[Most Recent Quotes from www.kitco.com]

Archive for October, 2010

Press Release: Great Panther Discovers New Silver-Gold Zones at San Ignacio Mine Property in Guanajuato

GREAT PANTHER SILVER LIMITED (TSX: GPR; the “Company”) is pleased to announce that the first surface drill hole at the San Ignacio Mine property, Guanajuato has been successful in intersecting several new zones of silver-gold mineralization. Three well-mineralized intervals were intersected, including the Melladito and Nombre de Dios veins, as well as a deeper, and previously unknown, footwall stockwork zone. The most westerly vein system, the Plateros vein, which hosted the former San Ignacio Mine operation, will be drilled further on in the drill program.

Surface drill hole ESI10-01, drilled at -45°, intersected three zones of economic significance, none of which have been previously developed. The Melladito vein returned 11.45 metres grading 1.18g/t gold and 131g/t silver, including 3.70 metres grading 1.98g/t gold and 203g/t silver; the Nombre de Dios vein returned 3.15 metres grading 2.15g/t gold and 157g/t silver; and a previously unknown footwall stockwork assayed 3.76g/t gold and 11g/t silver over 2.00 metres. In addition, two other zones of mineralization were intersected that, while returning lower grades in this hole, could be of greater significance along strike or down-dip. A plan map showing the location of Great Panther’s first San Ignacio drill-hole, and an interpretative cross section, are posted on the Company web-site at www.greatpanther.com.

“We are extremely pleased to have such early, positive indications of the potential of the vein systems on the San Ignacio Mine property”, stated Robert Archer, Great Panther’s President & CEO. “Considering the easy trucking distance to our plant in the City of Guanajuato, the ability to quickly define and develop any new zones at San Ignacio will be an important factor in achieving our stated production targets and resource growth.”

Highlights of Drill Hole ESI10-01

Zone Hole ID FROM m TO m Width m True width m Au g/t Ag g/t
Melladito hanging wall ESI10-01 123.40 125.50 2.10 1.95 0.69 98
Melladito ESI10-01 133.45 144.90 11.45 10.65 1.18 131
includes 140.00 143.70 3.70 3.44 1.98 203
Intermediate ESI10-01 223.10 225.30 2.20 2.05 0.55 60
Nombre de Dios ESI10-01 260.85 264.00 3.15 2.93 2.15 157
Footwall stockwork ESI10-01 296.60 298.60 2.00 1.86 3.76 11

The San Ignacio Mine property covers approximately 4 kilometres of strike length on the La Luz vein system, which is parallel to, and 5 kilometres west of, the principal Veta Madre structure that hosts the main Guanajuato mines (see map on website at http://www.greatpanther.com/i/pdf/SanIgnacio-LocationMap-Sep10.pdf). The La Luz district marks the site of the first discovery of silver in the area, in the year 1548, which led to the discovery of the Veta Madre silver-gold deposits in 1550. It comprises a swarm of generally north-northwest striking, west dipping quartz veins and breccias with associated low sulphidation silver-gold mineralization, along an approximate 8 kilometre long trend.

The initial 2,000 metre core drilling program at San Ignacio will comprise four sections across the three main structures and test them from 100 to 300 metres below surface. Additional drilling will then be proposed for 2011 based upon the results of this first phase, which is expected to be completed this quarter. As each phase of drilling is completed, results will be used to add to Great Panther’s resource base for the Guanajuato Mine.

Due to the early success of the surface drill program, power is being restored to the original San Ignacio Mine area and the shaft and old workings will be pumped out and rehabilitated while further exploration progresses. Surface drilling and underground mapping will continue and, once sufficient geological data has been assembled to facilitate a mine plan, development will commence in preparation for mine production. All necessary preparations are being initiated, including regulatory permitting, in advance of a development / production decision.

Robert F. Brown, P. Eng. and Vice President of Exploration for the Company is the Qualified Person for the Guanajuato Mine, under the meaning of NI 43-101. A full QA/QC program is being followed including the regular insertion of splits, blanks, and standards into the core sampling sequence. Analysis of the drill core samples will be conducted at the Guanajuato Mine on-site laboratory, independently operated by SGS.

For further information, please visit the Company’s website at www.greatpanther.com, contact B&D Capital at telephone 604 685 6465, fax 604 899 4303 or e-mail info@greatpanther.com.

