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Archive for November, 2010

Avino Samples Up to 13.95 g/t Au, 842 g/t Ag at San Gonzalo

Avino Silver and Gold Mines continuous to bring us good news. We bought Avino in July 2009 at $US0,63 using today’s intra-day high of US$2,08 this means a 230,1% gain.

Avino Press Release:

Avino Silver and Gold Mines (Avino) is pleased to report on progress from its bulk sampling program at the San Gonzalo mine northeast of Durango, Mexico.

As Avino reported in its October 13th news release, two raises were driven to connect the lower level 2 (2260m elevation) with the upper level 1 (2306m elevation). The assays from initial sampling in the eastern raise have now been received. Location of these channel samples can be viewed on Avino’s website

Line  Width(m)   AU	AG	Lead	Zinc 	Copper
		(g/T)  (g/t)    (g/t)	(g/t)	(g/t)
  1	0.75	1.112	227	4012	1772	930
  2	1.10	3.621	508	7007	4295	657
  3	1.05	2.243	384	4817	718	1263
  4	1.25	6.120	216	2563	1206	2398
(Inc.):	0.80	1.715	222.2	1828	1014	292
	0.45	13.95	203.7	3870	1548	6141
  5	1.15	2.221	380	5712	1330	1689
(Inc.):	0.65	1.899	93.4	182	266	153
	0.50	2.639	752.2	12900	2714	3685
  6	1.25	1.436	260	3921	1925	852
  7	1.30	1.391	727	5667	1305	448
(inc.):	0.75	1.608	728.9	2122	1384	538
	0.55	1.095	724.9	10500	1198	326
  8	1.15	0.670	313	1656	1339	667
9	1.10	1.413	344	4322	904	1394
10	1.25	2.078	276	12255	1762	891
11	1.60	1.077	315	2339	482	815
12	1.30	3.642	514	5893	698	745
(inc.):	0.60	2.74	672.6	10600	1120	1352
	0.70	4.416	378.5	1859	337	225
13	1.35	1.698	707	3323	610	372
14	1.65	1.493	422	4202	896	258
(inc.):	0.60	2.644	242.6	8349	1267	411
	0.50	1.181	842.1	2328	862	214
	0.55	0.52	234.7	1382	522	132
15	1.10	1.518	588	2304	610	173
(inc.):	0.55	1.895	845.7	3570	914	253
	0.55	1.14	329.9	1037	306	93
16	1.60	1.122	366	3234	824	334
 17	1.30	4.030	171	10609	633	509
(inc.):	0.65	6.852	98.6	20000	855	845
	0.65	1.207	243.2	1218	410	172
18	1.25	1.769	224	12334	1161	1091
Avg:	1.25	2.135	389	5313	1197	831

(The full sampling results can be viewed on Avino’s website )

Samples are from channels cut across the San Gonzalo 1 vein. The samples were assayed by Inspectorate Labs. Samples were crushed and ground in Durango with pulps assayed in Richmond BC using fire assay and AA finish for gold, four acid digestion and AA for most silver with fire assay and gravimetric finish for very high silver, Aqua Regia digestion and ICP for base metals.

Avino’s mine staff report that approximately 2000 tonnes of mineralized vein rock have been broken from stope 2-140 so far, which is calculated to grade 1.9g/t gold and 340 g/t silver.

This compares well with the originally inferred resource (Orequest August 31, 2009 43101 compliant report) which estimated 444,250 tonnes at San Gonzalo grading 2.61 g/t gold, 322 g/t silver, 1% lead and 1.5% zinc.

Avino’s mill has now completed processing the stockpiled copper ore from the original mining operation on the ET zone and will now undergo a two week maintenance upgrade prior to starting milling of the San Gonzalo material.

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.

For more information on the San Gonzalo project, visit the Company’s website at www.avino.com

ON BEHALF OF THE BOARD

“David Wolfin”
______________________________
David Wolfin
President & CEO

Source: Company website

First Majestic: Another Record Quarter of Earnings and Cash Flows

The number one winner in our portfolio so far is announcing yet another record quarter! We are proud to have First Majestic in our portfolio. Bought in September 2009 @ CAD$2,66 this means a 343.2% gain! Using today’s intra-day’s high of CAD$ 11,79 ; At the moment of this post down to CAD$ 10,17 (largely the result of the lower silver intra-day, not a surprise…); We will keep First Majestic in our portfolio, and are confident that their strong management will keep us giving these  wonderful results. The fact that the company is now debt free, and has a lot of cash on hand, means they are probably silently shopping around to see if there is a silver junior they can take over. This company makes us hope this gold/silver correction of today continuous into the week, so we might consider to announce a buy alert for this company, and buy some more stock for ourselves.

