Silver as an Idaho Currency
In an effort to attempt to bring some potential business and jobs to Idaho, state representatives have introduced a bill which would allow silver to be used a currency in the state, being produced in the form of medallions.
Rep. Phil Hart proposed the bill which was unanimously agreed to be introduced by the Idaho House State Affairs Committee.
The new silver medallions could also be used to pay state taxes.
A similar bill was introduced by Hart in 2009 but didn't go anywhere. Now that the recession continues on, the lawmakers in the state are looking at ways to help get their economy going.
The idea of introducing a bill which would include silver as a currency is fantastic. I wonder what will happen when the silver is far more valuable then the U.S. dollar in the state? That will be interesting; not if, but when it happens. Of course that assumes the mining takes place and the bill voted for approval.
One thing that's unfortunate is the need to offer property- and income-tax incentives to companies agreeing to launch a silver-processing business in the state.
But that's a secondary concern when taking into account the fantastic implication of silver being used as a currency again.
Silver as an Idaho Currency
Showing posts with label Silver Producers. Show all posts
Showing posts with label Silver Producers. Show all posts
Saturday, March 6, 2010
Sunday, June 21, 2009
Silver Prices Going Up - Miners Respond
Silver prices going up
With numerous elements coming together at the right time, silver prices have been going up, and over the long term that should continue.
Those high silver prices have some Colorado miners hoping to rekindle the state's silver trade.
Several miners are working around the Poor Man silver mine in Idaho Springs. Silver prices are up, with futures in silver going up 27 percent just last month. Silver is now trading at about $15.60 an ounce.
The silver boom is caused by economic uncertainty and the fact that silver is used in solar panels. Some miners who lead tours of old Colorado gold mines say they're also poking around abandoned silver mines looking for new veins of silver.
The Denver Post reported Saturday that several people have filed applications with Colorado to explore or reactivate silver mines.
One of them is Al Mosch. His day job is leading gold-mine tours of the Phoenix Mine in Idaho Springs, but on his time off he pokes around the old silver site.
"I did some serious work in here in the 1980s when silver was at $12," Mosch said. "It crashed to $4 and stayed that way for many years. I just shut it down then."
His son, David, a former Colorado School of Mines professor, prospected a multimillion-dollar gold claim that put him in People magazine in 1975 at age 14. Al Mosch still has a claim in the silver mine, and David Mosch is working on new technology to extract silver.
"If he's successful," Al Mosch told the newspaper, "we could reopen a lot of these old claims."
The United States is the eighth-largest silver producer in the world. Most silver produced is used for industrial applications such as battery-making, or photography, or jewelry crafting, with alternative-energy uses on the rise.
Another silver prospector, Tom Treadwell, is working to clear some 30 tons of mud and debris left in Poor Man's main shaft. He said the enjoys looking for a new vein of silver to revive the state's silver mining industry.
Silver prices going up
With numerous elements coming together at the right time, silver prices have been going up, and over the long term that should continue.
Those high silver prices have some Colorado miners hoping to rekindle the state's silver trade.
Several miners are working around the Poor Man silver mine in Idaho Springs. Silver prices are up, with futures in silver going up 27 percent just last month. Silver is now trading at about $15.60 an ounce.
The silver boom is caused by economic uncertainty and the fact that silver is used in solar panels. Some miners who lead tours of old Colorado gold mines say they're also poking around abandoned silver mines looking for new veins of silver.
The Denver Post reported Saturday that several people have filed applications with Colorado to explore or reactivate silver mines.
One of them is Al Mosch. His day job is leading gold-mine tours of the Phoenix Mine in Idaho Springs, but on his time off he pokes around the old silver site.
"I did some serious work in here in the 1980s when silver was at $12," Mosch said. "It crashed to $4 and stayed that way for many years. I just shut it down then."
His son, David, a former Colorado School of Mines professor, prospected a multimillion-dollar gold claim that put him in People magazine in 1975 at age 14. Al Mosch still has a claim in the silver mine, and David Mosch is working on new technology to extract silver.
"If he's successful," Al Mosch told the newspaper, "we could reopen a lot of these old claims."
The United States is the eighth-largest silver producer in the world. Most silver produced is used for industrial applications such as battery-making, or photography, or jewelry crafting, with alternative-energy uses on the rise.
Another silver prospector, Tom Treadwell, is working to clear some 30 tons of mud and debris left in Poor Man's main shaft. He said the enjoys looking for a new vein of silver to revive the state's silver mining industry.
Silver prices going up
Sunday, April 19, 2009
Silver Companies | Silver Wheaton in Tough Economic Times
Silver Wheaton
There has been a lot of significance attached to the price of silver and the price ratio of silver to gold, which usually stands historically at about 20 to 1. For some time now it has hovered at around 70 ounces of silver for every ounce of gold, and that has many silver investors thinking there is an inevitable rise that is bound to come.
An number of silver industry and silver stock watchers believe Silver Wheaton may be in a strong position to take advantage of this expected move, as its business practices lend themselves to being strong as a silver investment.
One such practice of the silver miner is to buy a percentage of silver that comes from other silver mines, and has significant reserves that are up 24 percent year over year.
So the Silver Corp has a record amount of silver in reserve, standing at 429.7 million ounces. If Silver Wheaton could have even more ounces on hand, with increases possibly being as high as 33 percent and attributable measured and indicated silver resources increased to 213.5 million ounces.
With the endless, careless government spending, there are increasing inflationary pressures that are expected and sure to push up the prices of silver and gold, and more than likely Silver wheaton will climb with it.
Another postive factor for the company is investors are expected to remain actively in pursuit of the metal, and should be net buyers of silver this year, with projections of about 182 million ounces exchanging hands. Global record sales of silver stands at 222.2 million ounces which were acquired in 1980.
As far as industrial demand, it fell in 2008 to 701.2 million ounces, a decline of 3.1 percent from the 724 ounces in 2007. Higher silver prices and a tougher economic climate were a major part of the fall in fabrication demand in 2008.
In 2009, projections are silver demand will plunge to 641 million ounces because of countries and companies cutting back on buying.
Much of the product demand for items using silver like photography, silverweare, batteries, jewelry and electronics are expected to continue to be slow, putting downward pressure on demand.
Taking all of that into account, it seems its more the investors that will decide silver prices this year, more than industrial demand. If tough economic times and uncertainty remain for some time, investors will continually look for safety in both silver and gold. That should remain for the rest of 2009 and into next year.
For last year, overall silver supply is estimated to have risen to over 800 million ounces.
Last year silver mining production increased by around 14 million ounces over the year before, while secondary supply rose by about 11 million ounces. That could rise even more under the present conditions. As of 2008, silver investors were net buyers for the third straight year, and that should continue. In 2008 net buyers of silver were at the highest levels since the early part of the 1980s.
Again, all of this should play well to the positioning of Silver Wheaton and its usual practices to take advantage of this. They and other silver stocks should do well over the next year or so.
Just recently Silver Wheaton President and CEO John Shanahan, who was accepted in that position after serving an interim stint with the company since September 10, announced they have exercised a participation right to acquire 3,855,558 common shares of Revett Minerals, bringing its total percentage of shares owned in Revett to 16.4 percent.