ON BEHALF OF THE BOARD

“Robert A. Archer”

Robert A. Archer, President & CEO

Source: Company website

Press Release: Minera Andes Announces Production at the San José Mine for the Third Quarter 2010

TORONTO, ONTARIO – October 20, 2010 – Minera Andes Inc. (the “Corporation” or “Minera Andes”) (TSX: MAI and US OTC: MNEAF) announces the San José mine production results for the third quarter of 2010. During the third quarter, the San José mine produced 1,408,501 ounces of silver and 22,025 ounces of gold, of which 49% is attributable to Minera Andes.

SAN JOSÉ MINE PRODUCTION COMPARISON (100% BASIS)*

Production Q3
2010
Q2
2010
Q3
2009
Ore production (tonnes) 112,681 116,259 122,342
Average head grade silver (g/t) 423 368 407
Average head grade gold (g/t) 6.42 5.81 6.65
Silver produced (ounces) 1,408,501 1,220,794 1,402,000
Gold produced (ounces) 22,025 19,707 22,470
Silver equivalent production (ounces) 2,729,995 2,403,214 2,750,527
Net silver sold (ounces) 1,219,675 1,294,677 1,535,973
Net gold sold (ounces) 19,932 22,168 24,679

*49% of the San José mine production is attributable to Minera Andes Inc.

Compared to the second quarter of 2010, the 2010 third quarter silver production was 15% higher and gold production was 12% higher. The increase in silver and gold production was primarily the result of the expected improvement in grade profile compared to the second quarter: the silver head grade increased 15% and the gold head grade increase 11%. The improved silver grades are related to ongoing development of the Kospi vein. Mill throughput in the third quarter of 2010 was 3% lower than the previous quarter. Compared to the third quarter of 2009, the third quarter 2010 silver production was approximately the same and gold production decreased 2%.

Third quarter production cost information will be provided with the third quarter financial results.

Sales of silver and gold were 6% and 10% lower, respectively, in third quarter of 2010 compared to the second quarter as a result of an increase in products inventory. Compared to the same quarter last year, sales of silver in the third quarter of 2010 were 21% lower and gold sales were 19% lower due to a decrease in products inventory in the third quarter of 2009.

The Corporation recently announced the discovery of nine new veins and vein extensions at San José. To date the total strike length of the new veins and extensions is over five kilometers, which compares to a total strike length of about 17 kilometers for the previously known veins. The new veins are ideally located between the Kospi and the Frea veins, and the new veins can be accessed from workings on those veins. The Corporation is preparing an estimate of the resources for the new veins, and the results will be released before the end of October. Meanwhile, exploration around the existing mine and elsewhere on the joint venture property is continuing.

This news release is submitted by James K. Duff, Chief Operating Officer of Minera Andes Inc.

About Minera Andes Minera Andes is an exploration company exploring for gold, silver and copper in Argentina with three significant assets: a 49% interest in Minera Santa Cruz SA, owner of the San José Mine in close proximity to Andean Resources’ Cerro Negro project; 100% ownership of the Los Azules copper deposit with an inferred mineral resource of 10.3 billion pounds of copper and an indicated resource of 2.2 billion pounds of copper; and, 100% ownership of a portfolio of exploration properties bordering Andean’s Cerro Negro project in Santa Cruz Province. The Corporation had $8 million USD in cash as at June 30th 2010 with no bank debt. Rob McEwen, Chairman and CEO, owns 33% of the company.

About Minera Santa Cruz Minera Santa Cruz SA is a joint venture owned 51% by Hochschild Mining Argentina, a wholly owned subsidiary of Hochschild Mining plc, and 49% by Minera Andes S.A., a wholly owned subsidiary of the Corporation. The joint venture owns and operates the San José property.

About Hochschild Mining plc Hochschild Mining plc is a leading precious metals company listed on the London Stock Exchange (HOCM.L / HOC LN) with a primary focus on the exploration, mining, processing and sale of silver and gold. Hochschild has over forty years of experience in the mining of precious metal epithermal vein deposits and currently operates four underground epithermal vein mines, three located in southern Peru, one in southern Argentina and one open pit mine in northern Mexico. Hochschild also has numerous long-term prospects throughout the Americas.

For further information, please contact: Daniela Ozersky or visit our Web site: www.minandes.com.

Daniela Ozersky
Manager, Investor Relations
99 George St. 3rd Floor,
Toronto, Ontario, Canada. M5A 2N4
Toll-Free: 1-866-441-0690
Tel:647-258-0395
Fax: 647-258-0408
E-mail: info@minandes.com

Source: Company website

Press Release: Great Panther Hires New Vice-President Corporate Development; Launches New Website

GREAT PANTHER SILVER LIMITED (TSX: GPR; the “Company”) is pleased to announce the appointment of Mr. Erick Bertsch to the position of Vice President, Corporate Development. Erick brings more than 16 years experience in the mining industry to Great Panther, beginning his mining career in the field in 1994 before transitioning to investor relations in 2003 with several companies in the Hunter-Dickinson Group. More recently, he has held corporate development positions with Minco Gold and Geodex Minerals. While with Minco, he gained insight into, and contacts within, the silver industry (through Minco’s 40% ownership of Minco Silver), which will be valuable in his current role of expanding Great Panther’s market presence and corporate growth.

