Endeavour Silver (AMEX:EXK) reported silver production was up for the sixth year in a row, with silver production for the latest quarter rising 15 percent and gold production 6 percent.
Total silver ounces mined by Endeavor for their latest quarter was 895,931 ounce, while gold production reached 4,871 ounces for the fourth quarter.
The latest figure is a record quarterly production result for silver by Endeavor.
For the year, silver production increased to 3.3 million ounces, a 26 percent gain over 2009.
Gold production on the year totaled 17,713 ounces, an uptick of 33 percent.
Endeavor said the record production total was from the expansion at their Guanacevi and Guanajuato mines in Mexico.
It appears the production projection for 2011 will be lowered when the company communicates it in the middle of January.
Endeavour closed Friday at $6.54, up $0.07, or 1.08 percent.
Showing posts with label Silver Production. Show all posts
Showing posts with label Silver Production. Show all posts
Monday, January 10, 2011
Monday, November 8, 2010
Will Potential Gold Bubble End up Being a Silver Rally?
While I don't think a gold bubble is coming any time soon, as there are too many elements involved to support the ongoing increase in the price of gold unrelated to the herd mentality, which will as some time kick in, but probably not for a few years, if not more, depending on the economy and actions of central banks around the world.
What that means for silver investing is the incredible heights gold will probably reach will start to weigh on a large number of investors who simply can't afford to invest in it any longer, or at least perceive they can't.
That inevitably leads to a run on silver from an investment perspective, and should drive the price of silver up to astronomical levels, although that will take time.
Of course silver is driven by industrial use as well, which will also continue to drive up the price of silver because existing mines won't be able to keep up with supply.
Add these two scenarios together and you see a perfect storm for silver prices to rise, and silver has been already making the beginning of a number of major moves reinforcing its coming surge.
What that means for silver investing is the incredible heights gold will probably reach will start to weigh on a large number of investors who simply can't afford to invest in it any longer, or at least perceive they can't.
That inevitably leads to a run on silver from an investment perspective, and should drive the price of silver up to astronomical levels, although that will take time.
Of course silver is driven by industrial use as well, which will also continue to drive up the price of silver because existing mines won't be able to keep up with supply.
Add these two scenarios together and you see a perfect storm for silver prices to rise, and silver has been already making the beginning of a number of major moves reinforcing its coming surge.
Coeur D'Alene (NYSE:CDE), Other Miners, Considered Potential Takeover Targets
With the failure of giant mining companies to secure mergers and acquisitions recently, it seems miners like Coeur d'Alene Mines Corporation (NYSE:CDE) are considered as major acquisition targets in an industry that wants to grow through acquisition, as organic growth is getting more difficult because of limited resources.
RBC has taken aim at Coeur d'Alene Mines, upgrading them from "Underperform" to "Sector Perform," and we should see a number of these types of upgrades happening with the smaller miners who will help with expansion, but not at the cost of tightening and more expensive credit.
Coeur d'Alene Mines, based in Idaho, mines primarily for gold and silver, but also has secondary metal production such as zinc and lead.
The miner closed Friday at $23.48, increasing by $1.26, or 5.67 percent. RBC raised their price target on them from $22 to $27.
RBC has taken aim at Coeur d'Alene Mines, upgrading them from "Underperform" to "Sector Perform," and we should see a number of these types of upgrades happening with the smaller miners who will help with expansion, but not at the cost of tightening and more expensive credit.
Coeur d'Alene Mines, based in Idaho, mines primarily for gold and silver, but also has secondary metal production such as zinc and lead.
The miner closed Friday at $23.48, increasing by $1.26, or 5.67 percent. RBC raised their price target on them from $22 to $27.
Saturday, May 15, 2010
Coeur d'Alene Mines (NYSE:CDE) Metals Production Soars
Coeur d'Alene Mines (NYSE:CDE) announced last week that metal sales for the company has skyrocketed by 94 percent last quarter, generating an increase in operating cash flow of 308 percent as a result.
The Palmarejo mine in the Chihuahua State of Mexico led the company's increase in gold production for the quarter, gaining from 3,791 ounces in 2009 in the same quarter, to 25,792 ounces in the first quarter in 2010. Palmarejo generated 22,577 ounces of that.
In its first year full year of operation, Palmarejo is expected to produce about 109,000 ounces of gold.
Silver production was down slightly in the first quarter, dropping from 3,533,233 ounces in 2009 to 3,432,157 ounces this year.
Coeur d'Alene had a net loss of $8.02 million or a loss of ten cents a share. Last year in the same quarter the company had earnings of $6.06 million or 10 cents a share.
The losses included the retirement of $7.9 million in debt, and fair value adjustments of $4.3 million, among other things.
Coeur d'Alene CEO Dennis Wheeler said in a news release that the company is positioned to generate record metal sales and cash flows for its shareholders, based on production starting in July at Kensington, one of three "new, large long-life mines."
The Palmarejo mine in the Chihuahua State of Mexico led the company's increase in gold production for the quarter, gaining from 3,791 ounces in 2009 in the same quarter, to 25,792 ounces in the first quarter in 2010. Palmarejo generated 22,577 ounces of that.
In its first year full year of operation, Palmarejo is expected to produce about 109,000 ounces of gold.
Silver production was down slightly in the first quarter, dropping from 3,533,233 ounces in 2009 to 3,432,157 ounces this year.
Coeur d'Alene had a net loss of $8.02 million or a loss of ten cents a share. Last year in the same quarter the company had earnings of $6.06 million or 10 cents a share.
The losses included the retirement of $7.9 million in debt, and fair value adjustments of $4.3 million, among other things.
Coeur d'Alene CEO Dennis Wheeler said in a news release that the company is positioned to generate record metal sales and cash flows for its shareholders, based on production starting in July at Kensington, one of three "new, large long-life mines."
Monday, April 19, 2010
Pan American Silver (TSE:PAA) Production Update
Pan American Silver (TSE:PAA) released an update of its silver and gold production for the latest quarter,
Gold production increased to 27,896 ounces, a nice 34 percent rise over the same quarter last year.
Silver production surged to 5.5 million ounces, an increase of 13 percent over the same quarter in 2009.
So far for the year, silver production is about 3 percent behind estimates for 2010 for the first quarter, while gold production is up by close to 8,000 ounces.
Gold production was driven largely from the better than expected results from the Manantial Espejo mine in Argentina. Lower cash costs were also related to better prices of gold than projected.
For silver, production is expected to pick up and estimates of 23.4 million ounces should be achieved for the year, said the company.
Gold production increased to 27,896 ounces, a nice 34 percent rise over the same quarter last year.
Silver production surged to 5.5 million ounces, an increase of 13 percent over the same quarter in 2009.
So far for the year, silver production is about 3 percent behind estimates for 2010 for the first quarter, while gold production is up by close to 8,000 ounces.
Gold production was driven largely from the better than expected results from the Manantial Espejo mine in Argentina. Lower cash costs were also related to better prices of gold than projected.
For silver, production is expected to pick up and estimates of 23.4 million ounces should be achieved for the year, said the company.
Saturday, April 3, 2010
Silver Manipulated to Protect Dollar?
Silver Short Squeeze Could Be Imminent
PR Newswire
FORT LEE, N.J., April 3
FORT LEE, N.J., April 3 /PRNewswire/ — The National Inflation Association today issued a silver update to its http://inflation.us members:
On December 11th, 2009 NIA declared silver the best investment for the next decade. In our December 11th article, we said that it wasn't a coincidence that the very day Bear Stearns failed was the same day silver reached its multi-decade high of over $21 per ounce. We went on to say, "The reason why we believe the Federal Reserve was so eager to orchestrate a bailout of Bear Stearns, is because Bear Stearns was on the verge of being forced to cover their silver short position."