Shanahan says he looks at it as a solid bakcing of Revett and a commitment over the long haul to increase production at the Troy Mine, while increasing the exploration stage at the Rock Creek project.
Silver Wheaton
There has been a lot of significance attached to the price of silver and the price ratio of silver to gold, which usually stands historically at about 20 to 1. For some time now it has hovered at around 70 ounces of silver for every ounce of gold, and that has many silver investors thinking there is an inevitable rise that is bound to come.
An number of silver industry and silver stock watchers believe Silver Wheaton may be in a strong position to take advantage of this expected move, as its business practices lend themselves to being strong as a silver investment.
One such practice of the silver miner is to buy a percentage of silver that comes from other silver mines, and has significant reserves that are up 24 percent year over year.
So the Silver Corp has a record amount of silver in reserve, standing at 429.7 million ounces. If Silver Wheaton could have even more ounces on hand, with increases possibly being as high as 33 percent and attributable measured and indicated silver resources increased to 213.5 million ounces.
With the endless, careless government spending, there are increasing inflationary pressures that are expected and sure to push up the prices of silver and gold, and more than likely Silver wheaton will climb with it.
Another postive factor for the company is investors are expected to remain actively in pursuit of the metal, and should be net buyers of silver this year, with projections of about 182 million ounces exchanging hands. Global record sales of silver stands at 222.2 million ounces which were acquired in 1980.
As far as industrial demand, it fell in 2008 to 701.2 million ounces, a decline of 3.1 percent from the 724 ounces in 2007. Higher silver prices and a tougher economic climate were a major part of the fall in fabrication demand in 2008.
In 2009, projections are silver demand will plunge to 641 million ounces because of countries and companies cutting back on buying.
Much of the product demand for items using silver like photography, silverweare, batteries, jewelry and electronics are expected to continue to be slow, putting downward pressure on demand.
Taking all of that into account, it seems its more the investors that will decide silver prices this year, more than industrial demand. If tough economic times and uncertainty remain for some time, investors will continually look for safety in both silver and gold. That should remain for the rest of 2009 and into next year.
For last year, overall silver supply is estimated to have risen to over 800 million ounces.
Last year silver mining production increased by around 14 million ounces over the year before, while secondary supply rose by about 11 million ounces. That could rise even more under the present conditions. As of 2008, silver investors were net buyers for the third straight year, and that should continue. In 2008 net buyers of silver were at the highest levels since the early part of the 1980s.
Again, all of this should play well to the positioning of Silver Wheaton and its usual practices to take advantage of this. They and other silver stocks should do well over the next year or so.
Just recently Silver Wheaton President and CEO John Shanahan, who was accepted in that position after serving an interim stint with the company since September 10, announced they have exercised a participation right to acquire 3,855,558 common shares of Revett Minerals, bringing its total percentage of shares owned in Revett to 16.4 percent.
Shanahan says he looks at it as a solid bakcing of Revett and a commitment over the long haul to increase production at the Troy Mine, while increasing the exploration stage at the Rock Creek project.
Silver Wheaton
Saturday, February 7, 2009
Silver: Prices Going Up in 2009?
While in my opinion there is no doubt 2009 will be a great year for silver, and prices will go up for silver futures, coin and bullion, as well as many silver mining company stocks.
A major reason there's been so much confusion surround the behavior of gold and silver recently, is because the unusal situation of forced liquidation has kept them down in price while the U.S. dollar has remained strong, even though underlying fundamentals said it shouldn't have.
Because of this, companies were forced to sell their positions in gold and silver and other commodities in order to raise much needed cash, this kept things where they have been for silver and silver futures until recently. It seems companies' positions have largely unwound now, and silver and gold are starting to be the investment of choice for those interested in both safety and getting a return. This will be true for silver, whether it's silver dollars, silver futures, silver bullion, or any type of silver coin, and most well run silver companies. Silver prices in the near future should do very well for silver investors, and whether you take physical possession of silver or buy silver company stocks or silver futures, they should perform strongly in 2009, as prices of silver go up.
This is one of the questions I've been asked about a lot lately, on whether silver prices are going up or will rise in 2009. The answer is almost assuredly yes! And considering the price of silver in contrast to gold is so large, the percentage of silver should outshine gold and probably perform even better in that regard. The one thing to keep in mind is if safety or a haven for your money is more important, gold will be the obvious choice, and it should give a solid return for the 2009 economic circumstances. Silver will do well to, but it could be more volatile than gold, but also has a better chance of making you more money. It's the old risk versus reward this year in silver and gold investing.
We shouldn't be afraid of those worried over the overall commdodity sector, and those making it look like everything connected to raw materials will fall this year. That's going to be absolutely false. I think they're asserting that so you don't pull your money out of their investments and put it into commodities, where is several cases prices should do quite well this year. Obviously we must do our homework in our commodity investing, as a number of raw materials will definitely fall in price, and so will be risky. All we have to do there is understand what sector we're investing in, and what sectors are weak as far as demand for raw materials go.
Back to silver, investing in silver will be profitable this year, and silver prices will rise in general across the board. Silver futures prices will rise along with other commodity futueres, and in some cases phyiscal silver in the form of bars and bullion should rise right along with silver futures. Investing in the stock of silver mining and silver companies, as in all cases, must be handled differently, and things like management and operations is as important as anything else. Silver prices will enable companies to expand, the question is whether it'll be done responsibly or not.
So in answer to the questin of whether prices of silver will go up this year, it is absolutely yes. I think investing in silver futures and physical silver, as far as bars and bullion will be a surety for profit, when you get into silver coins and numismatic value, obviously there are many more factors involved in silver coin prices.
A major reason there's been so much confusion surround the behavior of gold and silver recently, is because the unusal situation of forced liquidation has kept them down in price while the U.S. dollar has remained strong, even though underlying fundamentals said it shouldn't have.
Because of this, companies were forced to sell their positions in gold and silver and other commodities in order to raise much needed cash, this kept things where they have been for silver and silver futures until recently. It seems companies' positions have largely unwound now, and silver and gold are starting to be the investment of choice for those interested in both safety and getting a return. This will be true for silver, whether it's silver dollars, silver futures, silver bullion, or any type of silver coin, and most well run silver companies. Silver prices in the near future should do very well for silver investors, and whether you take physical possession of silver or buy silver company stocks or silver futures, they should perform strongly in 2009, as prices of silver go up.
This is one of the questions I've been asked about a lot lately, on whether silver prices are going up or will rise in 2009. The answer is almost assuredly yes! And considering the price of silver in contrast to gold is so large, the percentage of silver should outshine gold and probably perform even better in that regard. The one thing to keep in mind is if safety or a haven for your money is more important, gold will be the obvious choice, and it should give a solid return for the 2009 economic circumstances. Silver will do well to, but it could be more volatile than gold, but also has a better chance of making you more money. It's the old risk versus reward this year in silver and gold investing.
We shouldn't be afraid of those worried over the overall commdodity sector, and those making it look like everything connected to raw materials will fall this year. That's going to be absolutely false. I think they're asserting that so you don't pull your money out of their investments and put it into commodities, where is several cases prices should do quite well this year. Obviously we must do our homework in our commodity investing, as a number of raw materials will definitely fall in price, and so will be risky. All we have to do there is understand what sector we're investing in, and what sectors are weak as far as demand for raw materials go.