As part of Great Panther’s continuing emphasis on improving shareholder relations and increasing market exposure, the Company has updated its website to a new, fresher look with greater functionality and depth of information. The site contains a new section on Corporate Social Responsibility (CSR) in keeping with the Company’s commitment to environmental sustainability and community relations. The new site can be accessed through the same address, at www.greatpanther.com.

The Company also announces that it has granted a total of 240,000 stock options to Mr. Bertsch and other new employees, under its stock option plan. The options are exercisable at a price of $1.15 and expire five years from the date of grant.

For further information, please visit the Company’s website at www.greatpanther.com, contact B&D Capital at telephone 604 685 6465, fax 604 899 4303 or e-mail info@greatpanther.com.

ON BEHALF OF THE BOARD

“Robert A. Archer”

Robert A. Archer, President & CEO

Source: Company website

Press Release: Avino Starts Bulk Sample Program at San Gonzalo

Avino Silver and Gold Mines (Avino) has started its bulk sampling program at the San Gonzalo mine northeast of Durango, Mexico.

Avino’s contractor DMG had been developing two raises to connect the lower level 2 (2260m elevation) with the upper level 1 (2306m elevation). The first raise connected 6 October allowing the start of stoping (cut and fill) for the bulk sample. Within four days an initial 731 tonnes had been produced from the block of ground (see map and section on Avino’s website) which is estimated to contain approximately 11,000 tonnes.

The rock will be stockpiled for approximately 6 to 8 weeks while the mill completes its present program of flotation concentration of the stockpiled ore from the ET zone of the main Avino vein. Milling operations commenced May 22, 2010 and to September 30th, Avino has milled approximately 18,000 tonnes of material to produce an estimated 400 tonnes of concentrate according to the daily mill reports and the on-site lab assays. Of the estimated production, 359 wet tonnes have been trucked to Manzanillo and sold to MRI Trading AG.

The mineral at San Gonzalo is silver, gold, lead, and zinc; while ET on the main vein is silver, copper, and gold. The rock from ET is harder than the San Gonzalo material and has numerous boulders necessitating additional breakage with a rock breaker ahead of the jaw crusher in the plant.

A planned 2 week maintenance schedule has been planned prior to the switchover from stockpiled ET ore with the San Gonzalo material. Maintenance would include changes to all worn and torn conveyor belts and a complete relining of the 8X6 ball mill.

Founded in 1968, Avino has established a long record of mining and exploration in Mexico. The Company’s focus is to bring the property to production. Avino remains well funded.

ON BEHALF OF THE BOARD

“David Wolfin”
______________________________
David Wolfin
President

Source: Company website

Press Release: Great Panther Reports Third Quarter Production and Updates Exploration & Development Programs

GREAT PANTHER SILVER LIMITED (TSX: GPR; the “Company”) is pleased to report third quarter (“Q3″) production and updates the exploration and development programs at its two wholly-owned Mexican silver mining operations, Topia and Guanajuato.

The combined metal production totaled 588,454 silver equivalent ounces (“Ag eq oz”), an increase of 2% over the last quarter and within 1% of the production for Q3 2009. The mines produced 2,201 ounces of gold, 382,220 ounces of silver, 271 tonnes of lead, and 352 tonnes of zinc. In this first year of the Company’s 3-year growth strategy, the focus continues to be on underground development of new production areas and delineation of new resources and reserves. As such, some changes are being made to the mining methods and schedule at Guanajuato, which have temporarily deferred some silver production, while production from Topia remains on target. The combined year to date metal production at September 30, 2010 was 1.69 million Ag eq oz.

As part of its strategy to expand production to 3.8 million Ag eq oz by 2012, the Company completed an 8,815 metre surface diamond drilling program at Topia and escalated the drilling programs at Guanajuato. A new NI 43-101 compliant mineral resource/reserve update for each mine is being prepared by Scott Wilson Roscoe Postle Associates Ltd. for publication later in the fourth quarter (“Q4″).

