Posts Tagged ‘silver’
Avino Provides Update on San Gonzalo Mining & Milling and Commences 2011 Drill Program
Avino News Release:
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Feb. 2, 2011) - Avino Silver and Gold Mines Ltd. (TSX VENTURE:ASM)(OTCBB:ASGMF)(BERLIN:GV6)(FRANKFURT:GV6) is pleased to provide the following update on mining and milling operations for the past 3 months.
The processing of surface stockpiles of copper ore to test the new mill facilities was completed in October 2010. Approximately 17,500 tonnes were treated resulting in 419 tonnes of concentrate. Recovery rates were 66% Gold, 58% Silver and 56% copper. The sale of this concentrate has been finalized with a payment of US$1,016,680.00.
In November, following the relining of the ball mill and the changeover of several conveyor belts in the crushing plant, processing of the San Gonzalo development material began with a daily treatment rate of approximately 180 tonnes per day. This rate was maintained until the development material was finished on January 14, 2011. During this period, a total of 5,896 tonnes of development ore was processed for the production of 192 tonnes of concentrate grading 11.54g/t gold, 3.617kg/t silver with minor amounts of copper, lead and zinc. Feed grade averaged 205g/t Ag and 0.78g/t Au. Plans are being formulated and plant testing will continue to determine the optimum process conditions in order to improve the recoveries.
With an inventory of approximately 200 wet tonnes of bulk concentrate, proposals are currently being sought from various interested parties for the sale of the product.
Development for the extraction of the 10,000 tonne bulk sample was completed by the mining contractor (DMG) in early January. The main Stope 2-140 has approximately 6350 tonnes ready for drawdown and there is approximately 4700 tonnes on stockpile near the crushing plant. The smaller stope to the West where a cut and fill mining method is used has the potential for additional mill feed with further development. The broken ore inventory to date will provide approximately 4 months of mill feed at the current milling rate. Plans are now in place to develop the zone to the East on level 2260 towards drill hole SG-07-33 for future mill feed. This is a wide structure with good potential.
Following a complete overhaul of Avino’s longyear 44 drill and a new drill contract for personnel and materials, Avino started its regional exploration drill program on January 27 and the first hole SG-11-01 was finished January 30th. The hole was drilled on bearing 215,dip 60 length 88.75 m and successfully intersected the San Gonzalo structure from hole 80.90 to 83.40m east of the area currently being mined.
Holes SG-11-02 thru SG-11-09 will all explore areas of San Gonzalo as a guide to mine development; hole locations can be viewed on Avino’s website, http://www.avino.com/i/pdf/AvinoNRFeb0211.pdf.
Material from the surface stockpiles was assayed on site and at SGS Labs in Durango. Development material from the San Gonzalo zone was assayed at SGS, Durango.
ON BEHALF OF THE BOARD
David Wolfin, President
This release contains statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading “Risk Factors” and elsewhere in the Company’s periodic filings with Canadian securities regulators. Such information contained herein represents management’s best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact
Avino Silver & Gold Mines Ltd.
David Wolfin
President
604.682.3701
604.682.3600 (FAX)
ir@avino.com
www.avino.com
Brigus Gold and GLR Resources Agree on Equipment Contract
We recently bought shares of Brigus @ $1.88 using today’s close of $1.62 this means a 13,8% loss. The loss can be explained by tanking gold prices, the fundamentals have not changed, and we still consider Brigus to be a solid BUY.
Brigus News Release:
Halifax, Nova Scotia; and Kirkland Lake, Ontario – January 27, 2011– Brigus Gold Corp. (“Brigus”; TSX: BRD; NYSE Amex: BRD) and GLR Resources Inc. (“GLR”; CNQX: GLE) jointly announce that they have reached an agreement regarding the reimbursement by Brigus to GLR in connection with certain equipment originally ordered by GLR. This equipment was related to Brigus’ wholly owned Goldfields Project in Saskatchewan. A predecessor company of Brigus had acquired the Goldfields Project from GLR.
Pursuant to the agreement, Brigus will issue to GLR 1,396,134 common shares of Brigus valued at CAN$2,443,235 based on a deemed price of CAN$1.75 per share and will make cash payments aggregating US$60,000. The agreement is subject to receipt of requisite regulatory approvals and discontinuance of the outstanding legal action between Brigus and GLR.
Brigus intends to develop the Goldfields Project into a producing gold mine within the current schedule as early as 2013, pending a development decision by June 2011.
GLR is a Canadian‐based junior mining and exploration company focused on existing projects in Ontario and Quebec.
Brigus is a growing gold producer committed to maximizing shareholder value through a strategy of efficient production, targeted exploration and select acquisitions. The Company operates the wholly owned Black Fox Mine in the Timmins gold district of Ontario, Canada. The Black Fox Complex encompasses the Black Fox Mine and Mill, and adjoining Grey Fox-Pike River property, all in the Township of Black River-Matheson, Ontario, Canada. Brigus is also advancing the Goldfields Project located near Uranium City, Saskatchewan, Canada, which hosts the Box and Athona gold deposits. In Mexico, Brigus holds a 100% interest in the Ixhuatan Project located in the state of Chiapas, and a 3% NSR interest in the Huizopa Project, an early stage, gold-silver exploration project located in the state of Chihuahua. In the Dominican Republic, Brigus Gold has a joint venture covering three mineral exploration projects.
Contact Information:
GLR Resources Inc.
Robert Kasner, President and Chief Executive Officer
Phone: (705) 567-5351
Brigus Gold Corp.
Wendy Yang, Vice President of Investor Relations
Phone: 720-886-9656 Ext. 217
E-mail: ir@brigusgold.com
Website: www.brigusgold.com
Cautionary and Forward-Looking Statements
This news release includes “Forward-Looking Statements” within the meaning of certain securities legislation. All statements regarding the timing and decision of development for the Goldfields Project are forward-looking statements and estimates that involve various risks and uncertainties. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast, including management’s best judgement based on current conditions and expected future developments. 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 these forward-looking statements include environmental risks and other factors disclosed under the heading “Risk Factors” in Brigus’ and its predecessor companies’ most recent annual report on Form 10-K filed with the United States Securities and Exchange Commission and elsewhere in Brigus’ documents filed from time to time with the Toronto Stock Exchange, the NYSE Amex, the United States Securities and Exchange Commission, on SEDAR, and other regulatory authorities. All forward-looking statements included in this news release are based on information available to Brigus on the date hereof. Brigus assumes no obligation to update any forward-looking statements, except as required by applicable securities laws.