JP Morgan took over the concentrated short position in silver from Bear Stearns and gained complete control over the paper price of silver. Within weeks, JP Morgan was able to manipulate the price of silver down to below $9 per ounce. NIA believes they were able to drive the price of silver down through "naked short selling," selling paper silver that is unbacked by physical silver.
On February 5th, we witnessed another sharp decline in silver prices, which NIA described on February 7th as being "just a temporary wash out, before a huge surge in silver prices later in 2010." Since then, silver prices have rebounded by 18%. The temporary wash out that occurred on February 5th was predicted by independent metals trader Andrew Maguire, who came out this week exposing the fraud that is taking place in the paper silver market.
On February 3rd, Andrew Maguire wrote Eliud Ramirez, a senior investigator for the CFTC's Enforcement Division, giving him the "heads up" for a "manipulative event" signaled for February 5th. He warned the CFTC that JP Morgan was about to manipulate down the price of silver after the release of non-farm payroll data on February 5th. Andrew said that the takedown would happen regardless of if employment was better or worse than expected and the price of silver would be flushed to below $15 per ounce. During the next couple of days, silver was crushed from $16.17 per ounce down to a low of $14.62 per ounce.
Despite all of the evidence given by Andrew Maguire to the CFTC of gold and silver manipulation, Andrew wasn't allowed to speak at last week's CFTC hearing on limiting gold and silver positions held by banks like JP Morgan. Bill Murphy of the Gold Anti-Trust Action Committee (GATA) was allowed to speak (within a five-minute time constraint) and present some of Andrew Maguire's evidence, but right when his presentation began there was a technical failure of the live television broadcast, which was mysteriously fixed as soon as he was done speaking. Bill Murphy was scheduled for several mainstream media television interviews after the CFTC hearings, but they were all abruptly cancelled at once.
A couple of days after the CFTC meeting, Andrew Maguire and his wife were involved in a bizarre hit-and-run car accident in London where a second car coming out of a side street struck their vehicle, which resulted in a police chase using helicopters and patrol cars before the suspect was nabbed. Andrew and his wife were released from the hospital with minor injuries. (NIA does not believe in conspiracy theories but when you consider that this is a potential multi-trillion dollar fraud that could bring down the world's financial system, it really makes you think.)
The silver market provides a window into what is happening in the gold market. Because the silver market is very small and its short position is so concentrated, its price is easier to manipulate than gold, but the same manipulation is taking place in gold on a much larger but less noticeable scale. In our opinion, the CFTC is under pressure not to do anything about the manipulation because the lower gold and silver prices are, the stronger the U.S. dollar appears to be. If we saw an explosion to the upside in gold and silver prices, it would result in a complete loss of confidence in the U.S. dollar.
NIA believes the precious metals markets are currently being artificially suppressed by paper gold and silver that doesn't physically exist. At last week's CFTC hearings, Jeffrey Christian of the CPM Group admitted that banks have leveraged their physical bullion by 100 to 1. This means for every 100 ounces of paper gold/silver that trade, there could be as little as 1 ounce of physical gold/silver in the vaults backing it. However, Mr. Christian sees no problem with this because he says "it has been persistently that way for decades" and there are "any number of mechanisms allowing for cash settlements."
What Mr. Christian fails to realize is, most investors around the world holding paper gold/silver believe they own physical gold/silver. There will come a time when these investors don't want cash settlements in U.S. dollars, but they will want the physical precious metals themselves. When investors around the globe eventually call for physical delivery of their precious metals, NIA believes it will result in the biggest short squeeze in the history of all commodities.
The physical silver market is now more tight than ever before. In the first quarter of 2010, the U.S. mint sold 9,023,500 American Silver Eagles, the most since the coin debuted in 1986 and up from 8,299,000 sold in the fourth quarter of 2009. All U.S. silver mines combined are currently producing only 40 million ounces of silver annually. This means the U.S. needs to use almost all of its silver production just to keep up with the demand for American Silver Eagle coins.
Silver closed this week at a 10-week high of $17.89 per ounce and a major short squeeze to the upside could be imminent. With the spotlight now on JP Morgan, NIA believes they will be less likely to naked short silver at these levels and manipulate the price down like in February. With the mainstream media blackout, it is important for NIA members to work harder than ever to spread the word and help expose what could be the largest fraud in the history of the world.
To receive NIA's latest updates about inflation and the economy, sign-up for the free NIA newsletter at: http://inflation.us
About us:
The National Inflation Association is an organization that is dedicated to preparing Americans for hyperinflation. The NIA offers free membership at http://www.inflation.us and provides its members with articles about the economy and inflation, news stories, important charts not shown by the mainstream media; YouTube videos featuring Jim Rogers, Marc Faber, Ron Paul, Peter Schiff, and others; and profiles of gold, silver, and agriculture companies that we believe could prosper in an inflationary environment.
Contact: Gerard Adams, 1-888-99-NIA US (1888-996-4287), editor@inflation.us
SOURCE National Inflation Association
Contact
Gerard Adams, +1-888-99-NIA US (+1-888-996-4287), editor@inflation.us
PR Newswire
FORT LEE, N.J., April 3
FORT LEE, N.J., April 3 /PRNewswire/ — The National Inflation Association today issued a silver update to its http://inflation.us members:
On December 11th, 2009 NIA declared silver the best investment for the next decade. In our December 11th article, we said that it wasn't a coincidence that the very day Bear Stearns failed was the same day silver reached its multi-decade high of over $21 per ounce. We went on to say, "The reason why we believe the Federal Reserve was so eager to orchestrate a bailout of Bear Stearns, is because Bear Stearns was on the verge of being forced to cover their silver short position."
JP Morgan took over the concentrated short position in silver from Bear Stearns and gained complete control over the paper price of silver. Within weeks, JP Morgan was able to manipulate the price of silver down to below $9 per ounce. NIA believes they were able to drive the price of silver down through "naked short selling," selling paper silver that is unbacked by physical silver.
On February 5th, we witnessed another sharp decline in silver prices, which NIA described on February 7th as being "just a temporary wash out, before a huge surge in silver prices later in 2010." Since then, silver prices have rebounded by 18%. The temporary wash out that occurred on February 5th was predicted by independent metals trader Andrew Maguire, who came out this week exposing the fraud that is taking place in the paper silver market.
On February 3rd, Andrew Maguire wrote Eliud Ramirez, a senior investigator for the CFTC's Enforcement Division, giving him the "heads up" for a "manipulative event" signaled for February 5th. He warned the CFTC that JP Morgan was about to manipulate down the price of silver after the release of non-farm payroll data on February 5th. Andrew said that the takedown would happen regardless of if employment was better or worse than expected and the price of silver would be flushed to below $15 per ounce. During the next couple of days, silver was crushed from $16.17 per ounce down to a low of $14.62 per ounce.
Despite all of the evidence given by Andrew Maguire to the CFTC of gold and silver manipulation, Andrew wasn't allowed to speak at last week's CFTC hearing on limiting gold and silver positions held by banks like JP Morgan. Bill Murphy of the Gold Anti-Trust Action Committee (GATA) was allowed to speak (within a five-minute time constraint) and present some of Andrew Maguire's evidence, but right when his presentation began there was a technical failure of the live television broadcast, which was mysteriously fixed as soon as he was done speaking. Bill Murphy was scheduled for several mainstream media television interviews after the CFTC hearings, but they were all abruptly cancelled at once.