Back to silver, investing in silver will be profitable this year, and silver prices will rise in general across the board. Silver futures prices will rise along with other commodity futueres, and in some cases phyiscal silver in the form of bars and bullion should rise right along with silver futures. Investing in the stock of silver mining and silver companies, as in all cases, must be handled differently, and things like management and operations is as important as anything else. Silver prices will enable companies to expand, the question is whether it'll be done responsibly or not.
So in answer to the questin of whether prices of silver will go up this year, it is absolutely yes. I think investing in silver futures and physical silver, as far as bars and bullion will be a surety for profit, when you get into silver coins and numismatic value, obviously there are many more factors involved in silver coin prices.
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.
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 Falcon Mining, Inc. (SFMI) Announces 2009 Business Plan
Silver Falcon Mining, Inc. (PINKSHEETS: SFMI) begins working on its 2009 business plan, approved by its Board of Directors.
War Eagle Mountain is a Gold and Silver rich property where Silver Falcon Mining, Inc. has the developmental and operating rights to 17 deep-shaft mines covering the Mountain's primary epithermal Gold- and Silver-producing veins. At the beginning of the year, the property under contract covers approximately 1,500 acres.
The business plan provides for the following:
1) Working the mill on a double shift schedule and increasing the output tonnage through the addition of a larger ball mill to be installed parallel to the existing one as well as installing a larger Falcon Concentrator to multiply the precious metals output.
2) Bring to the mill sufficient ore from the tailings pile to guarantee the increased production for 24 months production of Gold and Silver.
3) In accordance with our operating contract with GoldCorp Holdings, Co., open up one more shaft on the property and prepare it for further activity.
4) Establish a large permanent mill site at the Sinker Tunnel Entrance thus eliminating present transport and road maintenance cost.
5) Dedicate 15% of the net smelter returns to a buyback plan of its common "A" stock.
6) Start permitting process to do underground mining in the Sinker Tunnel so as to allow year round operation to go on.
7) A core drilling program for an evaluation of reserves on the mountain.
Mr. Pierre Quilliam, President of Silver Falcon Mining, Inc., said, "Again we have laid out an ambitious plan and now that we have a cadre of competent and dedicated associates under contract, we are very excited at the prospects laid out before us. Thanks to the selfless dedication of our employees and contractors, we look forward to a very rewarding year in 2009 both financially and operationally."
Further Information contact Rich Kaiser, Investor Relations 800-631-8127 and www.silverfalconmining.com.
Silver Falcon Mining, Inc. cautions that the statements made in this press release constitute forward-looking statements, and not guarantees of future performance and actual results or developments may differ materially from the projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made.
War Eagle Mountain is a Gold and Silver rich property where Silver Falcon Mining, Inc. has the developmental and operating rights to 17 deep-shaft mines covering the Mountain's primary epithermal Gold- and Silver-producing veins. At the beginning of the year, the property under contract covers approximately 1,500 acres.
The business plan provides for the following:
1) Working the mill on a double shift schedule and increasing the output tonnage through the addition of a larger ball mill to be installed parallel to the existing one as well as installing a larger Falcon Concentrator to multiply the precious metals output.
2) Bring to the mill sufficient ore from the tailings pile to guarantee the increased production for 24 months production of Gold and Silver.
3) In accordance with our operating contract with GoldCorp Holdings, Co., open up one more shaft on the property and prepare it for further activity.
4) Establish a large permanent mill site at the Sinker Tunnel Entrance thus eliminating present transport and road maintenance cost.
5) Dedicate 15% of the net smelter returns to a buyback plan of its common "A" stock.
6) Start permitting process to do underground mining in the Sinker Tunnel so as to allow year round operation to go on.
7) A core drilling program for an evaluation of reserves on the mountain.
Mr. Pierre Quilliam, President of Silver Falcon Mining, Inc., said, "Again we have laid out an ambitious plan and now that we have a cadre of competent and dedicated associates under contract, we are very excited at the prospects laid out before us. Thanks to the selfless dedication of our employees and contractors, we look forward to a very rewarding year in 2009 both financially and operationally."
Further Information contact Rich Kaiser, Investor Relations 800-631-8127 and www.silverfalconmining.com.
Silver Falcon Mining, Inc. cautions that the statements made in this press release constitute forward-looking statements, and not guarantees of future performance and actual results or developments may differ materially from the projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made.
Thursday, December 18, 2008
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 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.
Thursday, November 13, 2008
South American Silver Corp. Files Third Quarter 2008 Financial Statements
VANCOUVER, BRITISH COLUMBIA, Nov 13, 2008 (MARKET WIRE via COMTEX) -- South American Silver Corp. ("SASC" or the "Company")(TSX: SAC) reports that it has released its unaudited consolidated financial statements for the nine months ended September 30, 2008 and the related management's discussion and analysis of financial position and results of operations ("MD&A").
As at September 30, 2008, the Company had cash and cash equivalents of US$8.7 million and working capital of US$8.3 million. With this funding in place, the Company is in a strong financial position to pursue its current exploration and property acquisition strategy.
An updated NI 43-101 compliant resource report in respect of the Malku Khota project will be filed on SEDAR shortly, using results from 75 drill holes. The Company intends to follow this with a preliminary economic assessment in the fourth quarter. The Company will also continue a low level exploration program at Laurani and reconnaissance to develop new targets and acquire new properties. At Escalones, the Company has presently put exploration on hold and may look for a partner.
At Malku Khota, the Company's exploration plan involves completion of an additional 1,000 metres of drilling for a total of approximately 31,000 metres of diamond drilling. In addition to the ongoing drill program at Malku Khota, an aggressive program of metallurgical work to examine metallurgical recoveries of silver, indium, gold and associated metals is underway. The metallurgical testing is being carried out at the SGS Mineral Services, Canada, Lakefield Metallurgical Laboratory. The latest metallurgical results have been reported in the press release dated October 16, 2008. These results indicate that the indium can be precipitated to form potentially saleable products from the acid chloride leach solutions as well as the silver. 99.2% of the indium was extracted from the leach solution. The Company also reported that acid chloride leach test work on 10 mesh material achieved recoveries of 62%-97% for silver and 61%-77% for indium. A flotation test on a lead-silver rich sample achieved a 97.5% silver and 97.3% lead recovery into a low-grade bulk concentrate.
Community relations are an important part of doing business in Bolivia and the Company has a Community Relations Manager who speaks both Aymara and Quechua to maintain good relations with the communities in which the Company operates. The Company has signed agreements of cooperation with each of the eleven communities in the area and has an excellent working relationship with each of these groups. The Company, through a consulting group, has completed a series of lectures to each community to make them better informed about mining development.
Copies of the unaudited consolidated financial statements and related MD&A can be found on SEDAR at www.SEDAR.com.
Certain statements contained herein constitute "forward-looking statements". These forward-looking statements are based on current expectations. The nature, timing and extent of the exploration programs may materially change from current intentions for a number of reasons. Additionally, "forward looking statements" look into the future and provide an opinion as to the effect of certain events and trends on the business. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Subject to applicable laws, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason.