Halifax, Nova Scotia; and Kirkland Lake, Ontario – January 27, 2011– Brigus Gold Corp. (“Brigus”; TSX: BRD; NYSE Amex: BRD) and GLR Resources Inc. (“GLR”; CNQX: GLE) jointly announce that they have reached an agreement regarding the reimbursement by Brigus to GLR in connection with certain equipment originally ordered by GLR. This equipment was related to Brigus’ wholly owned Goldfields Project in Saskatchewan. A predecessor company of Brigus had acquired the Goldfields Project from GLR.
Pursuant to the agreement, Brigus will issue to GLR 1,396,134 common shares of Brigus valued at CAN$2,443,235 based on a deemed price of CAN$1.75 per share and will make cash payments aggregating US$60,000. The agreement is subject to receipt of requisite regulatory approvals and discontinuance of the outstanding legal action between Brigus and GLR.
Brigus intends to develop the Goldfields Project into a producing gold mine within the current schedule as early as 2013, pending a development decision by June 2011.
GLR is a Canadian‐based junior mining and exploration company focused on existing projects in Ontario and Quebec.
Brigus is a growing gold producer committed to maximizing shareholder value through a strategy of efficient production, targeted exploration and select acquisitions. The Company operates the wholly owned Black Fox Mine in the Timmins gold district of Ontario, Canada. The Black Fox Complex encompasses the Black Fox Mine and Mill, and adjoining Grey Fox-Pike River property, all in the Township of Black River-Matheson, Ontario, Canada. Brigus is also advancing the Goldfields Project located near Uranium City, Saskatchewan, Canada, which hosts the Box and Athona gold deposits. In Mexico, Brigus holds a 100% interest in the Ixhuatan Project located in the state of Chiapas, and a 3% NSR interest in the Huizopa Project, an early stage, gold-silver exploration project located in the state of Chihuahua. In the Dominican Republic, Brigus Gold has a joint venture covering three mineral exploration projects.
Contact Information:
GLR Resources Inc.
Robert Kasner, President and Chief Executive Officer
Phone: (705) 567-5351
Brigus Gold Corp.
Wendy Yang, Vice President of Investor Relations
Phone: 720-886-9656 Ext. 217
E-mail: ir@brigusgold.com
Website: www.brigusgold.com
Cautionary and Forward-Looking Statements
This news release includes “Forward-Looking Statements” within the meaning of certain securities legislation. All statements regarding the timing and decision of development for the Goldfields Project are forward-looking statements and estimates that involve various risks and uncertainties. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast, including management’s best judgement based on current conditions and expected future developments. 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 these forward-looking statements include environmental risks and other factors disclosed under the heading “Risk Factors” in Brigus’ and its predecessor companies’ most recent annual report on Form 10-K filed with the United States Securities and Exchange Commission and elsewhere in Brigus’ documents filed from time to time with the Toronto Stock Exchange, the NYSE Amex, the United States Securities and Exchange Commission, on SEDAR, and other regulatory authorities. All forward-looking statements included in this news release are based on information available to Brigus on the date hereof. Brigus assumes no obligation to update any forward-looking statements, except as required by applicable securities laws.
Great Panther Extends Guanajuatito Silver-Gold Zones To Depth
We bought Great Panther in September 2009 @ CA$0.84 using today’s close of CA$1.95 this means a 132% gain. Recently we sold 50% of our shares @ CA$2.75 (a 227% gain) because of our unique strategy. We still think Great Panther has a lot of upward potential, and with more development en exploration on the way, this company is a real pearl! We keep Great Panther at a BUY advise.
Great Panther News Release:
GREAT PANTHER SILVER LIMITED (TSX: GPR; the “Company”) is pleased to announce the discovery of deeper mineralized silver-gold zones at the Guanajuatito Mine at the northwest end of the Guanajuato Mine Complex. The deep drilling program is being conducted at 25-50 metre intervals from several drill stations on the Guanajuatito Mine cross-cut, located on the 100 metre level. The drilling program has been successful in extending silver-gold mineralization below the current level of mining on the 80 metre level, down to the 245 metre level. The new mineralization has been defined over a strike length of approximately 100 metres and for an additional 150 metres vertically. Highlights from 21 drill holes completed in 2010 plus several earlier drill holes in the deeper (below the 80 metre level) portions of Guanajuatito are listed below. A more complete listing of results and a longitudinal section showing the drill holes have been added to the Company website.
Using information from mining the upper levels and the new drilling, two mineralized zones are interpreted from the data – the Veta Madre zone, and a slightly deeper Footwall zone. Typically, the mineralized portion of the zones pinches and swells with true widths varying from less than one metre to 4.6 metres. Typifying the above observations are Veta Madre intersections for UGG10-008 that intersected 8.52g/t gold and 1,300g/t silver over a true width of 0.61 metres, and UGG10-009 that intersected 0.87g/t gold and 241g/t silver over a true width of 3.59 metres. The best and deepest (245 level) Footwall zone intersection returned 2.77g/t gold and 839g/t silver over a true width of 1.72 metres in UGG10-021.
Drilling is being conducted from drill stations in a hanging wall cross-cut on the 100 metre level. Modeling of the structures is presently being completed and ramp access has intersected the Veta Madre on the 120 metre level. Future plans call for a hanging wall exploration drive sublevel to be driven both northwest and southeast to accommodate additional drill stations at 50 metre intervals to test the mineralized zones in the Guanajuatito Mine area from the 100 metre level down to the 390 metre level (approximately 400 metres down dip), and along 500 metres of strike.
Andrew Sharp, Guanajuato Mine Manager stated, “Ore development on the 120 level is underway and the provision of ventilation for the first ore level is a priority. Once this commences, ramp development to subsequent stope levels for future production will re-commence. Given the good exploration results to date, further exploration potential along strike and the advancing ramp depth, additional capital has been committed in the form of a deeper electrical distribution network.”
