website: www.magsilver.com
© MarketWire 2008
MAG has approved an exploration budget of approximately CDN$17.0M for 2009. These monies are earmarked for the drilling of almost 30,000 metres on five MAG-owned properties in Mexico. Diamond drilling is expected to continue on the "Jose Manto" at Cinco de Mayo where MAG is outlining a new and potentially significant sulphide silver/lead/zinc carbonate replacement discovery. Drilling is also planned to commence in early 2009 at Sierra Ramirez/El Pavo, Lagartos SE and Salemex. Drilling at Juanicipio is expected to continue at roughly the same level as this year (25,000 metres). Relying on the same experienced team that discovered the Juanicipio Vein, MAG will aggressively continue to pursue high priority targets.
Presently MAG has two drills operating at Cinco de Mayo and one drill at each of Lagartos SE and Lorena. At Juanicipio, four drills in total are operating. Two drills are operating on the Valdecanas Vein completing the 100 metre by 100 metre grid pattern and two drills are operating on the Juanicipio Vein, located one kilometre south of the Valdecanas Vein. These holes are testing for deeper intersections on the western extension of the earlier high grade intercepts.
To the end of November approximately CDN$55.0M remains in the treasury.
Separately, MAG has informed Fresnillo plc that, without prejudice to any of MAG's rights and interests, MAG has created an independent committee that is proceeding to identify and retain an independent valuator to prepare a valuation of MAG as required under applicable securities legislation. Under these rules, the valuation will be prepared at Fresnillo's cost. MAG continues to evaluate a number of strategic alternatives and no action is required by shareholders at this time.
Qualified Person: Dan MacInnis, P.Geo., has acted as the qualified person as defined in National Instrument 43-101 for this disclosure and supervised and verified the preparation of the technical information in this release. Mr. MacInnis is not independent as he is the President, CEO and a director of MAG Silver Corp.
About MAG Silver Corp. (www.magsilver.com)
MAG is focused on district scale projects located within the Mexican Silver Belt. Our mission is to become one of the premier companies in the silver mining industry. MAG and its partner Fresnillo plc are delineating a significant new silver vein discovery on the Juanicipio Joint Venture in Zacatecas State, Mexico. MAG is based in Vancouver, British Columbia, Canada. Its common shares trade on the TSX under the symbol MAG and on NYSE-A under the symbol MVG.
On behalf of the Board of MAG SILVER CORP.
Dan MacInnis, President and CEO
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts are forward looking statements, including statements that address future mineral production, reserve potential, exploration drilling, exploitation activities and events or developments. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, changes in commodities prices, changes in mineral production performance, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions, political risk, currency risk and capital cost inflation. In addition, forward-looking statements are subject to various risks, including that data is incomplete and considerable additional work will be required to complete further evaluation, including but not limited to drilling, engineering and socio-economic studies and investment. The reader is referred to the Company's filings with the SEC and Canadian securities regulators for disclosure regarding these and other risk factors. There is no certainty that any forward looking statement will come to pass and investors should not place undue reliance upon forward-looking statements.
Cautionary Note to U.S. Investors: The U.S. Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this press release, such as "Inferred resources", that the SEC guidelines prohibit U.S. registered companies from including in their filings with the SEC.
Please Note: Investors are urged to consider closely the disclosures in MAG's annual and quarterly reports and other public filings, accessible through the Internet at www.sedar.com and www.sec.gov/edgar/searchedgar/companysearch.html.
Neither the Toronto Stock Exchange nor the American Stock Exchange has reviewed or accepted responsibility for the accuracy or adequacy of this news release, which has been prepared by management.
Contacts:
MAG Silver Corp.
Gordon Neal
VP Corp. Development
(604) 630-1399 or Toll Free: 1-866-630-1399
(604) 484-4710 (FAX)
Email: info@magsilver.com
Website: www.magsilver.com
© MarketWire 2008
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.
Friday, November 21, 2008
Why Silver is Experiencing Such a Crisis
Adam Hamilton talks on why silver is in crisis:
Silver, an asset which many investors thought would thrive during a financial-market panic, has been scourged mercilessly. After briefly surging above $20 in March, it nonchalantly traded between $16 and $19 or so for the next 5 months. Silver was on top of the world, consolidating high, and all looked well.