The following summarizes the main highlights for the third quarter:

  • Metal production of 588,454 Ag eq oz; down by 1% from Q3 2009;
  • Silver production of 382,220 oz Ag; down 4% from Q3 2009;
  • Gold production of 2,201 oz Au; up 13% from Q3 2009;
  • Metal production at Topia of 210,172 Ag eq Oz, 28% higher than Q3 2009;
  • Record metallurgical gold recovery of 90.5% at Guanajuato;
  • Encouraging results from 6,643 metres (in Q3) of exploration drilling at Guanajuato and Topia;
  • Several new drilling programs initiated at Guanajuato; and
  • Significant new NI43-101 compliant mineral resource and reserve update expected in Q4.

(Silver equivalents for 2010 are established using prices of US$1000/oz Au, US$16/oz Ag, US$0.80/lb Pb and Zn.)

Guanajuato Mine

The Guanajuato Mine recorded an improved quarter as gold production from the Santa Margarita vein was sharply increased over previous quarters. Metal production from the mine totaled 250,629 oz Ag plus 2,042 oz Au, or 378,283 Ag eq oz, from processing 35,761 tonnes of ore with an average grade of 248g/t Ag and 1.96g/t Au.

In addition, significant development has been completed to facilitate exploratory drilling for the underground exploration of the Guanajuatito, Valenciana and Rayas areas. During the quarter, the exploratory lateral and ramp development advance totaled 605 metres; 143 metres for the Deep Rayas drill program, 260 metres for the Valenciana (1414 stope) program, and 202 metres for the Guanajuatito program.

The Guanajuato plant achieved record gold recovery and excellent silver recovery of 90.5% and 87.8%, respectively. In early September, a metallurgical consultant reviewed plant operations over a 10-day period. Numerous improvements and modifications were made to the flotation circuit and more work is in progress to ensure continuous improvement.

Production stoping of the Santa Margarita vein progressed well and gold grades and production improved sharply. Gold production increased by more than 750 ounces as compared to the previous quarter. The new exploratory drilling results below the current workings are very encouraging (refer to News Release of September 7, 2010), and included gold assays of 20.4 and 24.0g/t over 1.85 and 1.50 metres, respectively. A total of 3,098 metres of deep diamond core drilling was completed in the third quarter to explore the down dip extension of the Santa Margarita and Veta Madre structures. Gold production is expected to increase further in the fourth quarter.

Production from the new Los Pozos area on the 310 and 345 metre levels continued to improve and accounted for 45% of the silver production. It will be increased further in the fourth quarter with production from the two mechanized levels equipped with a drill jumbo and scissor deck bolting truck. Access development to a third production stoping area at the 380 metre level will commence in Q4. Exploratory and ore definition drilling totaled 161 metres for Los Pozos and adjacent structures.

The Cata Clavo production was lower in the third quarter as the 460 metre level stoping reached its planned mining limits while mining of the 490 metre level was lower than planned. Mine planning for the deeper area is being revised under the guidance of consulting geotechnical and mining engineers. Cable bolting for improved rock support and safety, as well as modifications to the standard cut-and-fill method, will support much improved production in this area through 2011 and 2012. These changes are being initiated in Q4. Exploratory drilling to test adjacent structures to the north of the main Cata zone totaled 707 metres.

Mining of the Guanajuatito North Zone, in the northwest part of the mine property, between the 80 and 50 metre levels was stopped during the quarter as the economic parts of the zone were exhausted at these levels. Production from this mining area will remain closed until new resources are established from a new drilling program. Exploration cross cut and drift development has been sufficiently advanced such that exploration drilling below the 100 metre level is already underway. Diamond core drilling totaled 670 metres during the quarter. Over the course of 2010 and 2011, more than 600 metres of ramp and lateral development will have been completed to provide access to carry out up to 9,000 metres of diamond drilling from stations spaced at 100 metre centres. Drilling will explore and define the mineralized vein structures at Guanajuatito between the 100 metre level and the 390 metre level, along a 600 metre strike length. Sampling of drift development by the previous mine owner along the Veta Madre structure at the 390 metre level in this area returned economic assays.

Exploratory ramp development and a small drilling program, below the 35 metre level at Promontorio, in the southeast part of the mine property, has been initiated with positive results leading to a small mining program which will be accelerated in Q4.

An underground drill rig is being mobilized to the 1414 stope area between the Valenciana and Cata mine areas at the 320 metre level. Exploitation by the previous operator focused on a stockwork system of high grade silver veins above the 320 level. The 1414 stoping area is approximately 200 metres long and 20 metres wide. Drilling will focus on the immediate down dip portion below the 320 level. While this is being drilled, development along the 320 level will advance sufficiently so as to commence the deep Valenciana drilling early in 2011. The deep drilling will test the Veta Madre structures in the Valenciana area below the 390 level, and along a 600 metre strike length.