The Guanajuatito Mine was the first area at Guanajuato to be drilled by Great Panther in 2005 and one of the first to commence mining. While the upper levels (from the +20 metre level down to the 80 metre level) were drilled from surface, and subsequently mined out (76,668 tonnes at 254g/t Ag and 1.69g/t Au, for 876,000 Ag eq oz using a 60:1 silver:gold ratio), this zone was never included in any NI 43-101 compliant resource. The new drilling on the deeper levels will, however, be brought into the Company’s next resource update later this year.
Highlights of Deep Guanajuatito Drill Holes
Hole Number | From (m) | To (m) | Width (m) | True Width (m) | Au (g/t) | Ag (g/t) | Zone |
UG09-084P |
1.8 |
7.9 |
5.8 |
4.1 |
2.36 |
429 |
VM |
UG09-080 |
29.0 |
31.7 |
2.7 |
1.74 |
1.01 |
175 |
VM |
SG08-070 |
247.5 |
249.24 |
1.74 |
1.22 |
0.46 |
100 |
VM |
UGG10-001 |
28.5 |
30.4 |
1.9 |
1.8 |
1.28 |
115 |
VM |
UGG10-002 |
32.5 |
35.05 |
2.55 |
2.4 |
1.87 |
455 |
FW |
UGG10-003 |
45.25 |
49.6 |
4.35 |
2.8 |
0.46 |
307 |
FW |
UGG10-005 |
109.15 |
111.65 |
2.5 |
2.17 |
1.22 |
194 |
FW |
UGG10-006 |
88 |
90.5 |
2.5 |
2.49 |
0.44 |
140 |
FW |
UGG10-008 |
102.95 |
103.65 |
0.7 |
0.61 |
8.52 |
1300 |
VM |
UGG10-009 |
147.95 |
151.55 |
3.6 |
3.59 |
0.87 |
241 |
VM |
UGG10-009 |
154.3 |
156.15 |
1.85 |
1.84 |
1.72 |
377 |
FW |
UGG10-012 |
41.5 |
42.05 |
0.55 |
0.55 |
2.51 |
558 |
VM |
UGG10-017 |
87.8 |
91.4 |
3.6 |
3.58 |
1.03 |
194 |
VM |
UGG10-019 |
146.7 |
151.3 |
4.6 |
4.44 |
1.17 |
274 |
VM |
UGG10-021 |
168.2 |
170.1 |
1.9 |
1.72 |
2.27 |
839 |
FW |
VM: Veta Madre zone; FW: Footwall zone.
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
This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (together, “forward-looking statements”). Such forward-looking statements may include but are not limited to the Company’s plans for production at its Guanajuato and Topia Mines in Mexico, exploring its other properties in Mexico, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risks involving the Company’s operations in a foreign jurisdiction, uncertainty of production and cost estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, currency fluctuations, fluctuations in the price of silver, gold and base metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2009 and reports on Form 6-K filed with the Securities and Exchange Commission and available at www.sec.gov and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.
Minera Andes Announces Increased Silver and Gold Production for the Fourth Quarter and for the Year 2010 at the San José Mine
Today Minera Andes announced positive results for the fourth quarter. The proceeds from this project allows the company to continue to explore their large claims. We bought Minera Andes in September 2009 @ CA$0.84 today the stock gained 3.29% against slumping commodity prices to close at CA$2.51 This means a 198.8% gain since we picked this stock in September 2009. Using the three step retirement plan we wrote about in a previous post we own this stock for free now!
Minera Andes News Release:
TORONTO, ONTARIO – January 19, 2011 – Minera Andes Inc. (the “Corporation” or “Minera Andes”) (TSX: MAI and US OTC: MNEAF) announces the San José mine production results for the fourth quarter of 2010 and the year ended December 31, 2010. During the fourth quarter, the San José mine produced 1,871,440 ounces of silver and 26,141 ounces of gold, of which 49% is attributable to Minera Andes. For the full year of 2010 silver production was 5,323,842 ounces and gold production was 84,303 ounces.
Production | Total 2010 |
Q4 2010 |
Q3 2010 |
Total 2009 |
Q4 2009 |
Ore production (tonnes) | 461,134 | 135,710 | 112,681 | 460,971 | 100,460 |
Average head grade silver (g/t) | 397 | 475 | 423 | 398 | 351 |
Average head grade gold (g/t) | 6.14 | 6.34 | 6.42 | 6.19 | 7.34 |
Silver produced (ounces) | 5,323,842 | 1,871,440 | 1,408,501 | 4,997,700 | 1,032,025 |
Gold produced (ounces) | 84,303 | 26,141 | 22,025 | 77,075 | 19,961 |
Silver equivalent production (ounces) | 10,382,041 | 3,439,929 | 2,729,995 | 9,622,222 | 2,229,687 |
Net silver sold (ounces) | 5,169,675 | 1,916,163 | 1,219,676 | 5,072,023 | 988,747 |
Net gold sold (ounces) | 83,326 | 26,900 | 19,932 | 77,220 | 19,233 |
*49% of the San José mine production is attributable to Minera Andes Inc.
Fourth quarter 2010 silver production was 33% higher and gold production was 19% higher compared to the third quarter of 2010. The increase in silver and gold production was the result of increased mill throughput, increased metallurgical recoveries for silver and gold, and higher grades for silver compared to the third quarter. The mill is currently operating routinely at full capacity. The increase in mill throughput was due to the development of additional production areas in the mine, and the improved silver grade was due to production from higher grade silver areas and because of incremental silver production from the Merrill Crowe circuit in the mill. Fourth quarter 2010 silver production increased 81% and gold increased 31% compared to the fourth quarter of 2009. Production in the fourth quarter of 2009 was reduced because of 15 days of labour disruptions.
Fourth quarter production cost information will be provided jointly with the financial results for the fourth quarter which are due to be filed at the end of March 2011.
Sales of silver and gold were 57% and 35% higher, respectively, in fourth quarter of 2010 compared to the third quarter as a result of increased ore production and a decrease in products inventory. Compared to the same quarter last year, sales of silver and gold in the fourth quarter of 2010 were 94% and 40% higher, respectively. This was mainly due to increases in mill throughput, metallurgical recoveries and head grades.
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 Goldcorp Inc.’s 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 Goldcorp Inc.’s Cerro Negro project in Santa Cruz Province. The Corporation had $10 million USD in cash as at September 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: Andrew Elinesky or visit our Web site: www.minandes.com.