A couple of days after the CFTC meeting, Andrew Maguire and his wife were involved in a bizarre hit-and-run car accident in London where a second car coming out of a side street struck their vehicle, which resulted in a police chase using helicopters and patrol cars before the suspect was nabbed. Andrew and his wife were released from the hospital with minor injuries. (NIA does not believe in conspiracy theories but when you consider that this is a potential multi-trillion dollar fraud that could bring down the world's financial system, it really makes you think.)
The silver market provides a window into what is happening in the gold market. Because the silver market is very small and its short position is so concentrated, its price is easier to manipulate than gold, but the same manipulation is taking place in gold on a much larger but less noticeable scale. In our opinion, the CFTC is under pressure not to do anything about the manipulation because the lower gold and silver prices are, the stronger the U.S. dollar appears to be. If we saw an explosion to the upside in gold and silver prices, it would result in a complete loss of confidence in the U.S. dollar.
NIA believes the precious metals markets are currently being artificially suppressed by paper gold and silver that doesn't physically exist. At last week's CFTC hearings, Jeffrey Christian of the CPM Group admitted that banks have leveraged their physical bullion by 100 to 1. This means for every 100 ounces of paper gold/silver that trade, there could be as little as 1 ounce of physical gold/silver in the vaults backing it. However, Mr. Christian sees no problem with this because he says "it has been persistently that way for decades" and there are "any number of mechanisms allowing for cash settlements."
What Mr. Christian fails to realize is, most investors around the world holding paper gold/silver believe they own physical gold/silver. There will come a time when these investors don't want cash settlements in U.S. dollars, but they will want the physical precious metals themselves. When investors around the globe eventually call for physical delivery of their precious metals, NIA believes it will result in the biggest short squeeze in the history of all commodities.
The physical silver market is now more tight than ever before. In the first quarter of 2010, the U.S. mint sold 9,023,500 American Silver Eagles, the most since the coin debuted in 1986 and up from 8,299,000 sold in the fourth quarter of 2009. All U.S. silver mines combined are currently producing only 40 million ounces of silver annually. This means the U.S. needs to use almost all of its silver production just to keep up with the demand for American Silver Eagle coins.
Silver closed this week at a 10-week high of $17.89 per ounce and a major short squeeze to the upside could be imminent. With the spotlight now on JP Morgan, NIA believes they will be less likely to naked short silver at these levels and manipulate the price down like in February. With the mainstream media blackout, it is important for NIA members to work harder than ever to spread the word and help expose what could be the largest fraud in the history of the world.
To receive NIA's latest updates about inflation and the economy, sign-up for the free NIA newsletter at: http://inflation.us
About us:
The National Inflation Association is an organization that is dedicated to preparing Americans for hyperinflation. The NIA offers free membership at http://www.inflation.us and provides its members with articles about the economy and inflation, news stories, important charts not shown by the mainstream media; YouTube videos featuring Jim Rogers, Marc Faber, Ron Paul, Peter Schiff, and others; and profiles of gold, silver, and agriculture companies that we believe could prosper in an inflationary environment.
Contact: Gerard Adams, 1-888-99-NIA US (1888-996-4287), editor@inflation.us
SOURCE National Inflation Association
Contact
Gerard Adams, +1-888-99-NIA US (+1-888-996-4287), editor@inflation.us
Tuesday, March 30, 2010
Minefinders (TSE:MFL) Has Upside Potential
Minefinders Future Prospects
Minefinders (TSE:MFL) has been experience increased scrutiny after turning their first quarterly profit, based on extracting gold and silver from the Dolores mine in Mexico.
One positive looking ahead for the company is it's trading near the level before the turned profitable and constructed a road to the Dolores mining project.
Some wonder why it isn't increasing in share price because they are now profitable and seemingly have worked through the challenges of the start-up. The answer could be investors simply haven't heard that much about them, or aren't quiet sure they are ready for the big time.
I think if their next quarter is also profitable, they will get a long look from potential investors.
The company is also free now to pursue higher grades of gold and silver, which should generate better revenue and profits.
There is the thought of building a mill to increase production of higher-grade silver, which could be another positive step toward long-term profitability, although it could cut into profits over the short haul.
The mine has an estimated life of 15 years, and the addition of a mill could extend or shorten it, depending on whether there are more resources added because of the mill, or it could shorten it because of improved and quicker processing.
Dolores is located close to Chihuahua, Mexico.
Minefinders (TSE:MFL) has been experience increased scrutiny after turning their first quarterly profit, based on extracting gold and silver from the Dolores mine in Mexico.
One positive looking ahead for the company is it's trading near the level before the turned profitable and constructed a road to the Dolores mining project.
Some wonder why it isn't increasing in share price because they are now profitable and seemingly have worked through the challenges of the start-up. The answer could be investors simply haven't heard that much about them, or aren't quiet sure they are ready for the big time.
I think if their next quarter is also profitable, they will get a long look from potential investors.
The company is also free now to pursue higher grades of gold and silver, which should generate better revenue and profits.
There is the thought of building a mill to increase production of higher-grade silver, which could be another positive step toward long-term profitability, although it could cut into profits over the short haul.
The mine has an estimated life of 15 years, and the addition of a mill could extend or shorten it, depending on whether there are more resources added because of the mill, or it could shorten it because of improved and quicker processing.
Dolores is located close to Chihuahua, Mexico.
Saturday, March 6, 2010
Silver - Idaho's New Currency?
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
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
Thursday, October 1, 2009
Silver | Precious Metal Driving Prices
Silver Prices going up
With silver being valuable as a precious metal and industrial metal, it is important to know what is driving prices at any one time and invest accordingly.
Now that inflation fears are as high as ever, the precious metal side of the equation has been driving silver prices up, and that shouldn't abate any time soon.
This of course doesn't mean supply and demand of silver for industrial uses won't be an ongoing factor in silver prices, just that it's not the primary driver at this time, but will continue to be over the long term.
Silver Prices going up
With silver being valuable as a precious metal and industrial metal, it is important to know what is driving prices at any one time and invest accordingly.
Now that inflation fears are as high as ever, the precious metal side of the equation has been driving silver prices up, and that shouldn't abate any time soon.
This of course doesn't mean supply and demand of silver for industrial uses won't be an ongoing factor in silver prices, just that it's not the primary driver at this time, but will continue to be over the long term.
Silver Prices going up
Tuesday, July 28, 2009
Silver Market Outperforming Gold
Silver Prices Going Up
So far this year silver has outperformed gold, and that could continue on for some times, as silver is not only used as a hedge against inflation, but trades much more on supply and demand than its stronger cousin gold, which will keep silver prices going up.
With commodities certain to perform strongly in the years ahead, and silver possibly one of the potentially strongest performers among commodity metals, it future looks bright for investors in this area.
Those that understand commodities are starting to respond stronger in preparation for that, and one of those is the European-based ETF Securities, which has just created a new ETF focusing on silver.
"It's the first step in building a platform for commodities," said Graham Tuckwell, founder and chairman of ETF Securities.
This particular ETF will buy silver, and those investing in it will be buying into physical silver stored in a vault and stamped with a serial number.
Silver prices should continue to go up as demand outpaces supply, and new demand causes permanent usage of the metal which is unrecoverable.
Silver Prices Going Up
So far this year silver has outperformed gold, and that could continue on for some times, as silver is not only used as a hedge against inflation, but trades much more on supply and demand than its stronger cousin gold, which will keep silver prices going up.
With commodities certain to perform strongly in the years ahead, and silver possibly one of the potentially strongest performers among commodity metals, it future looks bright for investors in this area.
Those that understand commodities are starting to respond stronger in preparation for that, and one of those is the European-based ETF Securities, which has just created a new ETF focusing on silver.
"It's the first step in building a platform for commodities," said Graham Tuckwell, founder and chairman of ETF Securities.