Rest of story...
Silver futures for December delivery today dropped to 16 cents, or 1.7 percent, to $9.33 an ounce.
Silver, an asset which many investors thought would thrive during a financial-market panic, has been scourged mercilessly. After briefly surging above $20 in March, it nonchalantly traded between $16 and $19 or so for the next 5 months. Silver was on top of the world, consolidating high, and all looked well.
Rest of story...
Silver futures for December delivery today dropped to 16 cents, or 1.7 percent, to $9.33 an ounce.
Friday, November 14, 2008
Silver Shield Reports on Exploration in Elk Lake, Ontario
BURLINGTON, ONTARIO, Nov 14, 2008 (MARKET WIRE via COMTEX) -- Silver Shield Resources Corp. (CA:SSR) ("Silver Shield" or "the Company") today reported on its exploration activities in Elk Lake, Ontario.
The Company is pleased to announce it has completed a stripping program at its 100% owned Welsh Silver Mine property in the area between holes WS-08-02 and WS-08-13, (190 metres apart) to trace the vein system identified in those holes, to the surface. This stripping program has uncovered an extensive area of intense mineralized vein swarms in the area of the prime targets for the Company's proposed winter 2008 drilling program. The company continues to be encouraged by results from the Welsh Mine Property.
As previously reported by Silver Shield in May of this year, hole WS-08-02 intersected 2,659.5 g/t silver over 0.15 metres, and 1,230 g/t silver over 0.15 metres was intersected in hole WS-08-13. (Check assaying of the former sample using pulp and metallic testing returned 2,104.68 g/t silver over 0.15 metres).
Additionally, hole WS-08-09 intersected 2,589 g/t silver at 111.3 metres to 111.5 metres, and 286 g/t silver at 82.15 metres to 82.35, located 100 metres to the immediate south of hole WS-08-02.
The Company also reported that phase one drilling of 1,500 metres in 13 holes on the Wilder Duggan property in Elk Lake returned low silver/cobalt values. The program successfully identified a network of quartz-carbonate veins averaging 5 to 20 centimetres in width over a span of 20 metres wide, over a length of roughly 300 metres. The data on the Wilder property will be reviewed by geological staff to determine a follow up Program for the spring of 2009.
About Silver Shield Resources Corp.
Silver Shield Resources Corp. is an exploration and development company of mineral resource properties focusing on advanced-stage silver properties in Northern Ontario and Mexico that the Company can take into production. Its portfolio holds varying option interests in five different properties, including the Welsh Mine Property in the historically-prolific silver producing Elk Lake-Gowganda area of Ontario and the La Cumbre Property in Guerrero, Mexico. Experienced Management have listed the Company on the TSX Venture Exchange upon executing its RTO Qualifying Transaction with Gemini Acquisitions Inc. on December 19th 2007 (CA:SSR: news, chart, profile) .
To receive Company press releases, please email lindsay@chfir.com and mention "Silver Shield" on the subject line.
Forward-Looking Statements
This press release contains certain "Forward-Looking Statements". All statements, other than statements of historical fact included herein, including without limitation, statements regarding exploration results, future plans and objectives of the Company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with The TSX Venture Exchange and the Canadian Securities Commissions. Not to be construed as an offer to buy or sell securities of this Company. Readers are advised to discuss all of their stock purchases with a registered securities broker or personal finance professional prior to investing.
Contacts:
Silver Shield Resources Corp.
Tim D. Towers
President and CEO
(905) 319-3033
Email: silvershield@cogeco.net
Website: www.silvershieldresources.com
CHF Investor Relations
Lindsay Carpenter
Account Manager
(416) 868-1079 ext. 239
Email: lindsay@chfir.com
SOURCE: Silver Shield Resources Corp.
mailto:silvershield@cogeco.net
http://www.silvershieldresources.com
mailto:lindsay@chfir.com
Copyright 2008 Market Wire, All rights reserved.