SASC is a mineral exploration company that acquires, explores and develops mineral properties, primarily silver, gold and copper in South America. The Company presently holds interests in three properties: the flagship Malku Khota silver-gold and the Laurani gold-silver properties in Bolivia and the Escalones copper-gold-molybdenum property in Chile.
Contacts:
South American Silver Corp.
William Filtness
Chief Financial Officer
(604) 684-0693
(604) 684-0642 (FAX)
SOURCE: South American Silver Corp.
Copyright 2008 Market Wire, All rights reserved
As at September 30, 2008, the Company had cash and cash equivalents of US$8.7 million and working capital of US$8.3 million. With this funding in place, the Company is in a strong financial position to pursue its current exploration and property acquisition strategy.
An updated NI 43-101 compliant resource report in respect of the Malku Khota project will be filed on SEDAR shortly, using results from 75 drill holes. The Company intends to follow this with a preliminary economic assessment in the fourth quarter. The Company will also continue a low level exploration program at Laurani and reconnaissance to develop new targets and acquire new properties. At Escalones, the Company has presently put exploration on hold and may look for a partner.
At Malku Khota, the Company's exploration plan involves completion of an additional 1,000 metres of drilling for a total of approximately 31,000 metres of diamond drilling. In addition to the ongoing drill program at Malku Khota, an aggressive program of metallurgical work to examine metallurgical recoveries of silver, indium, gold and associated metals is underway. The metallurgical testing is being carried out at the SGS Mineral Services, Canada, Lakefield Metallurgical Laboratory. The latest metallurgical results have been reported in the press release dated October 16, 2008. These results indicate that the indium can be precipitated to form potentially saleable products from the acid chloride leach solutions as well as the silver. 99.2% of the indium was extracted from the leach solution. The Company also reported that acid chloride leach test work on 10 mesh material achieved recoveries of 62%-97% for silver and 61%-77% for indium. A flotation test on a lead-silver rich sample achieved a 97.5% silver and 97.3% lead recovery into a low-grade bulk concentrate.
Community relations are an important part of doing business in Bolivia and the Company has a Community Relations Manager who speaks both Aymara and Quechua to maintain good relations with the communities in which the Company operates. The Company has signed agreements of cooperation with each of the eleven communities in the area and has an excellent working relationship with each of these groups. The Company, through a consulting group, has completed a series of lectures to each community to make them better informed about mining development.
Copies of the unaudited consolidated financial statements and related MD&A can be found on SEDAR at www.SEDAR.com.
Certain statements contained herein constitute "forward-looking statements". These forward-looking statements are based on current expectations. The nature, timing and extent of the exploration programs may materially change from current intentions for a number of reasons. Additionally, "forward looking statements" look into the future and provide an opinion as to the effect of certain events and trends on the business. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Subject to applicable laws, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason.
SASC is a mineral exploration company that acquires, explores and develops mineral properties, primarily silver, gold and copper in South America. The Company presently holds interests in three properties: the flagship Malku Khota silver-gold and the Laurani gold-silver properties in Bolivia and the Escalones copper-gold-molybdenum property in Chile.
Contacts:
South American Silver Corp.
William Filtness
Chief Financial Officer
(604) 684-0693
(604) 684-0642 (FAX)
SOURCE: South American Silver Corp.
Copyright 2008 Market Wire, All rights reserved
Tuesday, November 11, 2008
Minera Andes announces third quarter gold/silver sales at the San Jose mine total $18.5 million - First phase of expansion completed
SPOKANE, WA, Nov 11, 2008 /PRNewswire-FirstCall via COMTEX/ --
Minera Andes Inc. (TSX: MAI and US OTC: MNEAF) is pleased to announce details of the San Jose mine performance to September 30, 2008. The San Jose project is operated by Minera Santa Cruz S.A. ("MSC") and is owned 49% by Minera Andes and 51% by Hochschild Mining plc ("Hochschild") (HOCM.L: Reuters and HOC LN: Bloomberg - London Stock Exchange). Hochschild is the operator of the project. Gross proceeds from metal sales during the third quarter of 2008 were $18.5 million.
Production at the San Jose mine in Q3 2008 totaled 990,000 ounces of silver and 12,340 ounces of gold, of which 49% is attributable to Minera Andes. Mill throughput increased 11.5% compared to the previous quarter, but silver production was 9.4% lower and gold production was 0.6% lower than the previous quarter due to lower head grades.
SAN JOSE MINE PRODUCTION
-------------------------------------------------------------------------
Production* Q3 Q2 Q1
2008 2008 2008
-------------------------------------------------------------------------
Ore production (metric tons) 67,589 60,603 59,897
-------------------------------------------------------------------------
Average head grade silver (g/t) 547 681 624
-------------------------------------------------------------------------
Average head grade gold (g/t) 6.78 7.56 7.10
-------------------------------------------------------------------------
Silver produced (ounces) 990,000 1,093,000 968,000
-------------------------------------------------------------------------
Gold produced (ounces) 12,340 12,410 12,140
-------------------------------------------------------------------------
Net silver sold (ounces)* 846,000 2,284,400 323,000
-------------------------------------------------------------------------
Net gold sold (ounces)* 9,760 28,980 5,050
-------------------------------------------------------------------------
* The company has a 49% interest in the San Jose production.
Third quarter 2008 sales of gold and silver are lower than Q2 because an inventory build of metal produced in 4Q 2007 and 1Q 2008 gave the second quarter higher than normal sales. In addition, another build up of metal inventory has occurred in Q3 due to a smelting furnace being temporarily down. The metal in inventory is forecast to be sold in Q4 of 2008. The average realized market prices in 3Q 2008 were 4.5% lower for Au and 25% lower for Ag than in 2Q 2008. Prices for sales of metal in Q3 2008 on an average weighted basis were $861 per ounce of gold and $12.37 per ounce of silver.
Phase I of the expansion has been completed, consisting of an increase in the mining and processing capacity from 750 metric ton per day to 1,500 metric ton per day. Mine production will ramp up to full capacity over the next few months. Currently, approximately 40% of the ore fed to the expanded plant is being processed to produce dore bars and approximately 60% is being processed to produce concentrates. Phase II of the expansion involves connecting to the regional electrical grid which is estimated to be completed in Q1 2009. Meanwhile, there is sufficient diesel generating capacity at the mine to run the mill at its full capacity. Phase III of the mine expansion involves further expansion of the refining circuit at the processing facility to convert all the concentrate produced at the mine to dore which is expected to be completed by mid 2009, which will reduce working capital requirements and selling discounts and receive a lower tax treatment.
Allen Ambrose, president of Minera Andes said, "The San Jose project now has cash flow that is being used to pay for the expansion of the mine, refining circuit, and for the connection to the regional power grid. Remaining funds will be used to begin repayment of the joint venture project debt."
The San Jose mine now comprises 18 km of underground workings accessed by ramps on the Huevos Verdes, Frea and Kospi veins. During 2008 to date, 4,095 meters of workings were completed on the Huevos Verdes, Frea, and Kospi veins. The mine is currently staffed with 724 employees and over 230 contractors.
Allen V. Ambrose, Minera Andes' President, who is a "qualified person" as defined by National Instrument 43-101, is responsible for the information used in this news release and has supervised the preparation of the information and reviewed all information used in this news release.