This particular ETF will buy silver, and those investing in it will be buying into physical silver stored in a vault and stamped with a serial number.
Silver prices should continue to go up as demand outpaces supply, and new demand causes permanent usage of the metal which is unrecoverable.
Silver Prices Going Up
Sunday, 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
Thursday, January 15, 2009
Endeavour Silver Achieves Fourth Consecutive Year of Record Silver Production in 2008, Targets Substantial Growth in 2009
VANCOUVER, BRITISH COLUMBIA - Endeavour Silver Corp. (TSX: EDR)(NYSE Alternext US: EXK)(DBFrankfurt: EJD) announces that the Company achieved its fourth consecutive year of record silver production in 2008, totaling 2.34 million ounces silver, up 9% over 2007.
Silver production in Q4, 2008 from the Company's two operating silver mines in Mexico, Guanacevi and Guanajuato, was a record 691,347 oz silver, up 10% over the Third Quarter, 2008 and up 8% over Q4, 2007. The new all-time high silver production can largely be attributed to the successful rehabilitation and re-commissioning of the Guanajuato Mines project, which was acquired in May 2007 but only re-commenced commercial production in June, 2008 after completion of major mine rehabilitation and safety upgrade programs.
To view the Guanajuato Mines Project, please click here: .
In addition, gold production rose sharply in 2008 to 8,187 oz gold, up 27% compared to 2007. The increased gold production can also be attributed to re-commissioning of the Guanajuato Mines project as it has significantly higher gold grades compared to Guanacevi. Expressed as silver equivalents based on a silver: gold ratio of 75: 1, Endeavour's combined silver and gold production amounted to 881,397 oz silver equivalents in Q4, 2008 and 2.95 million oz silver equivalents in 2008, up 19% over 2007.
To view the Guanacevi Mines Project, please click here: http://www.edrsilver.com/s/Guanacevi.asp.
Endeavour plans to release an overview of its 2008 exploration activities by the end of January, 2009 and a more detailed review of its 2008 mining operations and 2009 production forecast in February, 2009. The 2008 year-end financial results and 2009 financial outlook will be released in late March, 2009.
Bradford Cooke, Chairman and CEO, commented, "We are pleased to announce that Endeavour beat its revised production forecast of 2.3 million oz silver for 2008, notwithstanding our decision in September to slow production growth so long as the silver price remains depressed. Management is of the belief that the silver price will rebound in 2009 so we plan to use this time of lower silver prices to accelerate the development of new ore-bodies that will facilitate our next phase of production growth."
"Once the silver price bounces back, and our accelerated mine development projects are well underway, we plan to resume our aggressive production growth so as to achieve our 5th consecutive year of record silver production. Endeavour's two operating silver mines should be able to more than double their silver production over the next two and a half years in order to fill the two process plants to their operating capacities. Management will also continue to seek opportunities for growth by acquisitions in 2009."
Endeavour Silver Corp. (TSX: EDR)(NYSE Alternext US: 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, should propel Endeavour into the ranks of mid-tier primary silver producers.
ENDEAVOUR SILVER CORP.
Bradford Cooke, Chairman and CEO
CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS
Certain statements contained herein 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, as discussed in the Company's filings with Canadian and United States securities agencies. The Company expressly disclaims any obligation to update any forward-looking statements other than as required by applicable law. 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
© MarketWire 2009
Silver production in Q4, 2008 from the Company's two operating silver mines in Mexico, Guanacevi and Guanajuato, was a record 691,347 oz silver, up 10% over the Third Quarter, 2008 and up 8% over Q4, 2007. The new all-time high silver production can largely be attributed to the successful rehabilitation and re-commissioning of the Guanajuato Mines project, which was acquired in May 2007 but only re-commenced commercial production in June, 2008 after completion of major mine rehabilitation and safety upgrade programs.
To view the Guanajuato Mines Project, please click here: .
In addition, gold production rose sharply in 2008 to 8,187 oz gold, up 27% compared to 2007. The increased gold production can also be attributed to re-commissioning of the Guanajuato Mines project as it has significantly higher gold grades compared to Guanacevi. Expressed as silver equivalents based on a silver: gold ratio of 75: 1, Endeavour's combined silver and gold production amounted to 881,397 oz silver equivalents in Q4, 2008 and 2.95 million oz silver equivalents in 2008, up 19% over 2007.
To view the Guanacevi Mines Project, please click here: http://www.edrsilver.com/s/Guanacevi.asp.
Endeavour plans to release an overview of its 2008 exploration activities by the end of January, 2009 and a more detailed review of its 2008 mining operations and 2009 production forecast in February, 2009. The 2008 year-end financial results and 2009 financial outlook will be released in late March, 2009.
Bradford Cooke, Chairman and CEO, commented, "We are pleased to announce that Endeavour beat its revised production forecast of 2.3 million oz silver for 2008, notwithstanding our decision in September to slow production growth so long as the silver price remains depressed. Management is of the belief that the silver price will rebound in 2009 so we plan to use this time of lower silver prices to accelerate the development of new ore-bodies that will facilitate our next phase of production growth."
"Once the silver price bounces back, and our accelerated mine development projects are well underway, we plan to resume our aggressive production growth so as to achieve our 5th consecutive year of record silver production. Endeavour's two operating silver mines should be able to more than double their silver production over the next two and a half years in order to fill the two process plants to their operating capacities. Management will also continue to seek opportunities for growth by acquisitions in 2009."
Endeavour Silver Corp. (TSX: EDR)(NYSE Alternext US: 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, should propel Endeavour into the ranks of mid-tier primary silver producers.
ENDEAVOUR SILVER CORP.
Bradford Cooke, Chairman and CEO
CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS
Certain statements contained herein 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, as discussed in the Company's filings with Canadian and United States securities agencies. The Company expressly disclaims any obligation to update any forward-looking statements other than as required by applicable law. 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
© MarketWire 2009
Wednesday, January 14, 2009
First Majestic Silver Corp.: Production Increases 27% in 4th Quarter
First Majestic Silver Corp. (TSX: FR)(PINK SHEETS: FRMSF)(FRANKFURT: FMV)(WKN: A0LHKJ) ("First Majestic" or the "Company") is pleased to announce that production in the fourth quarter ending December 31, 2008 increased to 1,070,903 equivalent ounces of silver representing a 27% increase over the prior quarter production and an increase of 6% over the same quarter in the prior year.
The equivalent silver production for the quarter consisted of 930,120 ounces of silver, an increase of 29% over the previous quarter and 2,093,987 pounds of lead which represents a 38% increase over the previous quarter. The large increase in lead production was a result of improvements in recoveries of lead and tonnage at the flotation circuit at the La Encantada Silver Mine. Production of gold in the quarter amounted to 403 ounces representing a 25% decrease compared to the prior quarter.
During the quarter, the combined recoveries of silver at the three different mills showed a slight decrease from 67% to 65%. The overall average silver head grade in the quarter improved for the three mines increasing by 6% over the previous quarter to an overall head grade of 207 g/t silver.
The ore processed during the quarter at the Company's three operating silver mines; the La Parrilla Silver Mine, the San Martin Silver Mine and the La Encantada Silver Mine, amounted to 215,646 tonnes representing an increase of 27% over the previous quarter.
Despite the reduction of underground development throughout the Company's three operating silver mines, a total of 5,847 metres of development was completed in the quarter representing a reduction of 34% over the previous quarter. The total development for the year 2008, totalled 27,890 metres. This compares to 20,279 metres of underground developed in the previous calendar year representing an increase of 38%. This development program in 2008 was very important in giving access to new areas within the different mines in order to continue the growth of silver production in the future, and to upgrade current ore resources to reserves.