A surface drilling program has been initiated at the San Ignacio property, located approximately 5 kilometres west-northwest of Guanajuato. The initial 2,000 metre core drilling program will test three main mineralized structures from 100 to 200 metres below surface. The drilling will be completed in an area where surface sampling on the Plateros Vein returned 1.3g/t gold and 124g/t silver over a 1.3 metre width, sampling on the Melladito Vein returned 0.48g/t gold and 106g/t silver over a 1.0 metre width, and sampling on the Nombre de Dios Vein returned 1.83g/t gold and 164g/t silver over a 1.8 metre width.

Topia Mine

Topia recorded another excellent quarter with metal production of 131,591 oz of silver, 159 oz of gold, 597,993 lbs of lead, and 775,996 lbs of zinc from milling 10,278 tonnes of ore. This equates to 210,172 Ag eq Oz, 2% higher than the second quarter of 2010 and 28% higher than Q3 2009. Ore grades averaged 441g/t Ag, 0.58g/t Au, 2.81% Pb and 3.72% Zn.

Plant performance remained strong and continued to show improvement with metal recoveries of 90.2% for Ag, 82.3% for Au, 94.0% for Pb and 92.0% for Zn. In addition to processing the 10,178 tonnes from the Company’s mines, 2,036 tonnes were custom milled for a local miner, thereby increasing revenue and keeping unit costs down.

Mine development continued to extend known areas and provide access to new mining areas. Mining of the San Gregorio and El Rosario veins is continuing to expand and is now providing 40% of the silver production. Mining of the Don Benito vein is developing well and now provides 16% of silver production. A new production level has been initiated to add to production from the gold-rich Recompensa vein and will improve gold production in 2011.

At the Topia Mine, a total of 8,815.4 metres of surface drilling has just been completed. Earlier results of drilling, including one intercept of 1,681 gpt Ag over 3.15 metres, were published in July (refer to News Release of July 20, 2010), from the Cantarranas and San Jorge veins (Hormiguera mine), San Gregorio vein (San Gregorio mine), El Rosario vein (El Rosario mine), Don Benito vein (exploration area) and La Prieta vein (recently purchased La Prieta mine). Data from the latest drilling are being compiled and will be reported upon early in the fourth quarter.

Outlook

While some rescheduling of the mining at Guanajuato has been necessary in order to advance underground development, Great Panther’s strategy to accelerate production to 3.8 million Ag eq oz in 2012 remains firmly in place. New equipment has been delivered to the mines, more productive mining methods are being implemented, plant performance continues to excel and exploration drill programs have been expanded and are already indicating very positive results.

A new NI 43-101 compliant mineral resource/reserve update is being prepared by Scott Wilson Roscoe Postle Associates Ltd. for publication later in Q4. The previous mineral resource estimate at Guanajuato focused only on the deep Cata zones. The new mineral resource/reserve estimate will include an update of the Cata deep zones plus new estimates for the Los Pozos and Santa Margarita zones. At Topia, the previous mineral resource estimate focused on the Argentina vein, while the new mineral resource/reserve estimate will include an update of the Argentina vein, as well as 12 new estimates for the following veins: Cantarranas (Hormiguera Mine and east extension), Don Benito (1522 Mine), El Rosario, San Gregorio (and the extension of Durangueno), Recompensa, Oliva west, Animas, La Prieta, San Jorge, and Higuera. Significant improvements in the mineral resource update are expected. In addition, the Company will publish its first NI 43-101 compliant mineral reserve.

Robert F. Brown, P.Eng. and Vice President of Exploration for the Company is the Qualified Person for both the Guanajuato Mine and the Topia Mine, under the meaning of NI 43-101. Aspects of both mines relating to mining and metallurgy are overseen by Charles Brown, Chief Operating Officer for Great Panther and its Mexican subsidiary, Minera Mexicana El Rosario, S.A. de C.V.

For further information, please visit the Company’s website at www.greatpanther.com, contact B&D Capital at telephone 604 685 6465, fax 604 899 4303 or e-mail info@greatpanther.com.