First Majestic Press Release:

FIRST MAJESTIC SILVER CORP. (FR-T) (the “Company” or “First Majestic”) is pleased to announce the unaudited financial results for the Company’s third quarter ending September 30, 2010. The full version of the financial statements and the management’s discussion and analysis can be viewed on the Company’s web site at www.firstmajestic.com or on SEDAR at www.sedar.com.

Third Quarter 2010 Highlights ($CAD) Change from Q3-2009
Gross Revenue $36.1 million Up 114%
Net Revenue $33.5 million Up 144%
Mine Operating Earnings $16.9 million Up 307%
Net Income after Taxes $10.3 million Up 458%
Cash Flow Per Share (non-GAAP measure) $0.17 per share Up 279%
Earnings Per Share – basic $0.11 per share Up 450%
Silver Ounces Produced (excluding equivalent ounces of gold and lead) 1,823,370 ounces Ag Up 95%
Silver Equivalent Production 1,920,498 eq. oz. Up 76%
Silver Equivalent Ounces Sold 1,869,393 eq. oz. Up 84%
Total Cash Costs per Ounce US$ 7.42 Down 14%
Direct Cash Costs per Ounce US$ 5.79 Up 4%
Average Revenue per Ounce sold US$ 18.57 Up 23%
Cash and Cash Equivalents (as at Sept 30 th) $25.5 million Up $19.6 million


Results of Operations

Consolidated gross revenue (prior to smelting & refining charges, and metal deductions) for the quarter ended September 30, 2010 increased 114% to $36.1 million (US$34.7 million) compared to $16.8 million (US$15.4 million) for the quarter ended September 30, 2009, for an increase of $19.2 million. Compared to the second quarter ended June 30, 2010, consolidated gross revenue increased by $4.3 million or 13%. The increase in revenues in the third quarter of 2010 is primarily attributable to a 15% increase in silver ounces sold compared to the previous quarter. The increase in ounces sold is due to increased production from the plant at the La Encantada Silver Mine as well as from improving operating levels at the La Parrilla Silver Mine which combined to contribute a 95% increase in silver production when compared to the third quarter of 2009.

Net sales revenue (after smelting and refining charges and metals deductions) for the quarter ended September 30, 2010 was $33.5 million, an increase of 144% compared to $13.7 million for the third quarter of 2009. Net sales revenue for the quarter ended September 30, 2010 increased by 16% compared to $29.0 million in the second quarter of 2010. Smelting and refining charges and metal deductions decreased to 7% of gross revenue in the third quarter of 2010 compared to 19%of gross revenue in the third quarter of 2009, due to a shift in the production mix toward silver doré which is a benefit from the new cyanidation plant at La Encantada. Average smelting charges for doré in the third quarter of 2010 were US$0.39 per silver ounce as compared to US$3.84 per silver ounce for concentrates.

Net income after taxes was $10.3 million in the third quarter of 2010 resulting in basic earnings per common share (“EPS”) of $0.11, compared to a net income in the third quarter of 2009 of $1.8 million or an EPS of $0.02. Net income for the third quarter of 2010 was after taking a non-cash future income tax provision of $3.5 million or $0.04 per share and a foreign exchange loss (due to a stronger Peso) which increased by $1.0 million or $0.01 per share over the previous quarter, when net income after taxes was $8.9 million and basic EPS was $0.10.

Mine operating earnings for the third quarter of 2010 increased by 307% to $16.9 million, compared to mine operating earnings of $4.1 million for the third quarter of 2009, and are associated with an increase in net revenue during the third quarter of 2010. When compared to the second quarter of 2010, mine operating earnings increased by 29% from $13.1 million to $16.9 million.

Operating income increased by 617%, or $11.8 million, to $13.8 million for the quarter ended September 30, 2010, from $1.9 million for the quarter ended September 30, 2009, due to the 84% increase in ounces sold and the 23% increase in average US$ revenue per ounce of silver sold. When compared to the second quarter of 2010, operating income increased by 38% from $10.0 million to $13.8 million.

Production of silver, excluding any equivalents from gold, lead or zinc, increased 95% compared to the third quarter of 2009. The Company produced 1,823,370 ounces of silver in the current quarter, 1,538,798 ounces of silver in prior quarter and 935,996 ounces in the third quarter of 2009. In the current quarter, 95% of First Majestic’s revenue resulted from the sale of pure silver making it the purest silver producer relative to its peers.