Reserve and Resource development was a high priority for the Company in 2008. In the quarter, two new NI 43-101 Reports were released. Current global resources now stand at 260,351,425 equivalent ounces of silver. As previously reported, two additional NI 43-101 Reports will soon be released to further increase this number. During most of the year, over 20 drill rigs were operating. During the fourth quarter, a decision was made to reduce the diamond drill program to four drill rigs, which currently remain in operation. A total of 4,193 metres of diamond drilling was completed during the quarter compared to 26,666 in the previous quarter. During the year ending December 31, 2008, a total of 61,440 metres of diamond drilling was completed which compares to 37,176 metres drilled in 2007 representing an increase of 65%.
Keith Neumeyer, President & CEO, stated, "We've witnessed another significant year of growth in production and Resources as a result of our continued focus on mine and mill improvements throughout the past couple of years. Production increased by 18% year over year and Resources have increased by an impressive 55%. These improvements will translate into higher production for 2009 and with the new La Encantada mill coming online later this year, production will get another significant boost. First Majestic is still a young company that is not without challenges as can be expected as a result of our significant growth to date. I'm continually encouraged by our team of professionals who collectively have over 500 years of mining and management experience and who are all extremely committed to building a leader in the silver sector."
As a result of the work completed in 2008, some of the improvements and advances made during the year include:
At the La Parrilla Silver Mine:
- A new CCD thickener and two new leaching tanks to increase capacity and two new filter presses in the filtration area were added which have positively impacted recoveries.
- Expansion of mill capacity from 800 tpd to 850 tpd which was achieved in November 2008.
At the La Encantada Silver Mine:
- The increase in NI 43-101 complaint Reserves and Resources from 66 to 89 million ounces of silver equivalent representing a 34% increase on a year over year basis which included Reserves of 35.5 million ounces of silver equivalent representing an increase of 182% year over year.
- All related permitting for the new 3,500 tpd Cyanidation plant was obtained during the first half of 2008 and construction of the new plant began in July. Planned completion remains the second quarter of 2009.
- Several improvements were made within the current flotation mill which has resulted in overall capacity reaching 1000 tpd in November 2008.
At the San Martin Silver Mine:
- Expansion of the mill began at San Martin in July 2008 and was completed in December resulting in an increase in capacity within the cyanidation circuit to 950 tpd. This throughput has now been reached and is fully operational.
At the Del Toro Silver Mine:
- One of the most impressive and over-looked events of 2008 was marked by the discovery of the third ore body at Del Toro. This large and open, highly mineralized structure is still in the early stages of being defined. The first NI 43-101 compliant Reserves and Resources estimate was published in the fourth quarter far exceeding management's expectations. A total of 57 million ounces of silver equivalent were defined paving the way toward feasibility study and permitting which is planned to be completed by the second quarter of 2009.
Total production during 2008 reached 4,244,756 ounces of silver equivalent representing an increase of 18% compared to the previous year's 3,584,265 ounces silver equivalent. Even though management is pleased with the substantial increase in silver production compared to 2007, production for the year was lower than originally estimated. The heavy rainy season which affected the third quarter had a negative impact on the tonnage feed through the mills at each operation. Also, at the San Martin, maintaining optimal head grade continued to be the primary challenge which required management to try different alternatives to give the development program time to prepare and access new areas within the mine. Given the expansions that were completed in 2008 and the new construction underway at the La Encantada, management is estimating production to be 6,000,000 ounces of silver for 2009.
First Majestic is a producing silver company focused in Mexico and is aggressively pursuing its business plan to become a senior silver producer through the development of its existing assets and the pursuit through acquisition of additional assets that contribute to achieving its significant corporate growth objectives.
FIRST MAJESTIC SILVER CORP.
Keith Neumeyer, President & CEO
This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of First Majestic Silver Corp. are forward-looking statements that involve various 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.
Contacts:
First Majestic Silver Corp.
Keith Neumeyer
President & CEO
(604) 688-3033 or Toll Free: 1-866-529-2807
(604) 639-8873 (FAX)
Email: info@firstmajestic.com
Website: www.firstmajestic.com
The equivalent silver production for the quarter consisted of 930,120 ounces of silver, an increase of 29% over the previous quarter and 2,093,987 pounds of lead which represents a 38% increase over the previous quarter. The large increase in lead production was a result of improvements in recoveries of lead and tonnage at the flotation circuit at the La Encantada Silver Mine. Production of gold in the quarter amounted to 403 ounces representing a 25% decrease compared to the prior quarter.
During the quarter, the combined recoveries of silver at the three different mills showed a slight decrease from 67% to 65%. The overall average silver head grade in the quarter improved for the three mines increasing by 6% over the previous quarter to an overall head grade of 207 g/t silver.
The ore processed during the quarter at the Company's three operating silver mines; the La Parrilla Silver Mine, the San Martin Silver Mine and the La Encantada Silver Mine, amounted to 215,646 tonnes representing an increase of 27% over the previous quarter.
Despite the reduction of underground development throughout the Company's three operating silver mines, a total of 5,847 metres of development was completed in the quarter representing a reduction of 34% over the previous quarter. The total development for the year 2008, totalled 27,890 metres. This compares to 20,279 metres of underground developed in the previous calendar year representing an increase of 38%. This development program in 2008 was very important in giving access to new areas within the different mines in order to continue the growth of silver production in the future, and to upgrade current ore resources to reserves.
Reserve and Resource development was a high priority for the Company in 2008. In the quarter, two new NI 43-101 Reports were released. Current global resources now stand at 260,351,425 equivalent ounces of silver. As previously reported, two additional NI 43-101 Reports will soon be released to further increase this number. During most of the year, over 20 drill rigs were operating. During the fourth quarter, a decision was made to reduce the diamond drill program to four drill rigs, which currently remain in operation. A total of 4,193 metres of diamond drilling was completed during the quarter compared to 26,666 in the previous quarter. During the year ending December 31, 2008, a total of 61,440 metres of diamond drilling was completed which compares to 37,176 metres drilled in 2007 representing an increase of 65%.
Keith Neumeyer, President & CEO, stated, "We've witnessed another significant year of growth in production and Resources as a result of our continued focus on mine and mill improvements throughout the past couple of years. Production increased by 18% year over year and Resources have increased by an impressive 55%. These improvements will translate into higher production for 2009 and with the new La Encantada mill coming online later this year, production will get another significant boost. First Majestic is still a young company that is not without challenges as can be expected as a result of our significant growth to date. I'm continually encouraged by our team of professionals who collectively have over 500 years of mining and management experience and who are all extremely committed to building a leader in the silver sector."
As a result of the work completed in 2008, some of the improvements and advances made during the year include:
At the La Parrilla Silver Mine:
- A new CCD thickener and two new leaching tanks to increase capacity and two new filter presses in the filtration area were added which have positively impacted recoveries.
- Expansion of mill capacity from 800 tpd to 850 tpd which was achieved in November 2008.
At the La Encantada Silver Mine:
- The increase in NI 43-101 complaint Reserves and Resources from 66 to 89 million ounces of silver equivalent representing a 34% increase on a year over year basis which included Reserves of 35.5 million ounces of silver equivalent representing an increase of 182% year over year.
- All related permitting for the new 3,500 tpd Cyanidation plant was obtained during the first half of 2008 and construction of the new plant began in July. Planned completion remains the second quarter of 2009.
- Several improvements were made within the current flotation mill which has resulted in overall capacity reaching 1000 tpd in November 2008.
At the San Martin Silver Mine:
- Expansion of the mill began at San Martin in July 2008 and was completed in December resulting in an increase in capacity within the cyanidation circuit to 950 tpd. This throughput has now been reached and is fully operational.