Minera Andes is a gold, silver and copper exploration company working in Argentina. The Company holds about 304,000 acres of mineral exploration land in Argentina including the 49% owned San Jose silver/gold mine that commenced production last year. Minera Andes is also exploring the Los Azules copper project in San Juan province, where an exploration program is underway to define a resource and scoping study. Other exploration properties, primarily silver and gold, are being evaluated in southern Argentina. The Corporation presently has 189,706,935 shares issued and outstanding.
This news is submitted by Allen V. Ambrose, President and Director of Minera Andes Inc.
Caution Concerning Forward-Looking Statements:
This press release contains certain "forward-looking statements", including, but not limited to, the statements regarding the Company's strategic plans, evolution of mineral resources and reserves, work programs, development plans and exploration budgets at the Company's San Jose Project. The forward-looking statements express, as at the date of this press release, the Company's plans, estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. In particular, there can be no assurance that production capacity at the San Jose mine will be successfully increased, that resources and reserves at the San Jose mine will be increased. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, risks associated with foreign operations, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral reserves and other risks. We refer readers to the risk factors and uncertainties described in the Company's continuous disclosure record, a copy of which is available under the Company's profile at www.sedar.com. Minera Andes' joint venture partner, a subsidiary of Hochschild Mining plc, and its affiliates do not accept responsibility for the use of project data or the adequacy or accuracy of this release.
Cautionary Note to U.S. Investors:
The United States Securities and Exchange Commission (the "SEC") permits mining companies, in their filings with the SEC, to disclose only those mineral deposits with "mineral reserves" that a company can economically and legally extract or produce. We use certain terms in this press release, such as "mineral resources", that the SEC guidelines strictly prohibit us from including in our filings with the SEC, because these terms are common usage in Canada and form part of our Canadian filing requirements.
SOURCE Minera Andes Inc.
Copyright (C) 2008 PR Newswire. All rights reserved
Minera Andes Inc. (TSX: MAI and US OTC: MNEAF) is pleased to announce details of the San Jose mine performance to September 30, 2008. The San Jose project is operated by Minera Santa Cruz S.A. ("MSC") and is owned 49% by Minera Andes and 51% by Hochschild Mining plc ("Hochschild") (HOCM.L: Reuters and HOC LN: Bloomberg - London Stock Exchange). Hochschild is the operator of the project. Gross proceeds from metal sales during the third quarter of 2008 were $18.5 million.
Production at the San Jose mine in Q3 2008 totaled 990,000 ounces of silver and 12,340 ounces of gold, of which 49% is attributable to Minera Andes. Mill throughput increased 11.5% compared to the previous quarter, but silver production was 9.4% lower and gold production was 0.6% lower than the previous quarter due to lower head grades.
SAN JOSE MINE PRODUCTION
-------------------------------------------------------------------------
Production* Q3 Q2 Q1
2008 2008 2008
-------------------------------------------------------------------------
Ore production (metric tons) 67,589 60,603 59,897
-------------------------------------------------------------------------
Average head grade silver (g/t) 547 681 624
-------------------------------------------------------------------------
Average head grade gold (g/t) 6.78 7.56 7.10
-------------------------------------------------------------------------
Silver produced (ounces) 990,000 1,093,000 968,000
-------------------------------------------------------------------------
Gold produced (ounces) 12,340 12,410 12,140
-------------------------------------------------------------------------
Net silver sold (ounces)* 846,000 2,284,400 323,000
-------------------------------------------------------------------------
Net gold sold (ounces)* 9,760 28,980 5,050
-------------------------------------------------------------------------
* The company has a 49% interest in the San Jose production.
Third quarter 2008 sales of gold and silver are lower than Q2 because an inventory build of metal produced in 4Q 2007 and 1Q 2008 gave the second quarter higher than normal sales. In addition, another build up of metal inventory has occurred in Q3 due to a smelting furnace being temporarily down. The metal in inventory is forecast to be sold in Q4 of 2008. The average realized market prices in 3Q 2008 were 4.5% lower for Au and 25% lower for Ag than in 2Q 2008. Prices for sales of metal in Q3 2008 on an average weighted basis were $861 per ounce of gold and $12.37 per ounce of silver.
Phase I of the expansion has been completed, consisting of an increase in the mining and processing capacity from 750 metric ton per day to 1,500 metric ton per day. Mine production will ramp up to full capacity over the next few months. Currently, approximately 40% of the ore fed to the expanded plant is being processed to produce dore bars and approximately 60% is being processed to produce concentrates. Phase II of the expansion involves connecting to the regional electrical grid which is estimated to be completed in Q1 2009. Meanwhile, there is sufficient diesel generating capacity at the mine to run the mill at its full capacity. Phase III of the mine expansion involves further expansion of the refining circuit at the processing facility to convert all the concentrate produced at the mine to dore which is expected to be completed by mid 2009, which will reduce working capital requirements and selling discounts and receive a lower tax treatment.
Allen Ambrose, president of Minera Andes said, "The San Jose project now has cash flow that is being used to pay for the expansion of the mine, refining circuit, and for the connection to the regional power grid. Remaining funds will be used to begin repayment of the joint venture project debt."
The San Jose mine now comprises 18 km of underground workings accessed by ramps on the Huevos Verdes, Frea and Kospi veins. During 2008 to date, 4,095 meters of workings were completed on the Huevos Verdes, Frea, and Kospi veins. The mine is currently staffed with 724 employees and over 230 contractors.
Allen V. Ambrose, Minera Andes' President, who is a "qualified person" as defined by National Instrument 43-101, is responsible for the information used in this news release and has supervised the preparation of the information and reviewed all information used in this news release.
Minera Andes is a gold, silver and copper exploration company working in Argentina. The Company holds about 304,000 acres of mineral exploration land in Argentina including the 49% owned San Jose silver/gold mine that commenced production last year. Minera Andes is also exploring the Los Azules copper project in San Juan province, where an exploration program is underway to define a resource and scoping study. Other exploration properties, primarily silver and gold, are being evaluated in southern Argentina. The Corporation presently has 189,706,935 shares issued and outstanding.
This news is submitted by Allen V. Ambrose, President and Director of Minera Andes Inc.
Caution Concerning Forward-Looking Statements:
This press release contains certain "forward-looking statements", including, but not limited to, the statements regarding the Company's strategic plans, evolution of mineral resources and reserves, work programs, development plans and exploration budgets at the Company's San Jose Project. The forward-looking statements express, as at the date of this press release, the Company's plans, estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. In particular, there can be no assurance that production capacity at the San Jose mine will be successfully increased, that resources and reserves at the San Jose mine will be increased. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, risks associated with foreign operations, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral reserves and other risks. We refer readers to the risk factors and uncertainties described in the Company's continuous disclosure record, a copy of which is available under the Company's profile at www.sedar.com. Minera Andes' joint venture partner, a subsidiary of Hochschild Mining plc, and its affiliates do not accept responsibility for the use of project data or the adequacy or accuracy of this release.
Cautionary Note to U.S. Investors:
The United States Securities and Exchange Commission (the "SEC") permits mining companies, in their filings with the SEC, to disclose only those mineral deposits with "mineral reserves" that a company can economically and legally extract or produce. We use certain terms in this press release, such as "mineral resources", that the SEC guidelines strictly prohibit us from including in our filings with the SEC, because these terms are common usage in Canada and form part of our Canadian filing requirements.