Total silver equivalents production for the third quarter of 2010 increased 76% from the same quarter of the prior year and 16% from the prior quarter to 1,920,498 ounces of silver equivalents consisting of 1,823,370 ounces of silver, 323 ounces of gold, 1,248,086 pounds of lead and 228,517 pounds of zinc. This compares to the 1,089,481 ounces of silver equivalents produced in the third quarter of 2009, which consisted of 935,996 ounces of silver, 732 ounces of gold, 1,690,354 pounds of lead, and 8,913 pounds of zinc and compares with production in the previous quarter of 1,656,165 ounces of silver equivalents consisting of 1,538,798 ounces of silver, 541 ounces of gold and 1,494,548 pounds of lead.
In the third quarter of 2010, the Company sold 1,869,393 ounces of silver equivalent at an average price of $19.30 per ounce (US$18.57) compared to 1,018,417 ounces in the third quarter of 2009 at an average price of $16.54 per ounce (US$15.07), representing an increase of 84% in shipments over the same quarter in 2009 and a 15% increase over the preceding quarter. The average trading price for silver in the third quarter was US$18.96.

The new La Encantada cyanidation plant achieved average throughput of 3,477 tonnes per day in the third quarter compared to 2,900 tonnes per day in the second quarter. The La Encantada plant produces silver doré bars which are 93-97% silver with small amounts of lead, gold and other metals making up the balance of the contents in these bars. The economic differences between doré and concentrate production are significant and are beginning to reflect in improved financial numbers. The economics of switching from concentrate production to doré production resulted in a 56% savings of smelting and refining costs per silver ounce for consolidated operations in the third quarter of 2010 compared to the third quarter of 2009.

Total cash costs per ounce (including smelting, refining, metal deductions, transportation and other selling costs, and byproduct credits, which is a non-GAAP measure) for the third quarter of 2010 was US$7.42 per ounce of silver compared to US$8.64 per ounce of silver in the third quarter of 2009 and US$8.20 per ounce in the second quarter of 2010. The cost decrease was attributed to reduced smelting & refining costs (US$1.34 per ounce this quarter versus US$3.08 per ounce for the same quarter last year) related to the converting the production at La Encantada plant to doré production instead of concentrate production.

On a year to date basis, the Company’s cash position has increased by $19.6 million to $25.5 million at the end of the third quarter, and working capital increased by $19.3 million to $24.1 million over the same period. The Company achieved these increases while also investing $11.6 million in plant and equipment and $10.0 million in its mineral properties. In addition, in September and October the Company repaid in advance 100% of the $4.1 million balance of the FIFOMI loans outstanding leaving the Company debt free, excluding the small prepayment facility and capital leases.

In Summary

First Majestic has delivered another quarter of strong operating results thanks to the additional production, earnings and cash flow from operations including the new plant at the La Encantada Silver Mine, which have also come at a time when there’s been a significant increase in the price of silver, which combined, have had an extremely positive impact on the Company’s balance sheet on a year to date basis.

“These are clearly very exciting times in the silver commodity markets and a very exciting time for the Company to be reaping the rewards of over six years of hard work, and which have delivered increased capacities into a very buoyant market. We will continue to focus on the fundamentals of minimizing cash costs and increasing production as we grow First Majestic into a senior silver producer” commented Keith Neumeyer, President and CEO of First Majestic.

First Majestic is a producing silver company focused in México and is aggressively pursuing its business plan of becoming a senior silver producer through the development of its existing mineral property assets and the pursuit through acquisition of additional mineral assets which contribute to the Company achieving its aggressive corporate growth objectives.

FOR FURTHER INFORMATION contact info@firstmajestic.com, visit our website atwww.firstmajestic.com or call our toll free number 1.866.529.2807.

FIRST MAJESTIC SILVER CORP.
“signed”
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.


Source:


Copyright © 2010 FIRST MAJESTIC SILVER CORP. (TSX: FR) All rights reserved. For more information visit our website at http://www.firstmajestic.com/ or send email to investor@firstmajestic.com .


Silver Wheaton Reports Record Quarterly Earnings – Buy Alert!

This company has been our favourite since we started our website, it was our second gold/silver buy (first was International Royalty Company, sold at a 101,4% profit right before it was taken over by Royal Gold). It has been the backbone of our portfolio, and we expect it to be so for years to come.
We bought Silver Wheaton in June 2009 @ US$9,95 and in March 2010 @ US$14,95
Just in July of this year we issued a buy alert on Silver Wheaton to buy below $US 19,95
Using today’s intra-day high of $US37,20 this means respectively up 273,8% ; up 148,8% and up 86,4%
These results are slightly below our expectations, but because of logistical reasons within the company, and record breaking silver prices we expect a whopping fourth quarter.
The gold/silver ratio we continue to fall. With the influx of more investors searching an inflation hedge and gold getting very expensive, silver will get more attention. It just feels better if you can buy almost 50 grams of silver instead of one gram of gold.
Before the quarterly results were released yesterday, we issued another buy alert to our newsletter subscribers to buy below US$ 34,00 ; price target: US$ 52,00

Do you want to be the first to know next time? Subscribe to our free newsletter now!