Andrew Elinesky
Controller
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
Reliability of Information
Minera Santa Cruz S.A., the owner and operator of the San José mine, is responsible for and has supplied to the Corporation all reported results from the San José mine. This press release is based entirely on information provided to Minera Andes by Minera Santa Cruz S.A. (“MSC”). Minera Andes’ joint venture partner, a subsidiary of Hochschild Mining plc, and its affiliates other than MSC do not accept responsibility for the use of project data or the adequacy or accuracy of this release. As the Corporation is not the operator of the San José mine, there can be no assurance that production information reported to the Corporation by MSC is accurate, the Corporation has not independently verified such information and readers are therefore cautioned regarding the extent to which they should rely upon such information.
Caution Concerning Forward-Looking Statements:
This press release contains certain forward-looking statements and information. The forward-looking statements and information express, as at the date of this press release, the Corporation’s plans, estimates, forecasts, projections, expectations or beliefs as to future events and results, including the outcome of pending and current litigation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by us, are inherently subject to significant business, economic and competitive uncertainties and contingencies 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. 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 resources and reserves and other risks
Readers should not place undue reliance on forward-looking statements or information. The Corporation undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See the Corporation’s annual information form for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information. All forward-looking statements and information made in this news release are qualified by this cautionary statement.
Great Panther Reports Fourth Quarter And Record 2010 Production
Great Panther had a great year as well. The company broke multiple records. We bought shares of Great Panther in September 2009 @ CA$0.84 and recently sold half our shares @CA$2.75 creating “free” shares for our portfolio. Yesterday the stock closed @ CA$2.48
Great Panther News Release:
GREAT PANTHER SILVER LIMITED (TSX: GPR; the “Company”) is pleased to report record 2010 production of 2,255,802 silver equivalent ounces (“Ag eq oz”), a 2% increase over 2009. New records were established for the output of all metals, comprising 1,534,957 ounces silver, 7,216 ounces gold, 1,092 tonnes lead, and 1,358 tonnes zinc.
These records come as the Company completes its first full year of a 3-year organic growth strategy, whereby 2010 saw a strong focus on exploration and development, new equipment purchases and plant upgrades. While these are continuing in 2011, the investments made to date will allow the Company to gradually increase production to meet its stated goal of 3.8 million Ag eq oz by 2012. Guanajuato silver and gold production was virtually unchanged year-on-year, with 1,019,856 oz silver and 6,619 oz gold, for 1,433,555 Ag eq oz, while Topia metal production was up by 24%, with 515,101 oz silver, 597 oz gold, 1,092 tonnes lead and 1,358 tonnes zinc for 822,247 Ag eq oz.
2010 Year-end highlights include records for:
- Total metal production of 2,255,802 Ag eq oz, up 2% from 2009;
- Silver production of 1,534,957 oz, up 5% from 2009;
- Gold production of 7,216 oz, up 1% from 2009;
- Lead production of 1,092 tonnes, up 25% from 2009;
- Zinc production of 1,358 tonnes, up 29% from 2009;
- Metallurgical recoveries of gold and silver at Guanajuato and silver, lead and zinc at Topia.
(Silver equivalents for 2010 were established using prices of US$1,000/oz Au, US$16/oz Ag, US$0.80/lb Pb and Zn. These will be revised for 2011.)
Fourth quarter (“Q4″) metal production totaled 565,660 Ag eq oz including 385,022 ounces silver, 1,943 ounces gold, 234 tonnes lead and 304 tonnes zinc. Compared to results from Q4 2009, silver production was down by 1%, lead and zinc production was up by 14% and 23% respectively, while gold production was down 21%. Total metal output from Guanajuato was down by 21% due primarily to lower ore grades while Topia output was up by 26%.
Fourth Quarter 2010 highlights include:
- Metal production at Topia of 195,598 Ag eq oz, up 26% from Q4 2009;
- Record metallurgical gold recovery of 91.1% at Guanajuato;
- Further encouraging results from exploration drilling at the San Ignacio project;
- Updated NI 43-101 compliant mineral resource and reserve update for Guanajuato.
Guanajuato Mine
Fourth quarter metal production from the mine totaled 255,372 oz silver as well as 1,835 oz gold, or 370,062 Ag eq oz, from processing 39,061 tonnes of ore with an average grade of 228g/t silver and 1.60g/t gold. The average grade of ore processed in Q4 2009 had been much higher, at 271g/t silver and 2.14g/t gold, and it was for this reason the total metal production in Q4 2010, at 370,062 Ag Eq oz, was 21% down year-on-year. Mine planning for 2011, confirmed by the new mineral reserve estimate, shows that ore grades will gradually improve as mine access is completed for the exploitation of the richer Cata Alto 1(a) and 2 zones.
In November 2010, Great Panther announced the appointment of Mr. Andrew Sharp as the new General Manager at Guanajuato. Andrew has a Bachelor of Engineering degree from the Western Australian School of Mines and more than 23 years experience in the mining industry.
In his most recent position, he was Manager of Technical Services for Projects with Platapanamericana, S.A. de C.V., the Mexican subsidiary of Pan American Silver, where he was responsible for the management of the La Preciosa Ag-Au deposit in Durango. His broad and relevant experience in vein-hosted silver deposits and track record in improving production and site efficiencies while increasing mine life comes at an important time as the Company is completing the first year of its three-year growth strategy. His mine-building experience will be particularly relevant in the development of Great Panther’s new discovery at the San Ignacio property.
During the quarter, the NI 43-101 compliant mineral resource estimate for Guanajuato was updated and the first mineral reserve statement was released. The Measured and Indicated resources were estimated at 5.45 million Ag eq oz, the Inferred resources at 2.68 million Ag eq oz, and the Proven and Probable mineral reserves (derived from the Measured and Indicated resources) were estimated at 320,000 tonnes with an average grade of 282g/t silver and 2.19g/t gold. Significantly, the mineral reserve grade compares very favorably with the average grades for 2010 and will lead to improved output from Guanajuato in 2011 and 2012.