ON BEHALF OF THE BOARD

“Robert A. Archer”

Robert A. Archer, President & CEO

Source: Company Website

First Majestic Press Release: Another New Record for Silver Production; 1,823,370 oz Silver Produced in Q3

First Majestic Silver Corp. (TSX:FR)(OTCQX:FRMSF)(FRANKFURT:FMV)(WKN:A0LHKJ) -

Highlights

  • Silver production increases by 18% from previous quarter to a quarterly record of 1,823,370 ounces
  • Total equivalent silver production equalled 1,920,498 ounces for the quarter
  • Total silver production amounted to 95% of total equivalent silver production
  • Total processed ore in the quarter increased by 7% from previous quarter to a record 434,221 tonnes

First Majestic Silver Corp. (“First Majestic” or the “Company”) is pleased to announce that production in the third quarter ending September 30, 2010 increased to a new Company record of 1,920,498 equivalent ounces of silver representing a 16% increase over the previous quarter and a 76% increase over the third quarter of 2009.

The total equivalent silver production for the quarter consisted of: 1,823,370 ounces of silver, representing an 18% increase from the previous quarter; 1,248,086 pounds of lead representing a 16% decrease from the previous quarter; and 377 ounces of gold representing a decrease of 36% compared to the previous quarter. Total silver production compared to the third quarter of 2009 increased by 95%.

The total ore processed during the quarter at the Company’s three operating silver mines, the La Encantada Silver Mine, the La Parrilla Silver Mine and the San Martin Silver Mine, amounted to a new record of 434,221 tonnes milled in the quarter representing a 7% increase over the previous quarter.

Production Details Table:
Quarter Ended
September 30, 2010
Quarter Ended
June 30, 2010
% Change +/-
Total silver ounces produced 1,823,370 1,538,798 18%
Total equivalent silver ounces produced 1,920,498 1,656,165 16%
Total ore processed/tonnes milled 434,221 404,350 7%
Total pounds of lead produced 1,248,086 1,494,548 -16%
Total gold ounces produced 377 593 -36%

Other Developments

The Company’s underground development in the third quarter consisted of 6,207 metres, compared to 5,063 metres completed in the previous quarter. Diamond drilling activity in the quarter consisted of 7,819 metres compared with 3,090 metres completed in the previous quarter. The expanded drilling program consisted of definition drilling to assist in mining activity and resource upgrading and exploration at the Company’s three mines.

Now that the La Encantada mill expansion has effectively achieved full capacity, the Company’s focus for the next 15 months will be: 1) expanding the Company’s La Parrilla operation, 2) concluding a final decision on size and timing of a new mill construction at the Company’s Del Toro Silver Mine, and 3) expanding the NI 43-101 compliant Reserves / Resources at each of the Company’s five projects (La Encantada Silver Mine, La Parrilla Silver Mine, San Martin Silver Mine, Del Toro Silver Mine and the Real de Catorce Silver Project).

At the La Encantada Silver Mine:

  • The new 3,500 tpd cyanidation mill achieved full production during the quarter. Average throughput reached 3,477 tpd for a total of 295,328 tonnes (dry metric tonnes) compared to 2,908 tpd for the second quarter. Full capacity is based on a 330 day work year (85 days for the third quarter) which equates to 297,500 tonnes which confirms the mill is running at 99% of capacity.
  • Cost efficiencies are expected to improve compared to the second quarter as throughput has reached capacity in the third quarter.
  • In July, the main access to the mine from Muzquiz, Coahuila, was interrupted by Hurricane Alex. With cooperation with other mining companies in the area, efforts were combined to re-open roads. The interruption was short lived with minimal delays in transportation of supplies. Further work is underway to improve the local infrastructure to prevent future interruptions.
  • Now that the throughput in the mill has reached capacity, the focus in the fourth quarter will be to refine operations in the areas of recoveries, smelting and other areas which are expected to improve costs and efficiencies going forward.

At the La Parrilla Silver Mine:

  • Further to the July 8, 2010 news release discussing the plan to expand the La Parrilla operation; final engineering design and planning is expected to be completed in the fourth quarter. Permitting is expected in the first quarter of 2011, with groundbreaking commencing immediately afterwards. The current plan is to expand this operation to 1,600 tpd from its current capacity of 850 tpd, effectively doubling production from current levels by the end of 2011. Once final plans are completed, the Company will announce further details.
  • During the quarter the Company acquired, through staking, an additional 16,630 hectares of land which created a contiguous land block of 69,867 hectares surrounding the La Parrilla mining operations. Several large geological anomalies are now contained within First Majestic’s land holdings. Geophysical regional exploration and mapping is currently being carried out in order to define a broad diamond drill program scheduled for 2011.

At the San Martin Mine:

  • The 2010 surface diamond drilling exploration program commenced in the second quarter. The La Esperanza vein, which runs parallel to the main Zuloaga vein, was discovered and sampled in mid 2009. The sampling returned high anomalous values of silver on surface resulting in this discovery becoming a high priority target. To date, seven holes with 2,757 metres have been completed with good results. Grades ranging from 100 g/t to greater than one kilo (1,000 g/t) have been intersected. The drilling program will continue during the fourth quarter and will be evaluated for continuation into 2011.