Press Release from Silver Wheaton:

VANCOUVER, Nov. 8 /CNW/ – Silver Wheaton Corp. (“Silver Wheaton” or the “Company”) (TSX, NYSE:SLW) is pleased to announce its unaudited results for the third quarter ended September 30, 2010.

THIRD QUARTER HIGHLIGHTS
————————————————————————-
– Net earnings more than doubled to a record US$69.2 million (US$0.20
per share), compared with US$33.6 million (US$0.11 per share) in
2009.

– Operating cash flows increased 55% to US$70.5 million (US$0.20 per
share)(1), compared with US$45.4 million (US$0.14 per share)(1) in
2009.

– Record attributable silver equivalent production of 5.9 million
ounces (5.5 million ounces of silver and 7,000 ounces of gold),
representing an increase of 41% over the comparable period in 2009.

– Silver equivalent sales of 4.7 million ounces (4.3 million ounces of
silver and 7,100 ounces of gold), lagging production for the quarter
due primarily to the build-up of concentrate inventory as the
Penasquito mine ramps up production, as well as timing of concentrate
shipments from the Yauliyacu and Campo Morado mines.

– As at September 30, 2010, approximately 2.2 million payable silver
equivalent ounces attributable to the Company have been produced at
the various mines and will be recognized in future sales as they are
delivered to the Company under the terms of their contracts.

– Total cash costs(1) of US$4.09 per silver equivalent ounce, compared
with US$4.08 per ounce in 2009.

– Cash operating margin(1) increased 42% compared to 2009, to a record
US$15.72 per silver equivalent ounce, while average silver prices
over the same period increased by 29%.

– Goldcorp Inc. announced that its world-class gold-silver-lead-zinc
Penasquito mine achieved commercial production during the quarter
with peak throughput rates as high as 105,000 tonnes per day. The
ramp up to full production capacity of 130,000 tonnes per day is
anticipated by early 2011. Annual production attributable to Silver
Wheaton from the mine is expected to average approximately 7 million
ounces of silver over the estimated 22 year mine life.

– Barrick Gold Corp.’s world-class gold-silver Pascua-Lama project
remains on track to enter production in the first quarter of 2013,
with detailed engineering and procurement nearing completion and
earthworks underway. Once in production, Pascua-Lama is forecast to
be one of the largest and lowest cost gold mines in the world with an
expected mine life in excess of 25 years. In its first five years of
operation, Silver Wheaton’s attributable silver production is
expected to average 9 million ounces annually.

– Goldcorp completed the sale of the San Dimas mine to Primero Mining
Corp. In conjunction with the sale, Silver Wheaton amended its silver
purchase agreement relating to the mine. The term of the silver
purchase agreement, which was set to expire in 2029, has been
extended to life of mine. During the first four years following
closing of the transaction, Primero will deliver to Silver Wheaton a
per annum amount equal to the first 3.5 million ounces of payable
silver produced at San Dimas and 50% of any excess, plus Silver
Wheaton will receive an additional 1.5 million ounces of silver per
annum to be delivered by Goldcorp. Beginning in the fifth year after
closing, Primero will deliver to the Company a per annum amount equal
to the first 6 million ounces of payable silver produced at San Dimas
and 50% of any excess. Goldcorp will continue to guarantee the
delivery by Primero of all silver produced and owing to the Company
until 2029, and a payment of US$0.50 per ounce for any shortfall
below 215 million cumulative silver ounces delivered to Silver
Wheaton by the end of 2031. Primero has provided Silver Wheaton with
a right of first refusal on any metal stream or similar transaction
it enters into.

———————-
(1) Refer to discussion on non-GAAP measures at the end of this press
release.

“Silver Wheaton had record production in the quarter, anchored by the continued successful ramp up of one of our cornerstone growth assets, Goldcorp’s world-class Penasquito mine in Mexico,” said Peter Barnes, Chief Executive Officer of Silver Wheaton. “Penasquito reached commercial production during the quarter and expects to achieve full production capacity in early 2011, in what promises to be another year of significant production growth for Silver Wheaton.”

“While quarterly sales were lower than production, due in part to the build-up of concentrate inventory as Penasquito ramps up production, as well as the timing of shipments from the Yauliyacu and Campo Morado mines, we still achieved record earnings. Increased shipments in the fourth quarter are expected to make up for the sales shortfall and we remain on track to meet production guidance of 23.5 million silver equivalent ounces in 2010, growing to approximately 40 million ounces by 2013.”