The Guanajuato plant achieved record gold recovery and excellent silver recovery of 91.1% and 89.1%, respectively. Continuous improvements have been made to the plant operations and will carry on in 2011. Five new, 5 cubic metre, flotation cells were ordered from Outotec for delivery by the second quarter of 2011. In addition, new Krebs cyclones will be added to further improve the control of the grinding circuit.
Production stoping of the gold-rich Santa Margarita vein progressed well although overall gold production was down slightly compared to the previous quarter.
Production from the Los Pozos area on the 310 and 345 metre levels continued to increase and accounted for more than 50% of the total silver production at the mine. Access development to a third production stoping area at the 380 metre level was completed in Q4 and exploratory development was underway in December.
Revisions to the mine planning for Cata Clavo production have been made and ramp development to access all veins on the 520 metre level, as well as lateral development on the richer Alto 1(a) and Alto 2 zones, is underway. Output from Cata is expected to be restored to previous levels as ore grades improve. A new, 18-tonne capacity, underground haulage truck has been received and is being utilized to haul ore from the deeper sections at Cata.
Exploratory core drilling of the Guanajuatito North Zone below the 80 metre level has indicated mineralization continuing to depth and an access ramp has been driven to intersect the vein on the 120 metre level. The vein will be explored in more detail in the first quarter of 2011, in preparation for an additional stoping area.
Underground exploratory core drilling of the 1414 stope area between the Valenciana and Cata mine areas at the 320 metre level is underway. While this is being drilled, development along the 320 level will advance sufficiently to start the deep drilling under the main Valenciana Mine. The deep drilling will commence in the second quarter of 2011 and will test the Veta Madre structures in the Valenciana area below the 390 level, and along a 600 metre strike length.
Surface drilling of the San Ignacio property, located approximately 5 kilometres west-northwest of Guanajuato, continued with significant results from the third and fourth drill holes. The results confirm earlier results and provide encouragement for discovering other veins over the 4 kilometre long property. Hole ESI10-03 intersected 15 silver-gold mineralized zones, including the Melladito zone, which returned 212g/t silver and 1.99g/t gold over 4.3 metres, the Nombre de Dios zone with 850g/t silver and 3.75g/t gold over 3.1 metres, and a footwall stockwork zone with 680g/t silver and 1.94g/t gold over 3.85 metres. The fourth hole, ESI10-04, was drilled under ESI10-03 and intersected five silver-gold mineralized zones, including the Melladito zone with 240g/t silver and 0.8g/t gold over 5.8 metres, the Nombre de Dios zone with 2,020g/t silver and 7.80g/t gold over 0.9 metres, and a footwall stockwork zone with 660g/t silver and 1.73g/t gold over 3.25 metres, including 0.80 metres assaying 2,380g/t silver and 6.57g/t gold.
In light of the success of the 2010 drilling at San Ignacio, Great Panther’s Board of Directors has approved a new 2011 budget of $2.8 million for the exploration and development of the San Ignacio property. As soon as the appropriate permits are in place, an expanded drilling program will commence. Potential sites to establish a portal for an underground ramp are also being evaluated. Due to the proximity of the San Ignacio property to the Company’s main Guanajuato operation, any mineralization intersected in the course of underground exploration and development can be trucked to the plant for processing. In this way, cash flow provided by the additional tonnage can be used to offset the cost of the exploration and development program.
Topia Mine
Topia recorded another strong quarter with metal production of 129,650 oz of silver, 108 oz of gold, 515,305 lbs of lead, and 669,216 lbs of zinc from milling 9,081 tonnes of ore. This equates to 195,598 Ag eq oz, 26% higher than for Q4 2009. Ore grades averaged 458g/t silver, 0.46g/t gold, 2.78% lead and 3.64% zinc.
Plant performance remained strong with metal recoveries of 91.5% for silver, 81.5% for gold, 92.7% for lead and 91.8% for zinc. In addition to processing 9,081 tonnes from the Company’s mines, 3,650 tonnes were custom milled for a local miner, thereby increasing revenue and reducing unit costs. Several modifications are being made at year end, including additional new flotation cells for the zinc and lead concentrate circuits, which will enable plant throughput to be increased in 2011 by 22%, from 180 to 220 tonnes per day.
Mine development continued to extend known areas and provide access to new mining areas. Mining of the San Gregorio and El Rosario veins progressed well, contributing almost 40% of the silver production. Ramp development at Argentina continued and is now fully mechanized with an electric-hydraulic drill jumbo, a new 2-yard underground loader and a 7-tonne capacity haulage truck. Access to the third level is expected in the second quarter of 2011.
The surface exploratory drilling program, completed in the third quarter of 2010, 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 other veins where no mining is currently taking place. Drilling on the 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. The program also returned several significant intercepts from 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).
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 resources/reserves will play an important role in the Company’s plans to increase production at Topia by 20% per year from 2010 to 2012. The Company anticipates mineral resource/reserve estimates to be released for Topia in the first quarter of 2011.
Outlook
Great Panther’s 3-year strategy to accelerate production to 3.8 million Ag eq oz by 2012 is now commencing its second year. New equipment has been delivered to the mines, new production faces are being added, plant performance continues to excel, plant capacity is being increased, resources have been increased and reserves defined, and exploration drill programs have made significant new discoveries of high grade mineralization.
The combined production target for 2011 has been set at 2.87 million Ag eq oz, consisting of 1.94 million oz silver, 11,200 oz gold, 1,170 tonnes lead and 1,430 tonnes zinc. (Silver equivalents for 2011 have been established using prices of US$1,200/oz Au, US$20/oz Ag, US$0.85/lb Pb and Zn).
Production from Guanajuato is planned to increase steadily throughout 2011 as output from the Los Pozos and Santa Margarita areas reach full capacity, Cata production returns to previous levels, and new production is added from the Guanajuatito area. Plant throughput is estimated to be 200,000 tonnes at grades of 240g/t silver and 1.80g/t gold for metal production of 1.38 million oz silver and 10,400 oz gold; equivalent to 2.00 million Ag eq oz.
Output from Topia is estimated to increase as new mine production is added as a result of development on existing and new veins and plant capacity is increased. Plant throughput is estimated to be 40,000 tonnes with metal production of 0.56 million oz silver, 800 oz gold, 1,170 tonnes lead, and 1,430 tonnes zinc; equivalent to 0.87 million Ag eq oz.