The Company is pleased to announce it has completed a stripping program at its 100% owned Welsh Silver Mine property in the area between holes WS-08-02 and WS-08-13, (190 metres apart) to trace the vein system identified in those holes, to the surface. This stripping program has uncovered an extensive area of intense mineralized vein swarms in the area of the prime targets for the Company's proposed winter 2008 drilling program. The company continues to be encouraged by results from the Welsh Mine Property.
As previously reported by Silver Shield in May of this year, hole WS-08-02 intersected 2,659.5 g/t silver over 0.15 metres, and 1,230 g/t silver over 0.15 metres was intersected in hole WS-08-13. (Check assaying of the former sample using pulp and metallic testing returned 2,104.68 g/t silver over 0.15 metres).
Additionally, hole WS-08-09 intersected 2,589 g/t silver at 111.3 metres to 111.5 metres, and 286 g/t silver at 82.15 metres to 82.35, located 100 metres to the immediate south of hole WS-08-02.
The Company also reported that phase one drilling of 1,500 metres in 13 holes on the Wilder Duggan property in Elk Lake returned low silver/cobalt values. The program successfully identified a network of quartz-carbonate veins averaging 5 to 20 centimetres in width over a span of 20 metres wide, over a length of roughly 300 metres. The data on the Wilder property will be reviewed by geological staff to determine a follow up Program for the spring of 2009.
About Silver Shield Resources Corp.
Silver Shield Resources Corp. is an exploration and development company of mineral resource properties focusing on advanced-stage silver properties in Northern Ontario and Mexico that the Company can take into production. Its portfolio holds varying option interests in five different properties, including the Welsh Mine Property in the historically-prolific silver producing Elk Lake-Gowganda area of Ontario and the La Cumbre Property in Guerrero, Mexico. Experienced Management have listed the Company on the TSX Venture Exchange upon executing its RTO Qualifying Transaction with Gemini Acquisitions Inc. on December 19th 2007 (CA:SSR: news, chart, profile) .
To receive Company press releases, please email lindsay@chfir.com and mention "Silver Shield" on the subject line.
Forward-Looking Statements
This press release contains certain "Forward-Looking Statements". All statements, other than statements of historical fact included herein, including without limitation, statements regarding exploration results, future plans and objectives of the Company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with The TSX Venture Exchange and the Canadian Securities Commissions. Not to be construed as an offer to buy or sell securities of this Company. Readers are advised to discuss all of their stock purchases with a registered securities broker or personal finance professional prior to investing.
Contacts:
Silver Shield Resources Corp.
Tim D. Towers
President and CEO
(905) 319-3033
Email: silvershield@cogeco.net
Website: www.silvershieldresources.com
CHF Investor Relations
Lindsay Carpenter
Account Manager
(416) 868-1079 ext. 239
Email: lindsay@chfir.com
SOURCE: Silver Shield Resources Corp.
mailto:silvershield@cogeco.net
http://www.silvershieldresources.com
mailto:lindsay@chfir.com
Copyright 2008 Market Wire, All rights reserved.
Minera Andes Reports Third Quarter 2008 Results
Minera Andes Inc. (TSX-MAI and US OTC: MNEAF) today reported a net loss of $3.5 million or $0.02 per share in its third quarter of 2008 financial statements. For the nine months ended September 30, 2008, Minera Andes recorded a net profit of $3.6 million or $0.02 per share. Our financial statements are available at www.sedar.com.
Minera Andes' revenue is derived from Minera Santa Cruz S.A.("MSC"), which is owned 49% by Minera Andes and 51% by Hochschild Mining plc. ("Hochschild") (HOCM.L: Reuters and HOC LN: Bloomberg - London Stock Exchange). MSC operates the San Jose silver/gold mine in southern Argentina, which had its first quarter of positive earning from silver and gold sales in Q2 2008 following the commencement of production at San Jose last year. Hochschild is the operator of the San Jose mine.