“In an environment of continued economic uncertainty, investment demand for silver remains very strong, and silver prices approached 30 year highs in the quarter. This resulted in record cash operating margins of US$15.72 per ounce, generating strong free cash flows to fund future growth.”

“Lastly, during the quarter, Goldcorp finalized the sale of its San Dimas mine to Primero Mining, an emerging mid-tier gold producer. In conjunction with this, Silver Wheaton amended its silver purchase agreement, which continues to provide Silver Wheaton with a Goldcorp guarantee, extends the agreement from a fixed term to life-of-mine and, most importantly, incentivizes Primero Mining to increase silver production at this high-quality, low-cost, mine. San Dimas remains a key asset within our portfolio and we are confident that the amended silver purchase agreement will create additional long term value for our stakeholders.”

This earnings release should be read in conjunction with Silver Wheaton’s unaudited MD&A and Financial Statements, which are available on the Company’s website at www.silverwheaton.com and have been posted on SEDAR at www.sedar.com.

A conference call will be held Tuesday, November 9, 2010, starting at 11:00 am (Eastern Time) to discuss these results. To participate in the live call use one of the following methods:

Dial toll free from Canada or the US: 1-888-231-8191
Dial from outside Canada or the US: 1-647-427-7450
Pass code: 15809030
Live audio webcast: www.silverwheaton.com

Participants should dial in five to ten minutes before the call.

The conference call will be recorded and you can listen to an archive of the call by one of the following methods:

Dial toll free from Canada or the US: 1-800-642-1687
Dial from outside Canada or the US: 1-416-849-0833
Pass code: 15809030
Archived audio webcast: www.silverwheaton.com

About Silver Wheaton

Silver Wheaton is the largest silver streaming company in the world. Forecast 2010 production, based upon its current agreements, is 22.0 million ounces of silver and 28,000 ounces of gold, for total production of 23.5 million silver equivalent ounces. By 2013, annual production is anticipated to increase significantly to approximately 40 million silver equivalent ounces. This growth is driven by the Company’s portfolio of world-class assets, including silver streams on Goldcorp’s Penasquito mine and Barrick’s Pascua-Lama project.

World Bank Chief Surprises With Gold Proposal

Read this Reuters article about a new Bretton Woods like system

An article about this possibility appeared on this website in September 2009

Breaking News: Great Panther Expands High Grade Silver-Gold-Lead-Zinc Mineralization with Surface Drilling and Underground Development at Topia Mine

HUGE news from Great Panther, stocks hits CAD$ 1,85 (up 19%), of course  gold hitting $1400 today at yet another all-time high, also helped.

We picked Great Panther in September 2009 and bought @ CAD$ 0,84 ; at the intra-day high of CAD$ 1,85 this means a 120% gain!

Press Release:

GREAT PANTHER SILVER LIMITED (TSX: GPR; the “Company”) is pleased to report final results from the recently completed 8,815.4 metre (expanded from the initial 6,000 metre) surface drill program on the Topia mine veins. The drilling was extremely successful and will guide mine development to continue to expand silver production from the San Gregorio, Recompensa, and Cantarranas (Hormiguera mine) veins plus enable new production to be added from veins where no mining is currently taking place. Drilling on the recently acquired La Prieta property proved the potential for this to be an additional mine for the Topia operations, with high silver values in the three drill holes of up to 2,500g/t over 0.25 metres. There were also several significant intercepts of other veins that are not currently being mined, including the Higuera vein (close to the San Gregorio vein), and the western portion of the Oliva vein (close to the Recompensa vein). Highlights are reported in the table below, while plan and longitudinal maps are located on the Company website at www.greatpanther.com.

In addition, mine development on the Cantarranas vein at the Hormiguera Mine has encountered 161 metres of strike length with an average width of 0.19 metres grading 1,403g/t silver, 0.88g/t gold, 2.02% lead, and 7.76% zinc. At Mina 7, on the San Gregorio vein, development is ongoing eastward, with 90 metres of strike length on the vein, with an average width of 0.43 metres grading 1,436g/t silver, 0.53g/t gold, 7.26% lead, and 12.23% zinc. Sub-level development and stoping is ongoing in both areas.

Mineral resource/reserve estimations have commenced on all viable areas with the completion of the surface drilling. Added mineral resource/reserve will play an important role in the Company’s plans to increase production 20% per year from 2010 to 2012. The Company anticipates mineral resource/reserve estimates from 11 Topia area mines and exploration zones by late November 2010.