SOURCE Minera Andes Inc.
Copyright (C) 2008 PR Newswire. All rights reserved
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
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.
Tuesday, October 14, 2008
Endeavour Silver Production Jumps as Forecast in 3rd Quarter, 2008
... Produces 625,924 oz Silver, up 21% Over Q2, 2008
New Alex Breccia Ore-body Brought into Production in Q3, 2008; Endeavour to Slow Production Growth in Q4, 2008 Due to Low Silver Price
VANCOUVER, BRITISH COLUMBIA, Oct 14, 2008 (MARKET WIRE via COMTEX) -- Endeavour Silver Corp. (TSX: EDR)(NYSE-A: EXK)(DBFrankfurt:EJD) announces that the Company's silver production jumped as forecast in the Third Quarter, 2008, totalling 625,924 oz silver, up 21% over Q2, 2008.
Gold production also rose in the 3rd Quarter, up 40% to 2,465 oz compared to Q2, 2008, resulting in silver equivalent production totalling 810,799 oz in Q3, 2008 (using a 75:1 silver:gold ratio).
In response to the recent sell-off of the spot silver price, Endeavour plans to slow its production growth in the Fourth Quarter, even though the 2008 capital programs of mine and plant upgrades have now been substantially completed at Endeavour's two operating silver mines in Mexico, the Guanacevi Mines in Durango State and the Guanajuato Mines in Guanajuato State.
Bradford Cooke, Chairman and CEO, stated, "Endeavour enjoyed another quarter of strong production growth at our two operating mines in Mexico thanks to the substantial completion of our 2008 capital upgrade programs and ongoing operational improvements under the guidance of David Howe, Endeavour's Vice President of Mexico Operations. Guanajuato Mines production in particular has outperformed our expectations so far this year and Guanacevi has also improved its performance."
"However, management has decided to slow our production growth in Q4, 2008 to be equal to or slightly greater than Q3, 2008, instead of the forecasted jump in quarterly production, because we are of the opinion that the spot silver price should rebound somewhat short term so there is no sense in pushing production growth at this time. This production growth slow-down in the 4th Quarter will likely result in Endeavour's silver production falling about 5% short of its 2.5 million oz production forecast for 2008. Endeavour should be in a good position, however, to capitalize on the next upward move in the silver price by once again accelerating its silver production growth at that time."
Mine output at Guanajuato ramped up from 100 tonnes per day in Q1, 2008 to 300 tpd in Q3, 2008 as planned, and it now exceeds 400 tonnes per day. Management now anticipates that the Guanajuato Mines will reach the 500 tpd plant capacity by year-end, well ahead of the original schedule. Silver production has more than tripled since the 1st quarter to 158,367 oz in Q3, 2008 and is forecast to continue rising in Q4, 2008 as the plant reaches its existing capacity. Click here for more info on Guanajuato.
Cash costs are now falling at Guanajuato due to the ramp-up of silver production. The high cash cost of $24.38 per oz silver reported for Q1, 2008 was the result of Endeavour maintaining a full work-force at the mine and plant to carry out non-capital rehabilitation work in addition to the Phase 2 mine and plant capital upgrade program while at the same time mine output was substantially reduced.
Cash costs in Q2, 2008 at Guanajuato dropped in half and further reductions in cash costs in Q3 and Q4, 2008 are anticipated due to higher silver production and better cost controls. Management is also currently evaluating sending the Guanajuato silver-gold concentrates to alternative smelters in order to reduce its smelting costs and enhance its silver-gold revenues.
Plant throughput at Guanacevi averaged around 700 tonnes per day in Q3, 2008 and is now forecast to ramp up to 800 tpd during the 4th Quarter, 2008. Silver production was up 12% to 467,557 oz at Guanacevi in Q3, 2008 and is forecast to rise again only marginally in the 4th Quarter due to the production growth slow-down. Both ore grades and silver/gold recoveries also showed improvements at Guanacevi in the 3rd
quarter.
Click here for more info on Guanacevi.
Endeavour brought its first new ore-body into production at Guanacevi in four years with the commencement of production from the Alex Breccia zone and the re-commissioning of the flotation circuit at the plant in Q3, 2008. Alex Breccia is a silver-lead-zinc ore-body hosted in the same Santa Cruz vein as the operating Porvenir Mine 2 km to the north.
The flotation circuit is currently producing a bulk concentrate (no payment for zinc, only lead and silver) but in Q4, a second flotation circuit will be re-commissioned to double flotation capacity up to 200 tonnes per day, producing two concentrates, lead-silver and zinc. As additional sources of sulphide ores are delineated for production (for example, Endeavour's recent discoveries in San Pedro area are of this type), the flotation circuit can be expanded as needed.
Endeavour Silver Corp. (TSX: EDR)(NYSE-A: EXK)(DBFrankfurt:EJD) is a small-cap 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 State and Guanajuato in Guanajuato state, coupled with the Company's acquisition and exploration programs in Mexico should enable Endeavour to join the ranks of top primary silver producers worldwide.
ENDEAVOUR SILVER CORP.
Bradford 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: edrsilver
SOURCE: Endeavour Silver Corp.
mailto:hugh@edrsilver.com
edrsilver
Copyright 2008 Market Wire, All rights reserved.
New Alex Breccia Ore-body Brought into Production in Q3, 2008; Endeavour to Slow Production Growth in Q4, 2008 Due to Low Silver Price
VANCOUVER, BRITISH COLUMBIA, Oct 14, 2008 (MARKET WIRE via COMTEX) -- Endeavour Silver Corp. (TSX: EDR)(NYSE-A: EXK)(DBFrankfurt:EJD) announces that the Company's silver production jumped as forecast in the Third Quarter, 2008, totalling 625,924 oz silver, up 21% over Q2, 2008.
Gold production also rose in the 3rd Quarter, up 40% to 2,465 oz compared to Q2, 2008, resulting in silver equivalent production totalling 810,799 oz in Q3, 2008 (using a 75:1 silver:gold ratio).
In response to the recent sell-off of the spot silver price, Endeavour plans to slow its production growth in the Fourth Quarter, even though the 2008 capital programs of mine and plant upgrades have now been substantially completed at Endeavour's two operating silver mines in Mexico, the Guanacevi Mines in Durango State and the Guanajuato Mines in Guanajuato State.
Bradford Cooke, Chairman and CEO, stated, "Endeavour enjoyed another quarter of strong production growth at our two operating mines in Mexico thanks to the substantial completion of our 2008 capital upgrade programs and ongoing operational improvements under the guidance of David Howe, Endeavour's Vice President of Mexico Operations. Guanajuato Mines production in particular has outperformed our expectations so far this year and Guanacevi has also improved its performance."
"However, management has decided to slow our production growth in Q4, 2008 to be equal to or slightly greater than Q3, 2008, instead of the forecasted jump in quarterly production, because we are of the opinion that the spot silver price should rebound somewhat short term so there is no sense in pushing production growth at this time. This production growth slow-down in the 4th Quarter will likely result in Endeavour's silver production falling about 5% short of its 2.5 million oz production forecast for 2008. Endeavour should be in a good position, however, to capitalize on the next upward move in the silver price by once again accelerating its silver production growth at that time."