As previously reported, silver and gold sales in the third quarter totaled $18.5 million versus $63.2 million for the second quarter. 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 planned to be sold in Q4 of 2008. The averaged weighted sales prices for Q3 were $861/ounce of gold and $12.37/ounce of silver. The average realized market prices in Q3 2008 were 4.5% lower for Au and 25% lower for Ag than in Q2 2008 (source: KITCO). Since mine start up 15 months ago, San Jose's total sales have been $92.9 million. San Jose's silver and gold sales are un-hedged.
Allen Ambrose, President of Minera Andes said, "Sales and net revenues for the third quarter were less than expected, primarily due to temporary mechanical problems with a smelting furnace causing an inventory buildup of precipitate at site. With the first phase of expansion completed to double the production rate, it is estimated that the San Jose mine will join the ranks of the top ten primary silver producing mines in the world next year when the mine and mill ramp up to the expanded capacity level."
Production
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's silver production declined slightly in the third quarter compared to the second quarter. Silver production was 990,000 ounces in the third quarter, compared to 1,093,000 ounces in the second quarter. Annualized, third quarter silver production is running closer to the average grade of the reserves in the original mine plan versus last quarter that was running 33% above the average grade of the reserves. During the life of the mine it is anticipated the gold and silver production will be in line with the mine plan and the reserve grades. Gold production in the third quarter was 12,340 ounces, compared to 12,410 ounces in the second quarter.
For the third quarter, production cash costs on a co-product basis averaged $7.43 per ounce of silver and $431 per ounce of gold. The production cash costs are shown on a co-product basis and are calculated by multiplying the total cash costs by the percentage the calculated value of the silver produced, divided by the number of silver ounces produced in the case of silver, and in the case of gold by multiplying the total cash costs by the percentage of value of gold produced, divided by the number of gold ounces produced. Cash costs include cost of sales, commercial deductions and selling expenses, less depreciation. The production cash costs were calculated using the value of the 12,340 ounces of gold and 990,000 ounces of silver produced in the form of dore, precipitates, and concentrates and the cost to produce those ounces as defined above was $12.7 million. The percentage of the values for the gold and silver production is based on the Q3 2008 average London PM fix for gold and the London fix for silver.
Phase I of the Mine Expansion
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, which is expected to be completed by mid-2009, involves further expansion of the refining circuit at the processing facility to convert all the concentrate to dore, which will reduce working capital requirements, selling discounts and result in lower production taxes.
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 complete a scoping study by yearend. Other exploration properties, primarily silver and gold, are being evaluated in southern Argentina. The Corporation presently has 190,158,851 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' revenue is derived from Minera Santa Cruz S.A.("MSC"), which is owned 49% by Minera Andes and 51% by Hochschild Mining plc. ("Hochschild") (HOCM.L: Reuters and HOC LN: Bloomberg - London Stock Exchange). MSC operates the San Jose silver/gold mine in southern Argentina, which had its first quarter of positive earning from silver and gold sales in Q2 2008 following the commencement of production at San Jose last year. Hochschild is the operator of the San Jose mine.
As previously reported, silver and gold sales in the third quarter totaled $18.5 million versus $63.2 million for the second quarter. 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 planned to be sold in Q4 of 2008. The averaged weighted sales prices for Q3 were $861/ounce of gold and $12.37/ounce of silver. The average realized market prices in Q3 2008 were 4.5% lower for Au and 25% lower for Ag than in Q2 2008 (source: KITCO). Since mine start up 15 months ago, San Jose's total sales have been $92.9 million. San Jose's silver and gold sales are un-hedged.
Allen Ambrose, President of Minera Andes said, "Sales and net revenues for the third quarter were less than expected, primarily due to temporary mechanical problems with a smelting furnace causing an inventory buildup of precipitate at site. With the first phase of expansion completed to double the production rate, it is estimated that the San Jose mine will join the ranks of the top ten primary silver producing mines in the world next year when the mine and mill ramp up to the expanded capacity level."
Production
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's silver production declined slightly in the third quarter compared to the second quarter. Silver production was 990,000 ounces in the third quarter, compared to 1,093,000 ounces in the second quarter. Annualized, third quarter silver production is running closer to the average grade of the reserves in the original mine plan versus last quarter that was running 33% above the average grade of the reserves. During the life of the mine it is anticipated the gold and silver production will be in line with the mine plan and the reserve grades. Gold production in the third quarter was 12,340 ounces, compared to 12,410 ounces in the second quarter.