At the Del Toro Silver Mine:
- One of the most impressive and over-looked events of 2008 was marked by the discovery of the third ore body at Del Toro. This large and open, highly mineralized structure is still in the early stages of being defined. The first NI 43-101 compliant Reserves and Resources estimate was published in the fourth quarter far exceeding management's expectations. A total of 57 million ounces of silver equivalent were defined paving the way toward feasibility study and permitting which is planned to be completed by the second quarter of 2009.
Total production during 2008 reached 4,244,756 ounces of silver equivalent representing an increase of 18% compared to the previous year's 3,584,265 ounces silver equivalent. Even though management is pleased with the substantial increase in silver production compared to 2007, production for the year was lower than originally estimated. The heavy rainy season which affected the third quarter had a negative impact on the tonnage feed through the mills at each operation. Also, at the San Martin, maintaining optimal head grade continued to be the primary challenge which required management to try different alternatives to give the development program time to prepare and access new areas within the mine. Given the expansions that were completed in 2008 and the new construction underway at the La Encantada, management is estimating production to be 6,000,000 ounces of silver for 2009.
First Majestic is a producing silver company focused in Mexico and is aggressively pursuing its business plan to become a senior silver producer through the development of its existing assets and the pursuit through acquisition of additional assets that contribute to achieving its significant corporate growth objectives.
FIRST MAJESTIC SILVER CORP.
Keith Neumeyer, President & CEO
This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of First Majestic Silver Corp. are forward-looking statements that involve various 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.
Contacts:
First Majestic Silver Corp.
Keith Neumeyer
President & CEO
(604) 688-3033 or Toll Free: 1-866-529-2807
(604) 639-8873 (FAX)
Email: info@firstmajestic.com
Website: www.firstmajestic.com
Monday, January 5, 2009
Silver Standard Resources Ready to Resume Production at Pirquitas Argentine Mine
After being abandoned for 20 years, the Pirquitas mine in Argentina is set to be reopened by Silver Standard Resources Inc., according to an Argentine regulatory agency.
The company has spent north of $231 million to get the mine going again.
Along with silver, the mine is expected to produce lead and zinc.
Production will begin sometime in the first months of 2009, said the Mining Secretariat.
The company has spent north of $231 million to get the mine going again.
Along with silver, the mine is expected to produce lead and zinc.
Production will begin sometime in the first months of 2009, said the Mining Secretariat.
Friday, November 14, 2008
Silver Shield Reports on Exploration in Elk Lake, Ontario
BURLINGTON, ONTARIO, Nov 14, 2008 (MARKET WIRE via COMTEX) -- Silver Shield Resources Corp. (CA:SSR) ("Silver Shield" or "the Company") today reported on its exploration activities in Elk Lake, Ontario.
The Company is pleased to announce it has completed a stripping program at its 100% owned Welsh Silver Mine property in the area between holes WS-08-02 and WS-08-13, (190 metres apart) to trace the vein system identified in those holes, to the surface. This stripping program has uncovered an extensive area of intense mineralized vein swarms in the area of the prime targets for the Company's proposed winter 2008 drilling program. The company continues to be encouraged by results from the Welsh Mine Property.
As previously reported by Silver Shield in May of this year, hole WS-08-02 intersected 2,659.5 g/t silver over 0.15 metres, and 1,230 g/t silver over 0.15 metres was intersected in hole WS-08-13. (Check assaying of the former sample using pulp and metallic testing returned 2,104.68 g/t silver over 0.15 metres).
Additionally, hole WS-08-09 intersected 2,589 g/t silver at 111.3 metres to 111.5 metres, and 286 g/t silver at 82.15 metres to 82.35, located 100 metres to the immediate south of hole WS-08-02.
The Company also reported that phase one drilling of 1,500 metres in 13 holes on the Wilder Duggan property in Elk Lake returned low silver/cobalt values. The program successfully identified a network of quartz-carbonate veins averaging 5 to 20 centimetres in width over a span of 20 metres wide, over a length of roughly 300 metres. The data on the Wilder property will be reviewed by geological staff to determine a follow up Program for the spring of 2009.
About Silver Shield Resources Corp.
Silver Shield Resources Corp. is an exploration and development company of mineral resource properties focusing on advanced-stage silver properties in Northern Ontario and Mexico that the Company can take into production. Its portfolio holds varying option interests in five different properties, including the Welsh Mine Property in the historically-prolific silver producing Elk Lake-Gowganda area of Ontario and the La Cumbre Property in Guerrero, Mexico. Experienced Management have listed the Company on the TSX Venture Exchange upon executing its RTO Qualifying Transaction with Gemini Acquisitions Inc. on December 19th 2007 (CA:SSR: news, chart, profile) .
To receive Company press releases, please email lindsay@chfir.com and mention "Silver Shield" on the subject line.
Forward-Looking Statements
This press release contains certain "Forward-Looking Statements". All statements, other than statements of historical fact included herein, including without limitation, statements regarding exploration results, future plans and objectives of the Company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with The TSX Venture Exchange and the Canadian Securities Commissions. Not to be construed as an offer to buy or sell securities of this Company. Readers are advised to discuss all of their stock purchases with a registered securities broker or personal finance professional prior to investing.
Contacts:
Silver Shield Resources Corp.
Tim D. Towers
President and CEO
(905) 319-3033
Email: silvershield@cogeco.net
Website: www.silvershieldresources.com
CHF Investor Relations
Lindsay Carpenter
Account Manager
(416) 868-1079 ext. 239
Email: lindsay@chfir.com
SOURCE: Silver Shield Resources Corp.
mailto:silvershield@cogeco.net
http://www.silvershieldresources.com
mailto:lindsay@chfir.com
Copyright 2008 Market Wire, All rights reserved.
The Company is pleased to announce it has completed a stripping program at its 100% owned Welsh Silver Mine property in the area between holes WS-08-02 and WS-08-13, (190 metres apart) to trace the vein system identified in those holes, to the surface. This stripping program has uncovered an extensive area of intense mineralized vein swarms in the area of the prime targets for the Company's proposed winter 2008 drilling program. The company continues to be encouraged by results from the Welsh Mine Property.
As previously reported by Silver Shield in May of this year, hole WS-08-02 intersected 2,659.5 g/t silver over 0.15 metres, and 1,230 g/t silver over 0.15 metres was intersected in hole WS-08-13. (Check assaying of the former sample using pulp and metallic testing returned 2,104.68 g/t silver over 0.15 metres).
Additionally, hole WS-08-09 intersected 2,589 g/t silver at 111.3 metres to 111.5 metres, and 286 g/t silver at 82.15 metres to 82.35, located 100 metres to the immediate south of hole WS-08-02.
The Company also reported that phase one drilling of 1,500 metres in 13 holes on the Wilder Duggan property in Elk Lake returned low silver/cobalt values. The program successfully identified a network of quartz-carbonate veins averaging 5 to 20 centimetres in width over a span of 20 metres wide, over a length of roughly 300 metres. The data on the Wilder property will be reviewed by geological staff to determine a follow up Program for the spring of 2009.
About Silver Shield Resources Corp.
Silver Shield Resources Corp. is an exploration and development company of mineral resource properties focusing on advanced-stage silver properties in Northern Ontario and Mexico that the Company can take into production. Its portfolio holds varying option interests in five different properties, including the Welsh Mine Property in the historically-prolific silver producing Elk Lake-Gowganda area of Ontario and the La Cumbre Property in Guerrero, Mexico. Experienced Management have listed the Company on the TSX Venture Exchange upon executing its RTO Qualifying Transaction with Gemini Acquisitions Inc. on December 19th 2007 (CA:SSR: news, chart, profile) .