Mine output at Guanajuato ramped up from 100 tonnes per day in Q1, 2008 to 300 tpd in Q3, 2008 as planned, and it now exceeds 400 tonnes per day. Management now anticipates that the Guanajuato Mines will reach the 500 tpd plant capacity by year-end, well ahead of the original schedule. Silver production has more than tripled since the 1st quarter to 158,367 oz in Q3, 2008 and is forecast to continue rising in Q4, 2008 as the plant reaches its existing capacity. Click here for more info on Guanajuato.
Cash costs are now falling at Guanajuato due to the ramp-up of silver production. The high cash cost of $24.38 per oz silver reported for Q1, 2008 was the result of Endeavour maintaining a full work-force at the mine and plant to carry out non-capital rehabilitation work in addition to the Phase 2 mine and plant capital upgrade program while at the same time mine output was substantially reduced.
Cash costs in Q2, 2008 at Guanajuato dropped in half and further reductions in cash costs in Q3 and Q4, 2008 are anticipated due to higher silver production and better cost controls. Management is also currently evaluating sending the Guanajuato silver-gold concentrates to alternative smelters in order to reduce its smelting costs and enhance its silver-gold revenues.
Plant throughput at Guanacevi averaged around 700 tonnes per day in Q3, 2008 and is now forecast to ramp up to 800 tpd during the 4th Quarter, 2008. Silver production was up 12% to 467,557 oz at Guanacevi in Q3, 2008 and is forecast to rise again only marginally in the 4th Quarter due to the production growth slow-down. Both ore grades and silver/gold recoveries also showed improvements at Guanacevi in the 3rd
quarter.
Click here for more info on Guanacevi.
Endeavour brought its first new ore-body into production at Guanacevi in four years with the commencement of production from the Alex Breccia zone and the re-commissioning of the flotation circuit at the plant in Q3, 2008. Alex Breccia is a silver-lead-zinc ore-body hosted in the same Santa Cruz vein as the operating Porvenir Mine 2 km to the north.
The flotation circuit is currently producing a bulk concentrate (no payment for zinc, only lead and silver) but in Q4, a second flotation circuit will be re-commissioned to double flotation capacity up to 200 tonnes per day, producing two concentrates, lead-silver and zinc. As additional sources of sulphide ores are delineated for production (for example, Endeavour's recent discoveries in San Pedro area are of this type), the flotation circuit can be expanded as needed.
Endeavour Silver Corp. (TSX: EDR)(NYSE-A: EXK)(DBFrankfurt:EJD) is a small-cap 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 State and Guanajuato in Guanajuato state, coupled with the Company's acquisition and exploration programs in Mexico should enable Endeavour to join the ranks of top primary silver producers worldwide.
ENDEAVOUR SILVER CORP.
Bradford 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: edrsilver
SOURCE: Endeavour Silver Corp.
mailto:hugh@edrsilver.com
edrsilver
Copyright 2008 Market Wire, All rights reserved.
Wednesday, September 3, 2008
2Q Results for Sabina Silver
VANCOUVER, BRITISH COLUMBIA, Sep 03, 2008 (MARKET WIRE via COMTEX) -- Sabina Silver Corporation (the "Company") announced today the financial results for the period ended June 30, 2008. The Company ended the first half of 2008 with cash and security investment resources of $44,598,201.
"Although the first half of 2008 was a challenging one for Sabina," said Tony Walsh, President and CEO, "the Company is now poised to deliver on its commitments to create further shareholder wealth. A strategic plan has been created that both pushes the large Hackett River Project forward, while at the same time looking for opportunities to provide solid share performance and create further value during the interim."
Hackett River is the Company's flag ship project in Nunavut Canada. Not only is it one of the largest undeveloped silver projects around, but it is in one of the world's most appealing mining jurisdictions. As announced earlier this month, the Company has added some key team members; is focusing on preserving cash; has completed this year's required work to push Hackett River forward; and is evaluating other projects and companies for merger and acquisition opportunities.
"We believe all these things are adding value to the Company, and put us in a great position with a great message when we start our major marketing campaign this month," said Mr. Walsh, "I have no doubt that Sabina has the elements of an attractive investment and that we will be able to communicate that to the investment community."
Financial Results
For the three months ended June 30, 2008, the Company reported a net loss of $6,778 as compared to net earnings of $4,543,187 for the same period in 2007. The earnings in fiscal 2007 were a result of sales of securities during that period. The Company's earnings are primarily derived from the interest, sales and changes in fair value on investments held for trading and sale. Expenses in the period were nearly offset by earnings in the same period.
The Company had cash and security investment resources of $44,598,201 at June 30, 2008 as compared with $50,632,747 at December 31, 2007. All security investment resources are held in guaranteed investment certificates at Canadian banks and in marketable Canadian securities. The decrease in cash and investment resources is primarily due to exploration expenditures of $8,936,422 in the six month period which was partially offset by an increase in fair market value of marketable Canadian securities held for resale. The Company is fully financed to reach its feasibility and permitting objectives on the Hackett River Project.
Subsequent to the end of the quarter, Mr. John Wakeford and Ms. Elaine Bennett were appointed Senior Vice-President, Corporate Development and Vice-President, Finance & Chief Financial Officer respectively (see News release dated August 20, 2008 on the Company's website).
Mr. Wakeford has been granted 700,000 stock options exercisable at a price of $0.99 per share for a period of five years; Ms. Bennett has been granted 500,000 stock options exercisable at a price of $0.90 per share for a period of five years.
For the full June 30, 2008 financial statements and Management's Discussion and Analysis, please see the Company website at www.sabinasilver.com.
SABINA SILVER CORPORATION is a Canadian public mineral exploration and development company with assets at the Hackett River silver-zinc project in the Canadian Arctic, the Del Norte project in the Stewart-Eskay Creek Mining District and several projects in the Red Lake gold camp.
Forward Looking Statements
Statements relating to permitting, feasibility and exploration work at the Hackett River project and the expected results of this work are forward-looking statements within the meaning of securities legislation of certain Provinces in Canada. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in gold prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; uncertainties involved in the estimation of metal reserves and resources; the possibility that required permits may not be obtained on a timely manner or at all; the possibility that capital and operating costs may be higher than currently estimated and may preclude commercial development or render operations uneconomic; the possibility that the estimated recovery rates may not be achieved; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from Sabina's operations and other risks and uncertainties, including those described in Sabina's Annual Report for the year ended December 31, 2007.
Forward-looking statements are based on the beliefs, estimates and opinions of Sabina's management on the date the statements are made. Sabina undertakes no obligation to update these forward-looking statements should management's beliefs, estimates or opinions, or other factors, should change.
This news release has been authorized by the undersigned on behalf of Sabina Silver Corporation.
Tony Walsh, President and CEO
Contacts:
Sabina Silver Corporation
Nicole Hoeller
Director, IR
1-888-648-4218
Email: nhoeller@sabinasilver.com
Website: www.sabinasilver.com
SOURCE: Sabina Silver Corporation
mailto:nhoeller@sabinasilver.com
http://www.sabinasilver.com
"Although the first half of 2008 was a challenging one for Sabina," said Tony Walsh, President and CEO, "the Company is now poised to deliver on its commitments to create further shareholder wealth. A strategic plan has been created that both pushes the large Hackett River Project forward, while at the same time looking for opportunities to provide solid share performance and create further value during the interim."