For the third quarter, production cash costs on a co-product basis averaged $7.43 per ounce of silver and $431 per ounce of gold. The production cash costs are shown on a co-product basis and are calculated by multiplying the total cash costs by the percentage the calculated value of the silver produced, divided by the number of silver ounces produced in the case of silver, and in the case of gold by multiplying the total cash costs by the percentage of value of gold produced, divided by the number of gold ounces produced. Cash costs include cost of sales, commercial deductions and selling expenses, less depreciation. The production cash costs were calculated using the value of the 12,340 ounces of gold and 990,000 ounces of silver produced in the form of dore, precipitates, and concentrates and the cost to produce those ounces as defined above was $12.7 million. The percentage of the values for the gold and silver production is based on the Q3 2008 average London PM fix for gold and the London fix for silver.
Phase I of the Mine Expansion
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, which is expected to be completed by mid-2009, involves further expansion of the refining circuit at the processing facility to convert all the concentrate to dore, which will reduce working capital requirements, selling discounts and result in lower production taxes.
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 complete a scoping study by yearend. Other exploration properties, primarily silver and gold, are being evaluated in southern Argentina. The Corporation presently has 190,158,851 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
Sunday, November 9, 2008
Silver Eagle Provides Financial and Operational Update
TORONTO, ONTARIO, Nov 07, 2008 (MARKET WIRE via COMTEX) -- Silver Eagle Mines Inc. (CA:SEG) ("Silver Eagle" or the "Company") announces that due to the steep decline in metal prices, it is reviewing and considering all options and strategic alternatives to enhance stakeholder value.
As a result of the significant downturn in silver, lead and zinc prices, the Company has experienced lower than planned cash flows from operations. 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. Silver Eagle has taken and is continuing to take steps to reduce cash costs and expenses both at its operations and its corporate offices.
The Company had been engaged in extended negotiations in respect of an anticipated loan financing to stabilize the Company's cash position, which negotiations have now been terminated.
Silver Eagle has engaged Haywood Securities Inc. to act as its financial and strategic advisor, to perform a strategic review of the Company.
The Company is considering all potential alternatives, including potentially raising additional capital, completing a merger or acquisition transaction, selling assets, putting the mine on care and maintenance or ceasing operations at the mine.
There can be no assurance that the Company will complete any transaction that may arise in connection with any of the above.
Silver Eagle is a Canadian-based mining company, the primary asset of which is its wholly-owned Mexican subsidiary, San Pedro Resources, S.A. de C.V., which controls the fully-permitted Miguel Auza Mine and adjacent properties in Zacatecas, Mexico. Since the commissioning of the expanded mill in September, it has processed 18,613 tonnes of ore grading 1.82% Pb, 2.06% Zn and 205 gpt Ag, producing 467 tonnes of zinc concentrates, 460 tonnes of lead concentrates, with 89,302 ounces of Ag contained in the above mentioned concentrates. To date, November processing is averaging 513 tpd. Concentrates are being hauled to the Manzanillo port where they are being exported.
ON BEHALF OF THE BOARD OF DIRECTORS OF SILVER EAGLE MINES INC.
Terrence H. Byberg, President and CEO
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Silver Eagle Mines Inc.
Terrence H. Byberg
President and CEO
(416) 361-1101
(416) 361-9280 (FAX)
Email: info@silvereaglemines.com
Website: www.silvereaglemines.com
SOURCE: Silver Eagle Mines Inc.
mailto:info@silvereaglemines.com
http://www.silvereaglemines.com
Copyright 2008 Market Wire, All rights reserved.
As a result of the significant downturn in silver, lead and zinc prices, the Company has experienced lower than planned cash flows from operations. 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. Silver Eagle has taken and is continuing to take steps to reduce cash costs and expenses both at its operations and its corporate offices.
The Company had been engaged in extended negotiations in respect of an anticipated loan financing to stabilize the Company's cash position, which negotiations have now been terminated.