To receive Company press releases, please email lindsay@chfir.com and mention "Silver Shield" on the subject line.
Forward-Looking Statements
This press release contains certain "Forward-Looking Statements". All statements, other than statements of historical fact included herein, including without limitation, statements regarding exploration results, future plans and objectives of the Company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with The TSX Venture Exchange and the Canadian Securities Commissions. Not to be construed as an offer to buy or sell securities of this Company. Readers are advised to discuss all of their stock purchases with a registered securities broker or personal finance professional prior to investing.
Contacts:
Silver Shield Resources Corp.
Tim D. Towers
President and CEO
(905) 319-3033
Email: silvershield@cogeco.net
Website: www.silvershieldresources.com
CHF Investor Relations
Lindsay Carpenter
Account Manager
(416) 868-1079 ext. 239
Email: lindsay@chfir.com
SOURCE: Silver Shield Resources Corp.
mailto:silvershield@cogeco.net
http://www.silvershieldresources.com
mailto:lindsay@chfir.com
Copyright 2008 Market Wire, All rights reserved.
Minera Andes Reports Third Quarter 2008 Results
Minera Andes Inc. (TSX-MAI and US OTC: MNEAF) today reported a net loss of $3.5 million or $0.02 per share in its third quarter of 2008 financial statements. For the nine months ended September 30, 2008, Minera Andes recorded a net profit of $3.6 million or $0.02 per share. Our financial statements are available at www.sedar.com.
Minera Andes' revenue is derived from Minera Santa Cruz S.A.("MSC"), which is owned 49% by Minera Andes and 51% by Hochschild Mining plc. ("Hochschild") (HOCM.L: Reuters and HOC LN: Bloomberg - London Stock Exchange). MSC operates the San Jose silver/gold mine in southern Argentina, which had its first quarter of positive earning from silver and gold sales in Q2 2008 following the commencement of production at San Jose last year. Hochschild is the operator of the San Jose mine.
As previously reported, silver and gold sales in the third quarter totaled $18.5 million versus $63.2 million for the second quarter. Third quarter 2008 sales of gold and silver are lower than Q2 because an inventory build of metal produced in 4Q 2007 and 1Q 2008 gave the second quarter higher than normal sales. In addition, another build up of metal inventory has occurred in Q3 due to a smelting furnace being temporarily down. The metal in inventory is planned to be sold in Q4 of 2008. The averaged weighted sales prices for Q3 were $861/ounce of gold and $12.37/ounce of silver. The average realized market prices in Q3 2008 were 4.5% lower for Au and 25% lower for Ag than in Q2 2008 (source: KITCO). Since mine start up 15 months ago, San Jose's total sales have been $92.9 million. San Jose's silver and gold sales are un-hedged.
Allen Ambrose, President of Minera Andes said, "Sales and net revenues for the third quarter were less than expected, primarily due to temporary mechanical problems with a smelting furnace causing an inventory buildup of precipitate at site. With the first phase of expansion completed to double the production rate, it is estimated that the San Jose mine will join the ranks of the top ten primary silver producing mines in the world next year when the mine and mill ramp up to the expanded capacity level."
Production
Mill throughput increased 11.5% compared to the previous quarter, but silver production was 9.4% lower and gold production was 0.6% lower than the previous quarter due to lower head grades. San Jose's silver production declined slightly in the third quarter compared to the second quarter. Silver production was 990,000 ounces in the third quarter, compared to 1,093,000 ounces in the second quarter. Annualized, third quarter silver production is running closer to the average grade of the reserves in the original mine plan versus last quarter that was running 33% above the average grade of the reserves. During the life of the mine it is anticipated the gold and silver production will be in line with the mine plan and the reserve grades. Gold production in the third quarter was 12,340 ounces, compared to 12,410 ounces in the second quarter.
For the third quarter, production cash costs on a co-product basis averaged $7.43 per ounce of silver and $431 per ounce of gold. The production cash costs are shown on a co-product basis and are calculated by multiplying the total cash costs by the percentage the calculated value of the silver produced, divided by the number of silver ounces produced in the case of silver, and in the case of gold by multiplying the total cash costs by the percentage of value of gold produced, divided by the number of gold ounces produced. Cash costs include cost of sales, commercial deductions and selling expenses, less depreciation. The production cash costs were calculated using the value of the 12,340 ounces of gold and 990,000 ounces of silver produced in the form of dore, precipitates, and concentrates and the cost to produce those ounces as defined above was $12.7 million. The percentage of the values for the gold and silver production is based on the Q3 2008 average London PM fix for gold and the London fix for silver.
Phase I of the Mine Expansion
Phase I of the expansion has been completed, consisting of an increase in the mining and processing capacity from 750 metric ton per day to 1,500 metric ton per day. Mine production will ramp up to full capacity over the next few months. Currently, approximately 40% of the ore fed to the expanded plant is being processed to produce dore bars and approximately 60% is being processed to produce concentrates. Phase II of the expansion involves connecting to the regional electrical grid which is estimated to be completed in Q1 2009. Meanwhile, there is sufficient diesel generating capacity at the mine to run the mill at its full capacity. Phase III of the mine expansion, which is expected to be completed by mid-2009, involves further expansion of the refining circuit at the processing facility to convert all the concentrate to dore, which will reduce working capital requirements, selling discounts and result in lower production taxes.
Allen V. Ambrose, Minera Andes' President, who is a "qualified person" as defined by National Instrument 43-101, is responsible for the information used in this news release and has supervised the preparation of the information and reviewed all information used in this news release.
Minera Andes is a gold, silver and copper exploration company working in Argentina. The Company holds about 304,000 acres of mineral exploration land in Argentina including the 49% owned San Jose silver/gold mine that commenced production last year. Minera Andes is also exploring the Los Azules copper project in San Juan province, where an exploration program is underway to complete a scoping study by yearend. Other exploration properties, primarily silver and gold, are being evaluated in southern Argentina. The Corporation presently has 190,158,851 shares issued and outstanding.
This news is submitted by Allen V. Ambrose, President and Director of Minera Andes Inc.
Caution Concerning Forward-Looking Statements:
This press release contains certain "forward-looking statements", including, but not limited to, the statements regarding the Company's strategic plans, evolution of mineral resources and reserves, work programs, development plans and exploration budgets at the Company's San Jose Project. The forward-looking statements express, as at the date of this press release, the Company's plans, estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. In particular, there can be no assurance that production capacity at the San Jose mine will be successfully increased, that resources and reserves at the San Jose mine will be increased. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, risks associated with foreign operations, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral reserves and other risks. We refer readers to the risk factors and uncertainties described in the Company's continuous disclosure record, a copy of which is available under the Company's profile at www.sedar.com. Minera Andes' joint venture partner, a subsidiary of Hochschild Mining plc, and its affiliates do not accept responsibility for the use of project data or the adequacy or accuracy of this release.
Cautionary Note to U.S. Investors:
The United States Securities and Exchange Commission (the "SEC") permits mining companies, in their filings with the SEC, to disclose only those mineral deposits with "mineral reserves" that a company can economically and legally extract or produce. We use certain terms in this press release, such as "mineral resources", that the SEC guidelines strictly prohibit us from including in our filings with the SEC, because these terms are common usage in Canada and form part of our Canadian filing requirements.
SOURCE Minera Andes Inc.
Copyright
(C) 2008 PR Newswire. All rights reserved
Minera Andes' revenue is derived from Minera Santa Cruz S.A.("MSC"), which is owned 49% by Minera Andes and 51% by Hochschild Mining plc. ("Hochschild") (HOCM.L: Reuters and HOC LN: Bloomberg - London Stock Exchange). MSC operates the San Jose silver/gold mine in southern Argentina, which had its first quarter of positive earning from silver and gold sales in Q2 2008 following the commencement of production at San Jose last year. Hochschild is the operator of the San Jose mine.