No production from the new discoveries at the San Ignacio property is included in the 2011 target. However, as resources are estimated and mine plans are developed, it is anticipated that this project will positively impact the plans for 2012. Due to the proximity of San Ignacio to the Company’s main operations at Guanajuato, any ore extracted during the development phase can be trucked to the plant for processing.
Diamond drilling in 2010 totaled 27,272 metres, including 16,695 metres at the Guanajuato Mine, 1,762 metres at San Ignacio and 8,815 metres at Topia. Due to the success of this program in delineating new resources and making new discoveries, the drilling budget for 2011 has been more than doubled to approximately 60,000 metres. This compares favourably with the 65,000 metres originally proposed for the Company’s entire 3-year growth strategy.
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
This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (together, “forward-looking statements”). Such forward-looking statements may include but are not limited to the Company’s plans for production at its Guanajuato and Topia Mines in Mexico, exploring its other properties in Mexico, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risks involving the Company’s operations in a foreign jurisdiction, uncertainty of production and cost estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, currency fluctuations, fluctuations in the price of silver, gold and base metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2009 and reports on Form 6-K filed with the Securities and Exchange Commission and available at www.sec.gov and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.
My Method Explained. How To Build Up Your Own Retirement Plan In 3 Steps
Step 1: Pick the right company!
In the beginning of 2009 I finally realised that the continuous devaluation of fiat currencies like the US Dollar and the Euro was likely to go on the coming years. Both in the USA and in Europe money is being printed at alarming rates, yet the only thing you’re hearing lately is that we are all doing so well! Well, don’t believe it! All that money being printed has to go somewhere, and there you have your equity bull-market explained. I realised that true value could only be stored in silver and gold. How could I benefit from the enormous gold and silver bull-market that I was expecting. The largest leverage to gold and silver prices is always found in junior mining stock. I am a big admirer of Warren Buffet and believe in value investment. Using value investment principles and after months of research and reading piles of year-reports and books, I finally picked six companies. With all my saving money transferred to a on-line broker I bought shares of six companies.
Step 2: Take your profit, and gain “free” stock.
With prices of gold and silver soaring in 2010 just like I expected, many shares in my portfolio were exceeding 250% gains. So I sold about 40%-50% of all my shares in these companies getting back even more than the original investment. The remaining shares in these companies were now basically “free” shares. Since large corrections in gold and silver prices are likely each time after another record is shattered, I just waited for this correction, and used the money to GO BACK TO STEP 1!!! So far I picked five new companies to invest in, and am looking for one more to complete my second round of step 1. With prices of gold and silver prices rising for years to come I hope to repeat step-1 and step-2 many times. I now have created what I call step-3 companies.
Step 3: Wait, wait, wait
As you might have noticed I only sold about half the shares of the companies I picked. All the companies I picked mainly have developed from explorers to producers. I intend to NEVER SELL the shares I own. There might always be a exception in special circumstances however. Where will these companies be in 10, 20 or even 25 years from now. I strongly believe that all companies will continue to develop, mergers take overs etc. who knows…. But with governments making the same mistakes over and over again, the way up for gold and silver still is very long. In the years to come the new Goldcorp, Barrick or Rio Tinto will present its-self and I am certain that parts of my portfolio will be or be part of that company. It is very likely that companies in the portfolio will start paying dividends at a certain point (e.g. 5-15 years)
These step-3 companies are my retirement, my protection against inflation!
Can you prove this?
Well, step-1 and step-2 have been proven already. Step-3 only partially.
How did you do so far then?
Bought in 2009:
International Royalty Company: Got lucky on that one, made a 101% profit in a take-over battle just months after buying it. Sold all shares.
Avino Silver & Gold mines: bought @ US$0.63 : sold 40% of my shares @ US$2,57 (a 307% gain) creating a step-3 company for my portfolio.
First Majestic: bought @ CA$2.66 : sold 45% of my shares @ CA$10.88 (a 309% gain) creating a step-3 company for my portfolio.
Great Panther: bought @ CA$0.84 : sold 50% of my shares @ CA$2.75 (a 227% gain) creating a step-3 company for my portfolio.
Minera Andes: bought @ CA$0.72: sold of my shares @ CA$2.56 (a 255% gain) creating a step-3 company for my portfolio.
Silver Wheaton: bought @ US$9,95 and a second step-1 for Silver Wheaton @US14,95 in 2010. I sold 50% of all my Silver Wheaton shares @US$39.07 creating a step-3 company for my portfolio.
Bought in 2010:
Seabridge Gold: bought @ US$28.36 is still a step-1 company! We think it might take up to 3 or 4 years to reach step-2 but if investors discover the true value of this company it might come much sooner as well!
Rubicon Minerals: bought @ CA$3.49 today the stock closed @ CA$5.49 meaning a 57.3% gain. In between step-1 and step-2.
Copper Creek Gold (Highly Speculative!!): bought @ CA$0.075 today the stock closed @ CA$0.09 meaning a 20% gain. Still step-1, but highly speculative!
Excellon Recources: bought @ CA$0.99 today the stock closed @ CA$1.18 meaning a 19% gain. Still a step-1 company!
Brigus Gold: bought @ US$1.88 today the stock closed @ US$1.77 meaning a 5,9% loss. Very much a step-1 company!
What do I expect in 2011?
More volatility is likely to rule the commodity markets. Food prices will soar, the oil price will rise gradually as will the price of copper. For a gold rally we will have to wait till August again, then I see a spot price of about $1600-$1700 before the end of this year. Silver will outperform gold again in 2011. I expect the price of silver to be less volatile than the price of gold. When the gold rally in August commences again, silver will shoot up like a star! During the year I think the gold/silver ratio will decline gradually as a result of this. At the end of 2011 I expect the gold/silver ratio to be below 35. IF this happens, I will be able add some step-3 companies to my portfolio from the 2010 stock picks, and use the money at the next correction to buy new step-1 companies.
Alexander Aardema, CEO @ CashInfo.org
Disclaimer:
The information provided on or within this article, website or in documents available herein is for assistance only and is not intended to be and must not be taken alone as the basis for an investment decision. Each recipient of this information should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities offered hereby, and should consult its own legal counsel and financial, accounting, regulatory and tax advisors to determine the consequences of such an investment.