Silver Eagle has engaged Haywood Securities Inc. to act as its financial and strategic advisor, to perform a strategic review of the Company.
The Company is considering all potential alternatives, including potentially raising additional capital, completing a merger or acquisition transaction, selling assets, putting the mine on care and maintenance or ceasing operations at the mine.
There can be no assurance that the Company will complete any transaction that may arise in connection with any of the above.
Silver Eagle is a Canadian-based mining company, the primary asset of which is its wholly-owned Mexican subsidiary, San Pedro Resources, S.A. de C.V., which controls the fully-permitted Miguel Auza Mine and adjacent properties in Zacatecas, Mexico. Since the commissioning of the expanded mill in September, it has processed 18,613 tonnes of ore grading 1.82% Pb, 2.06% Zn and 205 gpt Ag, producing 467 tonnes of zinc concentrates, 460 tonnes of lead concentrates, with 89,302 ounces of Ag contained in the above mentioned concentrates. To date, November processing is averaging 513 tpd. Concentrates are being hauled to the Manzanillo port where they are being exported.
ON BEHALF OF THE BOARD OF DIRECTORS OF SILVER EAGLE MINES INC.
Terrence H. Byberg, President and CEO
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Silver Eagle Mines Inc.
Terrence H. Byberg
President and CEO
(416) 361-1101
(416) 361-9280 (FAX)
Email: info@silvereaglemines.com
Website: www.silvereaglemines.com
SOURCE: Silver Eagle Mines Inc.
mailto:info@silvereaglemines.com
http://www.silvereaglemines.com
Copyright 2008 Market Wire, All rights reserved.
Tuesday, November 4, 2008
Jim Rogers Prefers Silver over Gold This Year
With large funds, central banks and the IMF looking to sell gold to raise cash, along with the way silver has plunged, Jim Rogers says he thinks if he was forced to choose between the two, silver will probably outperform gold this year.
“Silver will do better than gold,” Rogers, chairman of Singapore-based Rogers Holdings, said on Monday in an interview. “It’s been beaten down horribly. If you put a gun to my head and said you have to buy one, I would buy silver rather than gold.”
Assuming member countries of the IMF will vote to sell the 403.3 metric tons of gold they agreed upon in May, that could definitely drive the price of gold down even further, which would be a good time to get back into it.
Even though Rogers thinks silver will be better than gold, he added he will get back into gold if downward pressure on price continues.
“Silver will do better than gold,” Rogers, chairman of Singapore-based Rogers Holdings, said on Monday in an interview. “It’s been beaten down horribly. If you put a gun to my head and said you have to buy one, I would buy silver rather than gold.”
Assuming member countries of the IMF will vote to sell the 403.3 metric tons of gold they agreed upon in May, that could definitely drive the price of gold down even further, which would be a good time to get back into it.
Even though Rogers thinks silver will be better than gold, he added he will get back into gold if downward pressure on price continues.
Endeavour Silver Third Quarter Financial Results to Be Released November 14, 2008, Conference Call Scheduled for November 17, 2008
VANCOUVER, BRITISH COLUMBIA, Nov 04, 2008 (MARKET WIRE via COMTEX) -- Endeavour Silver Corp. (EDR.TO) (NYSE-A: EXK)(DBFrankfurt:EJD) plans to release its third quarter financial results on Friday November 14, 2008, after 1:00 PM Pacific Time. A conference call to discuss the results will be held at 10:00 AM Pacific Time (1:00 PM Eastern Time) the following business day, Monday November 17.
To participate in the conference call, please dial the following:
- 1-800-396-7098 Canada and USA (Toll-free)
- 416-620-3447 Toronto area callers
- No pass code necessary
A replay of the conference call will be available until November 28, 2008 by dialing 1-800-408-3053 in Canada & USA (Toll-free) or 416-695-5800 in the Toronto area. The required pass code is 3274608.
A simultaneous webcast of the conference call will be posted on the home page of the company's website, www.edrsilver.com.