The recent surface drilling successfully tested the eastern extension of the La Prieta vein structure, as the vein was intersected approximately 300m east of the old workings, in drill hole ST10-151, and returned 0.50 metres grading 858g/t silver, 0.89g/t gold, 1.44g/t lead, and 2.03% zinc. In fill-in hole ST10-150, the La Prieta vein appears to fork, with the upper intersection assaying 2,400g/t silver, 2.18g/t gold, 1.75% lead, and 6.33% zinc across 0.25 metres and the lower intersection returning 565g/t silver, 1.42g/t gold, 0.59% lead and 1.17% zinc over 0.20 metres. As such, the La Prieta vein is open to the east, and may connect with the Australia vein system located approximately two kilometres eastward. These encouraging results will assist in the preparation of a mine plan for the La Prieta structure.

Drilling along the San Gregorio vein was focused on testing the structure between the San Gregorio/Mina 7 mining area and the Durangueno mining area. Surface drill holes ST10-147 and 148 intersected multiple structures including the well mineralized La Higuera vein, five intermediate breccia zones and then the San Gregorio barite-quartz vein structure across approximately 50 metres north to south. The La Higuera intersections, from drill hole ST10-148, include 777g/t silver, 0.09g/t gold, 2.77% lead, and 8.61% zinc over 1.20 metres. The intermediate breccia structures in the same hole include 363g/t silver, 0.43g/t gold, 2.09% lead, and 9.92% zinc over 0.50 metres and 617g/t silver, 0.19g/t gold, 0.35% lead, and 2.24% zinc over 0.35 metres. The San Gregorio structure, although well developed, returned sub-economic grades. These two initial drill holes open up the potential for mine development of the La Higuera vein and the multiple intermediate zones between it and the San Gregorio structure, along 500-600 metres of strike.

The gold-rich Recompensa vein, along with a footwall “intermediate” zone and the Oliva vein were tested using a “man portable” drill from sites at Recompensa. The drilling focused above the 1212 level and consisted of drill holes ST10-141 to 146. Highlights from the Recompensa vein include ST10-146 which intersected 0.25 metres assaying 229g/t silver, 16.5g/t gold, 1.53% lead, and 7.05% zinc. Some bonanza silver grades were intersected, albeit over narrow widths, including 0.15 metres of the Recompensa vein in ST10-145 which assayed 5,000g/t silver, 2.45g/t gold, 5.43% lead, and 3.12% zinc. Drill holes ST10-141 and 142 were drilled to test the base of the Recompensa vein mineralized horizon and both were drilled too deep and intersected non-economic grades.

The Recompensa vein footwall “intermediate” vein also intersected some excellent grades, with ST10-143 intersecting 0.30 metres assaying 1,230g/t silver, 4.14g/t gold, 5.41% lead, and 7.82% zinc, and ST10-145 intersecting 0.12 metres assaying 6,610g/t silver, 7.88g/t gold, 7.49% lead, and 18.2% zinc.

The Oliva vein (west) was intersected in the drilling at Recompensa and also 400 metres to the east following up on some detailed surface sampling of old adits and trenches. In the Recompensa area, the Oliva vein is approximately 60 metres into the footwall (north) of Recompensa vein. Due to drilling conditions only two of the six recent drill holes went far enough north to intersect the Oliva vein. A highlight includes ST10-143 which intersected 0.20 metres grading 1,400g/t silver, 0.16g/t gold, 0.73% lead, and 0.03% zinc. From the drilling completed 400 metres east (drill holes ST10-137 and 138), ST10-137 intersected 0.23 metres grading 1,200g/t silver, 1.8g/t gold, 3.62% lead, and 7.07% zinc. Further exploration along the three kilometre long Oliva vein is warranted as it now appears that sulfide rich high grade intersections are found beneath upper near-barren quartz vein (typical of the Oliva vein surface expression). Mine development of the intermediate and Oliva veins from the Recompensa mine is being considered.

Four additional holes were drilled into the Cantarranas vein, two approximately 40 metres below the Hormiguera production (ST10-154 and 155), and two (ST10-135 and 136) east of a major normal fault located at the east face of the Hormiguera development. The best results for the former holes include 0.40 metres in ST10-155 grading 426g/t silver, 0.28g/t gold, 0.75% lead and 1.27% zinc. The latter two holes were drilled below the base of the epithermal productive horizon with non-economic results. Excellent potential still lies eastward and at higher elevations on the Cantarranas vein, as attested to by the Company’s 2004 drilling and previous mine exploitation. While the above holes were drilled to guide mine development, further exploratory drilling is planned several hundred metres east to test the vein continuity along strike.

Overall, the surface drilling program at Topia has been extremely successful in providing guidance for increased mine development and in demonstrating the continuity of silver-gold-lead-zinc mineralization that will make a significant addition to the resource base and extend the mine life at Topia.