At the Del Toro Silver Mine:

  • Development was reinitiated during the month of September 2010. The current 1,000 metre ramp development is planned to contact the third ore body at a depth of approximately 300 metres (see news release dated October 28, 2008). The objective is to collect a bulk sample of approximately 5,000 tonnes and running this sample through the La Parrilla mill for metallurgical test work. This testing will allow the fine tuning and design of the final flow chart for a new flotation plant anticipated to commence construction in 2011. Bulk sampling and development will also determine the most optimal mine exploitation method. As indicated in previous news releases all permits for the construction of a new plant at Del Toro have been approved.

Mr. Keith Neumeyer, President and CEO stated: “First Majestic’s operations are exceeding budgeted levels. This is a real testament to the efforts of our management and staff at all levels of our business. It’s nice to see First Majestic shine as it continues to break new records.”

Ramon Davila, Ing., M.Sc., Chief Operating Officer for First Majestic, is the Qualified Person pursuant to NI 43-101 who reviewed this news release and oversees the mining operations.

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 corporate growth objectives.

FIRST MAJESTIC SILVER CORP.

Keith Neumeyer, President & CEO

Source: Company website

Press Release: Minera Andes Announces Discovery of 5 Kilometres of New High-Grade Gold/Silver Veins at San José Mine

TORONTO, ON – October 7, 2010 – Minera Andes Inc. (the “Corporation” or “Minera Andes”) (TSX: MAI and US OTC: MNEAF) is pleased to announce the discovery of nine new high-grade gold/silver veins plus important extensions of two other veins, which together total more than five kilometres in strike length. The discoveries represent significant exploration progress at San José where the total strike length of all the previously known veins totalled approximately 17 kilometres. The new veins are located primarily between the Kospi and Frea veins, and can be accessed from existing mine workings (see Exhibit 1).

Rob McEwen, Chairman and CEO of Minera Andes, said:

“We are very excited by the discovery of the new veins at the San José mine. The drilling results demonstrate that the area in and around the San José mine is extremely prospective, and we anticipate these new veins will significantly extend the mine life. Recent events such as the $3.6 billion bid for Andean’s nearby Cerro Negro property highlight the world class potential of this emerging gold/silver district.”

Selected assay results for three of the most promising new veins are shown below. The complete assay results for the new veins and vein extensions are provided in Exhibit 2. All of the drilling reported in this press release was completed during 2010. The assays reported below and in Exhibit 2 were analyzed by Alex Stewart Argentina SA laboratory in Mendoza, Argentina, and received up until August 25th 2010. The widths shown below are true widths (normal to the dip of the vein). Longitudinal sections of the new veins and extensions are provided in Exhibit 3.

  • Micaela Vein – 1,380 meter strike length, cut by 36 diamond drill holes.
    • Hole SJD-708 – 2.45 m (meters) at 8.33 g/t (grams/tonne) Au and 1,484 g/t Ag
    • Hole SJD-786 – 1.09 m at 33.50 g/t Au and 2752 g/t Ag
    • Hole SJD-807 – 0.53 m at 31.02 g/t Au and 629 g/t Ag
  • Sofía Vein – 600 meter strike length, cut by 20 diamond drill holes.
    • Hole SJD-477 – 1.52 m at 7.71 g/t Au and 885 g/t Ag
    • Hole SJD-486 – 10.13 m at 14.96 g/t Au and 1096 g/t Ag
    • Hole SJD-491 – 5.45 m at 13.54 g/t Au and 206 g/t Ag
    • Hole SJD-726 – 1.72 m at 10.94 g/t Au and 1255 g/t Ag
  • Antonella Vein – 870 meter strike length, cut by 13 diamond drill holes.
    • Hole SJD-524 – 5.30 m at 13.43 g/t Au and 199 g/t Ag

The following table provides a summary of new veins and extensions, the number of drill holes used to define the veins and the strike length of each. Complete assay data is provided in Exhibit 2.

Vein Number of
Holes
Strike Length
(meters)
Micaela 36 1380
Sofía 20 600
Antonella 13 870
Dos Lauras 11 400
Ayelén Extension 12 580
Marta 15 510
Ramal Frea 450 Extension 17 430
Shala 4 134
Pacha 7 180
Mara 5 150
Hera 8 235

The discoveries are a direct result of a significant increase in the exploration effort at San José compared to previous years. From the start of 2010 through September 25, 2010, a total of 47,431 meters have been completed in 233 diamond core holes, nearly double the drilling undertaken in 2009. The success of the current drilling is in large part a result of extensive surface geophysical surveys conducted during 2009 and 2010 that led to the development of the targets drilled this year. The geophysics consisted of 181 line-kilometres of induced polarity (“IP”)/resistivity, 55 line-kilometres of magnetics and 11 line-kilometres of pole-dipole IP. An updated 43-101 Report scheduled to be completed in the near future is being prepared that will contain full details of the 2010 and 2009 drilling.