Endeavour Silver Corp. (EDR.TO) (NYSE-A: EXK)(DBFrankfurt:EJD) is a Canadian silver mining company focused on the growth of its silver production, reserves and resources in Mexico. The expansion programs now underway at Endeavour's two operating mines, Guanacevi in Durango and Guanajuato in Guanajuato State, coupled with the Company's aggressive acquisition and exploration programs in Mexico should enable Endeavour to join the ranks of top primary silver producers worldwide.
On Behalf of the Board of Directors,
ENDEAVOUR SILVER CORP.
Bradford J. Cooke, Chairman and CEO
CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS
Certain statements contained herein regarding the Company and its operations constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, are "forward-looking statements". We caution you that such "forward looking statements" involve known and unknown risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such statements. Such risks and uncertainties include fluctuations in precious metal prices, unpredictable results of exploration activities, uncertainties inherent in the estimation of mineral reserves and resources, fluctuations in the costs of goods and services, problems associated with exploration and mining operations, changes in legal, social or political conditions in the jurisdictions where the Company operates, lack of appropriate funding and other risk factors, as discussed in the Company's filings with Canadian and American Securities regulatory agencies. Resource and production goals and forecasts may be based on data insufficient to support them. Godfrey Walton, P.Geo. and/or Bradford Cooke, P.Geo. are the Qualified Persons for the Company as required by NI 43-101. The Company expressly disclaims any obligation to update any forward-looking statements. We seek safe harbour.
The TSX Exchange has neither approved nor disapproved the contents of this news release.
Contacts:
Endeavour Silver Corp.
Hugh Clarke
(604) 685-9775 or Toll Free: 1-877-685-9775
(604) 685-9744 (FAX)
Email: hugh@edrsilver.com
Website: www.edrsilver.com
SOURCE: Endeavour Silver Corp.
mailto:hugh@edrsilver.com
Copyright 2008 Market Wire, All rights reserved.
To participate in the conference call, please dial the following:
- 1-800-396-7098 Canada and USA (Toll-free)
- 416-620-3447 Toronto area callers
- No pass code necessary
A replay of the conference call will be available until November 28, 2008 by dialing 1-800-408-3053 in Canada & USA (Toll-free) or 416-695-5800 in the Toronto area. The required pass code is 3274608.
A simultaneous webcast of the conference call will be posted on the home page of the company's website, www.edrsilver.com.
Endeavour Silver Corp. (EDR.TO) (NYSE-A: EXK)(DBFrankfurt:EJD) is a Canadian silver mining company focused on the growth of its silver production, reserves and resources in Mexico. The expansion programs now underway at Endeavour's two operating mines, Guanacevi in Durango and Guanajuato in Guanajuato State, coupled with the Company's aggressive acquisition and exploration programs in Mexico should enable Endeavour to join the ranks of top primary silver producers worldwide.
On Behalf of the Board of Directors,
ENDEAVOUR SILVER CORP.
Bradford J. Cooke, Chairman and CEO
CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS
Certain statements contained herein regarding the Company and its operations constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, are "forward-looking statements". We caution you that such "forward looking statements" involve known and unknown risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such statements. Such risks and uncertainties include fluctuations in precious metal prices, unpredictable results of exploration activities, uncertainties inherent in the estimation of mineral reserves and resources, fluctuations in the costs of goods and services, problems associated with exploration and mining operations, changes in legal, social or political conditions in the jurisdictions where the Company operates, lack of appropriate funding and other risk factors, as discussed in the Company's filings with Canadian and American Securities regulatory agencies. Resource and production goals and forecasts may be based on data insufficient to support them. Godfrey Walton, P.Geo. and/or Bradford Cooke, P.Geo. are the Qualified Persons for the Company as required by NI 43-101. The Company expressly disclaims any obligation to update any forward-looking statements. We seek safe harbour.
The TSX Exchange has neither approved nor disapproved the contents of this news release.
Contacts:
Endeavour Silver Corp.
Hugh Clarke
(604) 685-9775 or Toll Free: 1-877-685-9775
(604) 685-9744 (FAX)
Email: hugh@edrsilver.com
Website: www.edrsilver.com
SOURCE: Endeavour Silver Corp.
mailto:hugh@edrsilver.com
Copyright 2008 Market Wire, All rights reserved.