As previously reported, silver and gold sales in the third quarter totaled $18.5 million versus $63.2 million for the second quarter. Third quarter 2008 sales of gold and silver are lower than Q2 because an inventory build of metal produced in 4Q 2007 and 1Q 2008 gave the second quarter higher than normal sales. In addition, another build up of metal inventory has occurred in Q3 due to a smelting furnace being temporarily down. The metal in inventory is planned to be sold in Q4 of 2008. The averaged weighted sales prices for Q3 were $861/ounce of gold and $12.37/ounce of silver. The average realized market prices in Q3 2008 were 4.5% lower for Au and 25% lower for Ag than in Q2 2008 (source: KITCO). Since mine start up 15 months ago, San Jose's total sales have been $92.9 million. San Jose's silver and gold sales are un-hedged.
Allen Ambrose, President of Minera Andes said, "Sales and net revenues for the third quarter were less than expected, primarily due to temporary mechanical problems with a smelting furnace causing an inventory buildup of precipitate at site. With the first phase of expansion completed to double the production rate, it is estimated that the San Jose mine will join the ranks of the top ten primary silver producing mines in the world next year when the mine and mill ramp up to the expanded capacity level."
Production
Mill throughput increased 11.5% compared to the previous quarter, but silver production was 9.4% lower and gold production was 0.6% lower than the previous quarter due to lower head grades. San Jose's silver production declined slightly in the third quarter compared to the second quarter. Silver production was 990,000 ounces in the third quarter, compared to 1,093,000 ounces in the second quarter. Annualized, third quarter silver production is running closer to the average grade of the reserves in the original mine plan versus last quarter that was running 33% above the average grade of the reserves. During the life of the mine it is anticipated the gold and silver production will be in line with the mine plan and the reserve grades. Gold production in the third quarter was 12,340 ounces, compared to 12,410 ounces in the second quarter.
For the third quarter, production cash costs on a co-product basis averaged $7.43 per ounce of silver and $431 per ounce of gold. The production cash costs are shown on a co-product basis and are calculated by multiplying the total cash costs by the percentage the calculated value of the silver produced, divided by the number of silver ounces produced in the case of silver, and in the case of gold by multiplying the total cash costs by the percentage of value of gold produced, divided by the number of gold ounces produced. Cash costs include cost of sales, commercial deductions and selling expenses, less depreciation. The production cash costs were calculated using the value of the 12,340 ounces of gold and 990,000 ounces of silver produced in the form of dore, precipitates, and concentrates and the cost to produce those ounces as defined above was $12.7 million. The percentage of the values for the gold and silver production is based on the Q3 2008 average London PM fix for gold and the London fix for silver.
Phase I of the Mine Expansion
Phase I of the expansion has been completed, consisting of an increase in the mining and processing capacity from 750 metric ton per day to 1,500 metric ton per day. Mine production will ramp up to full capacity over the next few months. Currently, approximately 40% of the ore fed to the expanded plant is being processed to produce dore bars and approximately 60% is being processed to produce concentrates. Phase II of the expansion involves connecting to the regional electrical grid which is estimated to be completed in Q1 2009. Meanwhile, there is sufficient diesel generating capacity at the mine to run the mill at its full capacity. Phase III of the mine expansion, which is expected to be completed by mid-2009, involves further expansion of the refining circuit at the processing facility to convert all the concentrate to dore, which will reduce working capital requirements, selling discounts and result in lower production taxes.
Allen V. Ambrose, Minera Andes' President, who is a "qualified person" as defined by National Instrument 43-101, is responsible for the information used in this news release and has supervised the preparation of the information and reviewed all information used in this news release.
Minera Andes is a gold, silver and copper exploration company working in Argentina. The Company holds about 304,000 acres of mineral exploration land in Argentina including the 49% owned San Jose silver/gold mine that commenced production last year. Minera Andes is also exploring the Los Azules copper project in San Juan province, where an exploration program is underway to complete a scoping study by yearend. Other exploration properties, primarily silver and gold, are being evaluated in southern Argentina. The Corporation presently has 190,158,851 shares issued and outstanding.
This news is submitted by Allen V. Ambrose, President and Director of Minera Andes Inc.
Caution Concerning Forward-Looking Statements:
This press release contains certain "forward-looking statements", including, but not limited to, the statements regarding the Company's strategic plans, evolution of mineral resources and reserves, work programs, development plans and exploration budgets at the Company's San Jose Project. The forward-looking statements express, as at the date of this press release, the Company's plans, estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. In particular, there can be no assurance that production capacity at the San Jose mine will be successfully increased, that resources and reserves at the San Jose mine will be increased. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, risks associated with foreign operations, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral reserves and other risks. We refer readers to the risk factors and uncertainties described in the Company's continuous disclosure record, a copy of which is available under the Company's profile at www.sedar.com. Minera Andes' joint venture partner, a subsidiary of Hochschild Mining plc, and its affiliates do not accept responsibility for the use of project data or the adequacy or accuracy of this release.
Cautionary Note to U.S. Investors:
The United States Securities and Exchange Commission (the "SEC") permits mining companies, in their filings with the SEC, to disclose only those mineral deposits with "mineral reserves" that a company can economically and legally extract or produce. We use certain terms in this press release, such as "mineral resources", that the SEC guidelines strictly prohibit us from including in our filings with the SEC, because these terms are common usage in Canada and form part of our Canadian filing requirements.
SOURCE Minera Andes Inc.
Copyright
(C) 2008 PR Newswire. All rights reserved
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.
Friday, October 24, 2008
What Happens if Silver and Gold Price Ratio Returns to Historic Pattern?
It's an understatement to say gold and silver have been struggling lately, as the two metals continue to plunge, along with the worldwide economies.
What is fascinating about silver in particular, is the current ratio that is completely out of sync with its historic levels with gold.
The historical average ratio between the prices of gold and silver has been silver holding close to a 1/20 price of gold. At this time it is sitting at only a 1/75th price in relationship to gold's price.
What silver investors need to ask themselves is what happens if the price ratio between silver and gold reverts back to historic norms.
We can be sure some of that will come from the continual fall of the price of gold, but I don't think we can assume that in and of itself will bring back the ratio. I think we'll start to see the rise of silver prices again, and when that happens, there will be an abundance of opportunities to play the metal.
Once the forced liguidation of commodities unwinds itself, it's at that time we should look seriously at a surge in silver prices, which should drive up the prices of good silver mining companies ... and others as well.
The bottom line is we need to keep a close eye on the ratio of prices between silver and gold. They are far too out of sync at this time to remain there. When it changes, we need a plan in place to swoop in and profit from it.
What is fascinating about silver in particular, is the current ratio that is completely out of sync with its historic levels with gold.
The historical average ratio between the prices of gold and silver has been silver holding close to a 1/20 price of gold. At this time it is sitting at only a 1/75th price in relationship to gold's price.
What silver investors need to ask themselves is what happens if the price ratio between silver and gold reverts back to historic norms.
We can be sure some of that will come from the continual fall of the price of gold, but I don't think we can assume that in and of itself will bring back the ratio. I think we'll start to see the rise of silver prices again, and when that happens, there will be an abundance of opportunities to play the metal.
Once the forced liguidation of commodities unwinds itself, it's at that time we should look seriously at a surge in silver prices, which should drive up the prices of good silver mining companies ... and others as well.
The bottom line is we need to keep a close eye on the ratio of prices between silver and gold. They are far too out of sync at this time to remain there. When it changes, we need a plan in place to swoop in and profit from it.
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