Robert F. Brown, P Eng. and Vice President of Exploration for the Company is the Qualified Person for the Topia 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. All surface drill core was assayed at the Company’s assay lab in Guanajuato, independently managed by SGS. 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 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

Gold And Silver Hit Record Highs: Update On Our Portfolio

Today a fresh all-time high was set for gold at $1399,40 and silver hit another multi decade high at $26,95

How is our portfolio doing? In 2009 we bought:

Avino Silver and Gold Mines Ltd. up 219%

First Majestic Silver Corp. up 274%

Great Panther Silver Ltd. up 85%

Minera Andes Inc. up 176%

Silver Wheaton up 231% and in 2010 we bought:

Seabridge Gold Inc. up 6%

Rubicon Minerals up 18%

Not a bad result so far we think. What to expect? Expect lots of volatility and a continuing bull market. We think gold will hit $1400 in the beginning of next week, and silver will break trough $27,00 Before we enter 2011 we see gold going as high as $1500 – $1550 When that major psychological barrier is near we might even see more volatility than last day’s. A passage of the $1500 mark can result in so much selling pressure, that daily gains or losses could surpass $100 It might take till the summer for prices to settle near the $1400 level again.  Than we have to wait till fall again to gain much, much more. Silver gains will continue to outperform gold. If you are planning to invest in gold or silver wait till gold has surpassed the $ 1400 mark, then selling pressure will push gold back to $1320 – $1350 and the perfect buying moment has come.

Rubicon to Prepare Initial NI 43-101 Resource Estimate for the F2 Gold System, Red Lake, Ontario

TORONTO, Nov. 2 /CNW/ – Rubicon Minerals Corporation (RMX:TSX: | RBY:NYSE-AMEX) is pleased to announce that, pursuant to the recommendations in its recent NI 43 – 101 technical report filed on September 27, 2010, it has retained Geoex Limited. (“Geoex”) to prepare an initial NI 43-101 resource estimate for its F2 Gold System, part of its 100%-owned Phoenix Gold Project, located in the heart of the prolific Red Lake Gold Camp. The resource estimate is expected to be completed on or before the end of November, 2010 and will be based on 161,000 metres of diamond drilling conducted up to July 31, 2010. Accordingly, it will not include approximately 29,000 metres of drilling completed since that date (total of 190,000m drilled to date).

The initial resource estimate is expected to focus on the Company’s F2 Gold System ’9X’ target area as well as outlining an estimate of exploration target potential within the area of the F2 Gold System.

Geoex has over 40 years experience in similar gold systems including a recent NI 43-101 resource report on the Rice Lake belt assets of San Gold Resources. Geoex also has relevant experience in Red Lake and was retained by Gold Eagle Mines Ltd. in 2008 to prepare an estimate of the geological potential of the Bruce Channel gold deposit. Gold Eagle Mines Ltd. was subsequently acquired by Goldcorp Inc. in late 2008.

“Since discovering the F2 Gold System in 2008, our approach has been to aggressively explore in order to test what we believe to be a large gold mineralizing system. This initial resource will allow us to evaluate the success of that program in areas where sufficient drilling has being carried out and also to assess further gold potential of other parts of the F2 Gold System. Our underground development is advancing on schedule, and our first cross cut is in progress, guided by ongoing delineation drilling.” stated David Adamson, President and CEO.

Rubicon Minerals Corporation (“Rubicon”) is a well-funded exploration and development company, focused on exploring and developing its high-grade gold discovery at its Phoenix Gold project in Red Lake, Ontario. Rubicon controls over 65,000 acres of prime exploration ground in the prolific Red Lake gold district of Ontario which hosts Goldcorp’s high-grade, world class Red Lake Gold Mine. In addition to its Red Lake holdings, Rubicon also controls over 380,000 acres surrounding the Pogo Mine in Alaska as well as 225,000 acres in northeast Nevada.

RUBICON MINERALS CORPORATION
“David W. Adamson”
President & CEO

Source: Company website

Press Release: Iron Cap Emerges As 4th Major Deposit At Seabridge Gold’s KSM Project

Toronto, Canada – An initial assessment of drill data and mine planning from KSM’s new Iron Cap zone suggests that (i) a significant minerals reserve can be expected from the Iron Cap zone in a new Preliminary Feasibility Study (“PFS”) scheduled for completion next April; (ii) these additions to reserves, immediately adjacent to the Mitchell zone, could support a significant increase in annual production; and (iii) a potential expansion in mine size should substantially improve project economics.