A significant portion of the property continues to be open at depth and laterally. The discovery of the Micaela-Sofía vein system, which trends approximately east-west, is especially important because its orientation is different from the typical northwest trend of all the other veins at San José. The discovery of this system, which does not outcrop, will be used as an exploration guide to open up new exploration opportunities on the property. In addition, exploration drilling is continuing to expand resources in the known veins, including Ayelén and Odin, and exploration is also continuing in other areas of the property, such as the Saavedra and Aguas Vivas targets.

The Mineral Reserves and Resources for the San José mine as at December 31, 2009 were audited by P&E Mining Consultants and reported in the Corporation’s 2009 Annual Report (AIF), and are given in the following table.

Resource Category Tonnes Ag g/t Au g/t AgEq g/t AgEq M oz
Measured 692,000 527 9.11 1,074 23.86
Indicated 1,953,000 463 6.78 870 54.60
Meas. + Ind. 2,645,000 480 7.39 923 78.46
Inferred 2,002,000 310 4.98 609 39.20
Reserve Category Tonnes Ag g/t Au g/t AgEq g/t AgEq M oz
Proven 618,000 457 7.66 917 18.21
Probable 902,000 452 7.09 877 25.44
Prov. + Prob. 1,520,000 454 7.32 893 43.67

None of the new veins are included in the December 31, 2009 resource or reserve estimate. An updated 43-101 Technical Report to be completed in the near future will include updated resource estimates including the new veins.

About Minera Andes Minera Andes is an exploration company exploring for gold, silver and copper in Argentina with three significant assets: A 49% interest in Minera Santa Cruz SA, owner of the San José Mine in close proximity to Andean Resources’ Cerro Negro project; 100% ownership of the Los Azules copper deposit with an inferred mineral resource of 10.3 billion pounds of copper and an indicated resource of 2.2 billion pounds of copper; and, 100% ownership of a portfolio of exploration properties bordering Andean’s Cerro Negro project in Santa Cruz Province. The Corporation had $8 million USD in cash as at June 30th 2010 with no bank debt. Rob McEwen, Chairman and CEO, owns 33% of the company.

About Minera Santa Cruz Minera Santa Cruz SA is a joint venture owned 51% by Hochschild Mining Argentina, a wholly owned subsidiary of Hochschild Mining plc, and 49% by Minera Andes S.A., a wholly owned subsidiary of the Corporation. The joint venture owns and operates the San José property.

About Hochschild Mining plc Hochschild Mining plc is a leading precious metals company listed on the London Stock Exchange (HOCM.L / HOC LN) with a primary focus on the exploration, mining, processing and sale of silver and gold. Hochschild has over forty years of experience in the mining of precious metal epithermal vein deposits and currently operates four underground epithermal vein mines, three located in southern Peru, one in southern Argentina and one open pit mine in northern Mexico. Hochschild also has numerous long-term prospects throughout the Americas.

This news release has been submitted by Jim Duff, Chief Operating Officer of the Corporation. For further information, please contact Jim Duff or Daniela Ozersky or visit our Web site: www.minandes.com.

Daniela Ozersky
Manager, Investor Relations

Jim Duff
Chief Operating Officer

Source: Company website

The New Gold Standard Already Exists! How Islam Can Teach Us All.

In 2009 we already discussed the possibility of a new Bretton Woods on this site. Since then not much has happened, but if governments don’t act, people will.
Please watch this video, it is part of a documentary broadcast by the Dutch network VPRO. Back to gold and silver coins, so simple. The gold Dinar and silver Dirham are accepted widely in Indonesia. Most governments would not allow such a system to develop. But in Indonesia the government allows it (for the time being). That is because this monetary system is according to Islamic law, and the fiat currency system most counties use is not. The best part of this documentary is that “people on the street” tell you what some of the best economist of the world have already told you. How paper money is just a means for governments (a.k.a. “the rich”) to take your belongings.
“The creation of dirhams (silver) and dinars (gold) is one of the blessings of Allah.
Allah has created dirhams and dinars as judges and mediators between all commodities so all objects of wealth are measured through them.” Imam al-Ghazali