First Majestic: Production up 72% to 6.53 million oz Ag in 2010; Exceeds Guidance by 9%
Clearly 2010 was a fantastic year for First Majestic. Just have a look at the development of the share price the last year. The 52-week trading range is CA$3.04-CA$15.30 The company got a NYSE listing as well under the ticker AG, very nice ticker by the way! We bough shares of First Majestic in September 2009 @ CA$2.66 Recently we sold 45% of our shares at a 309% profit! Using today’s opening of CA$13.49 we have a 407% gain on our remaining “free” shares.
When do you sell?
This sale had nothing to do with First Majestic, when a stock in our portfolio is exceeding 250% gains we sell about 40%-50% of our shares. This is just the method we use to create “free” shares for our portfolio. Once we have these free positions in our portfolio we intend to NEVER sell them, unless a share price is clearly much to high. It could mean years of waiting (e.g. 10-20 years!), but at a certain point the companies will no longer be junior explores. Many things can happen from mergers to take-overs new properties, etc. etc. The point is that it is very likely that some of these positions will start paying dividends at some point. We use the money from the successful sales to buy shares of new interesting companies. The goal is to do the same with these companies and thus building a very solid and ever growing portfolio. The best retirement plan ever!
First Majestic News Release:
First Majestic Silver Corp. (“First Majestic” or the “Company”) is pleased to announce that production in 2010 reached 7,024,055 equivalent ounces of silver, representing a 62% increase over 2009 from 4,337,103 equivalent ounces of silver.
The equivalent silver production for 2010 consisted of 6,529,325 ounces of silver, representing a 72% increase from the prior year, 6,404,227 pounds of lead, representing a 3% decrease from the previous year, and 2,152 ounces of gold, representing a decrease of 19% compared to the previous year. Total silver production as a percentage of total production amounted to 93% making First Majestic the purest silver company in the world.
Company guidance released on January 11, 2010 stated, “Production is expected to exceed 6.0 million ounces of silver in 2010″ which was in fact exceeded by a strong 9%. As a result of the current expansion underway at the La Parrilla Silver Mine and other operational improvements at the La Encantada and San Martin Silver Mines, production is anticipated to exceed 7.5 million ounces of silver in 2011.
In addition to further increases in production expected for 2011, the Company is also expanding its exploration budget. The current 2011 budget calls for 47,800 metres of drilling over the Company’s five core projects for a total expenditure of US$7,137,500. This exploration program compares to the total of 17,322 metres drilled in 2010, and total expenditures equalling US$1,897,280. It is further anticipated that new updated NI 43-101 Technical Reports will be released on each project in late 2011 or early 2012.
With respect to the fourth quarter, total ore processed 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 467,175 tonnes milled in the quarter representing an 8% increase over the previous quarter. The overall average silver head grade in the quarter for the three mines decreased slightly from the previous quarter to an overall head grade of 207 g/t of silver. The combined recoveries of silver also decreased slightly from 58% to 57%. This was due to the much larger La Encantada operation as it is primarily reprocessing old tailings. As the mix of ore from the mine increases throughout 2011, these recoveries are also expected to improve.
The Company developed 6,288 metres underground in the fourth quarter, compared to 6,207 metres of underground development completed in the previous quarter. The total annual underground development for 2010 totalled 22,658 metres. Development has been focused on increasing the Reserve and Resource preparation ratios at the three operating mines. Due to the expanding production levels anticipated in 2011 and 2012, the Company’s development budget is being increased to US$21,741,183 in 2011 from $12,335,119 in 2010.
Also, the diamond drilling programs totalled 6,104 metres of definition drilling in the quarter, for a 2010 annual total of 17,322 metres of drilling completed at the Company’s three mines. Drilling at the Company’s two development projects, the Del Toro Silver Mine and the Real de Catorce Silver Project is expected to commence in early 2011.
As a result of the efforts and work completed in 2010, some of the improvements and advances made during the year included:
At the La Encantada Silver Mine:
• The new 3,500 tpd cyanidation plant, which was inaugurated on November 19, 2009, reached full capacity at the end of the second quarter of 2010 and averaged 3,750 tpd in the fourth quarter.
• The new Buenos Aires ore body, which is being developed and prepared for production will allow the mine ore extraction to increase 1,500 tpd versus the current 1,000 tpd. This improvement will have a positive effect on head grades and recoveries.
• New areas of reserves and resources had been discovered and developed at the San Francisco vein and at the hanging wall of the 660 ore body.
• Consolidation of the electric generation into a single larger and more modern generation plant was completed during the year, allowing for the suspension of the operation of the much older generation plants which will result in substantial savings on parts, repairs and fuel efficiency.
• Two new induction furnaces began operation in December using the latest technology in smelting precipitates resulting in a much more efficient operation, lower costs and better quality silver doré bars.
At the La Parrilla Silver Mine:
• Development of a new ramp system was completed in the La Blanca mine which has now connected levels 9 and 10 of the Rosarios mine, improving logistics and which is expected to reduce costs due to the improved transportation of ore from the lower levels of the mine to surface.
• Completion of the engineering work for the current expansion program launched in December 2010. This expansion will result in the mill capacity reaching 1,600 tpd from the current 850 tpd and will effectively double the current output of the La Parrilla operation from approximately 1.5 million ounces to 3.0 million ounces of silver equivalent annually by the end of 2011.
At the San Martin Silver Mine:
• The discovery of the new San Pedro area in 2009 led to an extensive underground drilling program which continues today. This program is based on drilling systematic short holes into the foot wall of the Zuloaga vein. The result has been extremely favourable throughout 2010 with several discoveries of minable mineralization. These new discoveries have allowed for consistent throughput and improved economics at the operation and are expected to bring improved results into 2011.
• The previously announced discovery of a parallel structure to the main Zuloaga vein, the La Esperanza vein, discovered through surface geology was drilled in the last two quarters of 2010. Eight diamond drill holes were successfully completed, of which six intersected mineralization. The current program for 2011 is to drive a 500 metre ramp into the structure to open up and begin the development of a new potential resource.
At the Del Toro Silver Mine:
• In December 2009, the Environmental Impact Statement for a new flotation plant was approved by the SEMARNAT and the Change of Use of Land Permit was received in the first quarter of 2010.