Seabridge President Rudi Fronk said that “we have now completed 41 core holes and supporting engineering work at Iron Cap. We have concluded that Iron Cap could make a substantial increase to KSM reserves. We are therefore examining a redesign of the KSM project for a graduated increase in throughput to 180,000 tonnes per day, a 50% increase from the PFS released on March 31, 2010. In our view, the grade, continuity, metallurgy and location of the Iron Cap zone should enable us to achieve this production expansion over time while substantially improving projected internal rates of returns and net asset values. As a result, we now expect to submit our Environmental Assessment Application following completion of a new PFS in April 2011.”

Since 2008, KSM has been following the same harmonized Federal/Provincial environmental assessment process which yesterday resulted in the approval of the nearby Mt Milligan gold-copper project by the Government of Canada. After two rounds of public consultation on KSM undertaken by the Federal Government, no significant concerns have been raised and Seabridge is therefore confident that KSM, like other well designed projects, will be approved on its technical merits.

In July 2010, Seabridge released the results of its first eight core holes drilled at Iron Cap (see News Release dated July 26, 2010). Based on these promising results and five previous drill holes, Seabridge expanded the Iron Cap drill program in an effort to define a measured and indicated resource which could be converted to reserves. An additional 33 holes totaling 12,200 meters were drilled this season (see attached map for hole locations). Results of these holes will be announced shortly.

The 100% owned KSM project, located near Stewart, British Columbia, Canada, is one of the world’s largest undeveloped gold/copper projects. Proven and probable reserves for the KSM project (see news release dated March 31, 2010 for details) using a gold price of US$850 per ounce and a copper price of US$2.25 per pound are as follows:

KSM Proven & Probable Reserves

Exploration activities at KSM are being conducted by Seabridge personnel under the supervision of William E. Threlkeld, Senior Vice President of Seabridge and a Qualified Person as defined by National Instrument 43-101. Mr. Threlkeld has reviewed and approved this news release. An ongoing and rigorous quality control/quality assurance protocol is being employed during the 2010 program including blank and reference standards in every batch of assays. Cross-check analyses are being conducted at a second external laboratory on 10% of the samples. Samples are being assayed at Eco Tech Laboratory Ltd., Kamloops, B.C., using fire assay atomic adsorption methods for gold and total digestion ICP methods for other elements.

Seabridge holds a 100% interest in several North American gold resource projects. The Company’s principal assets are the KSM property located near Stewart, British Columbia, Canada and the Courageous Lake gold project located in Canada’s Northwest Territories. For a breakdown of Seabridge’s mineral resources by project and resource category please visit the Company’s website at http://www.seabridgegold.net/resources.php.

All reserve and resource estimates reported by the Corporation were calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission. Mineral resources which are not mineral reserves do not have demonstrated economic viability.

Source: Company Website

Press Release: Seabridge Gold To Sell Residual Noche Buena Project Interest For US$ 10.2 Million

Toronto, Canada… Seabridge Gold announced today that it has agreed to sell its remaining interest in the Noche Buena project to Minera Penmont, S. de R.L. de C.V. (“Penmont”) for US$10.12 million in cash. Closing is expected within the next 30 days. Penmont is a joint venture between Fresnillo plc. and Newmont USA Limited, a wholly owned subsidiary of Newmont Mining Corporation.

As background, in late 2008 Seabridge sold its 100% working interest in the Noche Buena project to Penmont for US$25 million in cash and a commitment by Penmont to pay Seabridge a further US$5 million upon commencement of commercial production from Noche Buena and a 1.5% net smelter royalty payable on all production from Noche Buena sold for US$800 per ounce of gold or greater. On closing of this transaction, Seabridge will no longer have any interests in the Noche Buena project.

Seabridge President and CEO Rudi Fronk said: “The cash proceeds will be used to continue advancing our core projects, KSM and Courageous Lake, towards feasibility. One of the elements of our strategy is to fund our core projects through the sale of non-core assets such as Noche Buena in order to minimize common share dilution. We hope to make further asset sales over the next several months. Our aim is to increase our proven and probable gold reserves, which now stand at 30.2 million ounces, while maintaining a low number of outstanding shares, which now totals 42.3 million fully-diluted,” he said.

Seabridge holds a 100% interest in several North American gold projects. The Company’s principal assets are the KSM property located near Stewart, British Columbia, Canada and the Courageous Lake gold project located in Canada’s Northwest Territories. KSM is one of the world’s largest undeveloped gold/copper projects. Proven and probable reserves for the KSM project (see news release dated March 31, 2010 for details) using a gold price of US$850 per ounce, a copper price of US$2.25 per pound are as follows:

KSM Probably & Probable Reserves

Exploration activities at KSM are being conducted by Seabridge personnel under the supervision of William E. Threlkeld, Senior Vice President of Seabridge and a Qualified Person as defined by National Instrument 43-101.

All reserve and resource estimates reported by the Corporation were calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
Source: Company website