Hackett River is the Company's flag ship project in Nunavut Canada. Not only is it one of the largest undeveloped silver projects around, but it is in one of the world's most appealing mining jurisdictions. As announced earlier this month, the Company has added some key team members; is focusing on preserving cash; has completed this year's required work to push Hackett River forward; and is evaluating other projects and companies for merger and acquisition opportunities.
"We believe all these things are adding value to the Company, and put us in a great position with a great message when we start our major marketing campaign this month," said Mr. Walsh, "I have no doubt that Sabina has the elements of an attractive investment and that we will be able to communicate that to the investment community."
Financial Results
For the three months ended June 30, 2008, the Company reported a net loss of $6,778 as compared to net earnings of $4,543,187 for the same period in 2007. The earnings in fiscal 2007 were a result of sales of securities during that period. The Company's earnings are primarily derived from the interest, sales and changes in fair value on investments held for trading and sale. Expenses in the period were nearly offset by earnings in the same period.
The Company had cash and security investment resources of $44,598,201 at June 30, 2008 as compared with $50,632,747 at December 31, 2007. All security investment resources are held in guaranteed investment certificates at Canadian banks and in marketable Canadian securities. The decrease in cash and investment resources is primarily due to exploration expenditures of $8,936,422 in the six month period which was partially offset by an increase in fair market value of marketable Canadian securities held for resale. The Company is fully financed to reach its feasibility and permitting objectives on the Hackett River Project.
Subsequent to the end of the quarter, Mr. John Wakeford and Ms. Elaine Bennett were appointed Senior Vice-President, Corporate Development and Vice-President, Finance & Chief Financial Officer respectively (see News release dated August 20, 2008 on the Company's website).
Mr. Wakeford has been granted 700,000 stock options exercisable at a price of $0.99 per share for a period of five years; Ms. Bennett has been granted 500,000 stock options exercisable at a price of $0.90 per share for a period of five years.
For the full June 30, 2008 financial statements and Management's Discussion and Analysis, please see the Company website at www.sabinasilver.com.
SABINA SILVER CORPORATION is a Canadian public mineral exploration and development company with assets at the Hackett River silver-zinc project in the Canadian Arctic, the Del Norte project in the Stewart-Eskay Creek Mining District and several projects in the Red Lake gold camp.
Forward Looking Statements
Statements relating to permitting, feasibility and exploration work at the Hackett River project and the expected results of this work are forward-looking statements within the meaning of securities legislation of certain Provinces in Canada. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in gold prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; uncertainties involved in the estimation of metal reserves and resources; the possibility that required permits may not be obtained on a timely manner or at all; the possibility that capital and operating costs may be higher than currently estimated and may preclude commercial development or render operations uneconomic; the possibility that the estimated recovery rates may not be achieved; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from Sabina's operations and other risks and uncertainties, including those described in Sabina's Annual Report for the year ended December 31, 2007.
Forward-looking statements are based on the beliefs, estimates and opinions of Sabina's management on the date the statements are made. Sabina undertakes no obligation to update these forward-looking statements should management's beliefs, estimates or opinions, or other factors, should change.
This news release has been authorized by the undersigned on behalf of Sabina Silver Corporation.
Tony Walsh, President and CEO
Contacts:
Sabina Silver Corporation
Nicole Hoeller
Director, IR
1-888-648-4218
Email: nhoeller@sabinasilver.com
Website: www.sabinasilver.com
SOURCE: Sabina Silver Corporation
mailto:nhoeller@sabinasilver.com
http://www.sabinasilver.com
Monday, July 14, 2008
Silver Falcon Mining Says Ready to begin Transporting
Per a deal with Earll Excavation and Bill Earll, Silver Falcon Mining (SFMI.PK)announced they're ready to go forward with the first phase of their business plan.
Pierre Quilliam, President of Silver Falcon Mining, Inc., said, "Now that the roads are open all the way to our mines, we can proceed with the first phase of our business plan. We are very excited to join with Earll Excavation, Inc., an experienced hauler, which gives us insurance of continuous production in our Melba mill for the next 24 months."
Earll Excavation is well respected in the industry, and has successfully loaded and transported tailings for a number of companies.
The agreement calls for loading and transporting tailings from the "Belle Peck" adit to SFMI's mill in Melba, Idaho. There it will be stockpiled by Earll.
Thursday, May 1, 2008
Augusta Resource Corp. Sells 45 Percent of Silver in "Rosemont Mine" to Silver Wheaton
In order to fund the development of Rosemount mine, which is close to Tucson, Arizona, Augusta Resource Corp. sold 45 percent of the silver production of the mine to Silver Wheaton. In exchange, Silver Wheaton paid them $165 million in a one-time payment.
The deal is conditioned upon Augusta securing all needed permits and gaining additional development financing.
Over the anticipated 18-year life of the mine, it is expected to generate 220 million pounds of copper, 4.5 million pounds of molybdenum, 2.7 million ounces of silver and 15,000 ounces of gold on a yearly basis.
Augusta Resource Corp. looks to begin production of gold, silver, copper and molybdenum by 2011.
An agreement is expected to be finalized by July 1.
The deal is conditioned upon Augusta securing all needed permits and gaining additional development financing.
Over the anticipated 18-year life of the mine, it is expected to generate 220 million pounds of copper, 4.5 million pounds of molybdenum, 2.7 million ounces of silver and 15,000 ounces of gold on a yearly basis.
Augusta Resource Corp. looks to begin production of gold, silver, copper and molybdenum by 2011.
An agreement is expected to be finalized by July 1.
Friday, April 25, 2008
HiHo Silver Resources Expanding Exploration at Silvertip Project
Hi Ho Silver Resources Inc. announced it will be expanding its exploration at the Silver Tip Project in the southeastern portion of British Columbia.
Fred Fisher, President of Hi Ho Silver Resources Inc. says, “Historically the property is under explored, and utilizing modern systematic exploration techniques to confirm and prove mineralized showings, we will be in a position to advance the Property towards defining a mineable resource.”
Included in the 2008 expanded exploration will be "soil and rock sampling, geological mapping, trenching, opening up old workings, access road/trail construction, metallurgical work, prospecting, shallow drilling with portable drills and bulk sampling," said the press release.
While there are currently eight high-grade mineral showings, six of them are past production; the reason for expanding the exploration of the Property.
Fred Fisher, President of Hi Ho Silver Resources Inc. says, “Historically the property is under explored, and utilizing modern systematic exploration techniques to confirm and prove mineralized showings, we will be in a position to advance the Property towards defining a mineable resource.”
Included in the 2008 expanded exploration will be "soil and rock sampling, geological mapping, trenching, opening up old workings, access road/trail construction, metallurgical work, prospecting, shallow drilling with portable drills and bulk sampling," said the press release.
While there are currently eight high-grade mineral showings, six of them are past production; the reason for expanding the exploration of the Property.
Subscribe to:
Posts (Atom)