Friday, October 24, 2008
What Happens if Silver and Gold Price Ratio Returns to Historic Pattern?
It's an understatement to say gold and silver have been struggling lately, as the two metals continue to plunge, along with the worldwide economies.
What is fascinating about silver in particular, is the current ratio that is completely out of sync with its historic levels with gold.
The historical average ratio between the prices of gold and silver has been silver holding close to a 1/20 price of gold. At this time it is sitting at only a 1/75th price in relationship to gold's price.
What silver investors need to ask themselves is what happens if the price ratio between silver and gold reverts back to historic norms.
We can be sure some of that will come from the continual fall of the price of gold, but I don't think we can assume that in and of itself will bring back the ratio. I think we'll start to see the rise of silver prices again, and when that happens, there will be an abundance of opportunities to play the metal.
Once the forced liguidation of commodities unwinds itself, it's at that time we should look seriously at a surge in silver prices, which should drive up the prices of good silver mining companies ... and others as well.
The bottom line is we need to keep a close eye on the ratio of prices between silver and gold. They are far too out of sync at this time to remain there. When it changes, we need a plan in place to swoop in and profit from it.
What is fascinating about silver in particular, is the current ratio that is completely out of sync with its historic levels with gold.
The historical average ratio between the prices of gold and silver has been silver holding close to a 1/20 price of gold. At this time it is sitting at only a 1/75th price in relationship to gold's price.
What silver investors need to ask themselves is what happens if the price ratio between silver and gold reverts back to historic norms.
We can be sure some of that will come from the continual fall of the price of gold, but I don't think we can assume that in and of itself will bring back the ratio. I think we'll start to see the rise of silver prices again, and when that happens, there will be an abundance of opportunities to play the metal.
Once the forced liguidation of commodities unwinds itself, it's at that time we should look seriously at a surge in silver prices, which should drive up the prices of good silver mining companies ... and others as well.
The bottom line is we need to keep a close eye on the ratio of prices between silver and gold. They are far too out of sync at this time to remain there. When it changes, we need a plan in place to swoop in and profit from it.
Wednesday, October 22, 2008
Pan American Silver President and CEO Geoff Burns Upbeat about Future Prospects
With no debt and an eighth mine about to be opened soon in Argentina, Pan American Silver president and CEO Geoff Burns is positive about the future of the company.
Burns acknowledges that profit margins have fallen as forced liquidity continues to pummel the commodity market, yet the company has positioned itself strongly in contrast to other debt-laden competitors.
In economic challenges like the one we're in, those companies with less debt and solid operations will far outperform those who will struggle just to survive, let alone thrive.
"We have no debt and have never had any significant quantity of debt. We make our investment decisions on our operating properties and in our new constructions activities based on fundamental rates of return," said Burns.
Once liquidity comes back into the overall market, the underlying fundamentals are the same as before the financial crisis, and consumers and investors will gravitate back toward the safety of gold and demand of silver.
Burns added the company will still be able to remain profitable at $11 silver and $850 gold.
While India and China are experiencing slower growth, they will still offset the contraction of Western countries, and maintain a demand for base metals, although a slower one.
Pan American Silver is looking to produce around 25 million ounces in 2009.
Burns acknowledges that profit margins have fallen as forced liquidity continues to pummel the commodity market, yet the company has positioned itself strongly in contrast to other debt-laden competitors.
In economic challenges like the one we're in, those companies with less debt and solid operations will far outperform those who will struggle just to survive, let alone thrive.
"We have no debt and have never had any significant quantity of debt. We make our investment decisions on our operating properties and in our new constructions activities based on fundamental rates of return," said Burns.
Once liquidity comes back into the overall market, the underlying fundamentals are the same as before the financial crisis, and consumers and investors will gravitate back toward the safety of gold and demand of silver.
Burns added the company will still be able to remain profitable at $11 silver and $850 gold.
While India and China are experiencing slower growth, they will still offset the contraction of Western countries, and maintain a demand for base metals, although a slower one.
Pan American Silver is looking to produce around 25 million ounces in 2009.
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