• At the end of November 2010, the underground development at the Del Toro Silver Mine was reinitiated. The current objective is to prepare a new underground drilling station and to access the No. 3 Ore Body at depth. Once this is achieved by the middle of 2011, a large bulk sample can be collected for final metallurgical testing. This testing will allow for the final design of the new mill operation currently in the planning stage.
At the Real de Catorce Silver Project:
• During 2010 the Company evaluated and confirmed the geological data obtained as a result of the acquisition in late 2009 of this project. In November 2010, First Majestic successfully completed the purchase of the land underlying the Santa Ana Hacienda located within the Real de Catorce property, together with all associated buildings and infrastructure, the outstanding royalty and certain historic geological and proprietary mining information.
• Construction of a mining museum is planned to commence in early 2011 which is designed to clean the impressive underground working areas and restore the above ground buildings to a suitable condition in order to allow for tourist access. This new mining museum will bring needed employment to the area.
Mr. Neumeyer stated, “2010 has been an impressive year for First Majestic on all counts. Not only did our silver production increase by over 70%, the silver price performed very well and the Company’s shares became the third best performing stock on the S&P/TSX index registering a gain of over 240% year over year. We were also successful in listing our shares on the NYSE. Management is committed to staying focused on increasing production and we’re reviewing plans to continue to grow our production substantially over the next three years. Congratulations go out to our entire team in Canada and Mexico.”
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.
FOR FURTHER INFORMATION contact info@firstmajestic.com, visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.
FIRST MAJESTIC SILVER CORP.
“signed”
Keith Neumeyer,
President & CEO
Cautionary Note Regarding Forward Looking Statements
This press release contains “forward-looking statements”, within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of First Majestic Silver Corp. Forward-looking statements include, but are not limited to, statements with respect to the future price of silver and other metals, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, hedging practices, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, timing and possible outcome of pending litigation, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or 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 are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of First Majestic Silver Corp. to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the integration of acquisitions; risks related to international operations; risks related to joint venture operations; actual results of current exploration activities; actual results of current reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of metals; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled “Description of the Business – Risk Factors” in First Majestic Silver Corp.’s Annual Information Form for the year ended December 31, 2009, available on www.sedar.com, and Form 40-F on file with the United States Securities and Exchange Commission in Washington, D.C. Although First Majestic Silver Corp. has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. First Majestic Silver Corp. does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
Avino Samples Up to 0.65m of 4576 g/t Ag & 9.09 g/t Au at San Gonzalo
Good news from Avino today. Now that their mine is finally running again the company needs results like this to be able to grow further. In a few years Avino has developed from a sleeping company to a modern running operation. In 2010 the company started a Facebook and a Twitter acocunt, and is seeking continuous media exposure. We bought shares of Avino in July 2009 @ US$0.63 recently we sold 40% of our shares in Avino at a 304% profit.
When do you sell?
This sale had nothing to do with Avino, when a stock in our portfolio is exceeding 250% gains we sell about 40%-50% of our shares. This is just the method we use to create “free” shares for our portfolio. Once we have these free positions in our portfolio we intend to NEVER sell them, unless a share price is clearly much to high. It could mean years of waiting (e.g. 10-20 years!), but at a certain point the companies will no longer be junior explores. Many things can happen from mergers to take-overs new properties, etc. etc. The point is that it is very likely that some of these positions will start paying dividends at some point. We use the money from the successful sales to buy shares of new interesting companies. The goal is to do the same with these companies and thus building a very solid and ever growing portfolio. The best retirement plan ever!
Avino News Release:
Avino Silver and Gold Mines (Avino) is pleased to report on further progress from the bulk sampling program at Avino’s San Gonzalo mine 85Km North east of Durango, Mexico.
Avino has been developing two stopes 2-080 and 2-140 above the 2260 level. To date approximately 10,000 tonnes have been mined and stockpiled. The mill has been processing development rock from the initial drift along the San Gonzalo vein on the 2260 level but will start on the stockpiled rock from the stopes by the end of this week. There is approximately 1500 tonnes left to mine from the two stopes as part of the bulk sample but Avino has been extending level 2260 to the South east along the San Gonzalo vein structure towards drill hole SG-07-33. This hole drilled from surface in 2007 intersected 116.15 to 122.70m (6.55m) 0.76 g/t gold 141 g/t silver. A new stope will be started on this area of the San Gonzalo vein. (Plan maps can be viewed on Avino’s website).
As part of the stoping program channel samples have been taken across the back (i.e. roof) of the stope. The first series (sample numbers R Line 1 etc.) at approximately 2272 elevation (i.e. 12m above level 2260) and the second series (sample numbers II line 1 etc) at 2284m elevation or 24m above level 2260.
The sampling results are shown in the following tables
Sample line | Width m | Gold g/t | Silver g/t | Lead ppm |
R- 1 | 2.35 | 1.058 | 232 | 2767 |
R- 2 | 1.95 | 1.396 | 251 | 2777 |
R- 3 | 2.50 | 1.214 | 534 | 4087 |
4 | 2.35 | 1.319 | 130 | 5606 |
R- 5 | 2.50 | 0.534 | 133 | 7641 |
R- 6 | 2.05 | 1.109 | 166 | 3277 |
R- 7 | 1.50 | 1.482 | 382 | 3116 |
R- 8 | 1.30 | 1.933 | 948 | 2906 |
R- 9 | 1.40 | 0.415 | 270 | 1651 |
R- 10 | 1.35 | 1.000 | 327 | 1454 |
R- 11 | 1.25 | 0.842 | 346 | 5832 |
R- 12 | 1.30 | 1.279 | 409 | 3101 |
R- 13 | 1.10 | 1.403 | 340 | 3120 |
R- 14 | 1.55 | 0.639 | 148 | 1216 |
Average | 1.75 | 1.099 | 308 | 3701 |
Total sampled length along vein 24.45m.
Sample line | Width m | Gold g/t | Silver g/t | Lead ppm |
II – 1 | 1.25 | 2.078 | 848 | 2958 |
II – 2 | 1.00 | 1.034 | 627 | 13194 |
II – 3 | 1.60 | 1.400 | 594 | 5833 |
II – 4 | 1.25 | 1.573 | 549 | 10533 |
II – 5 | 1.30 | 1.388 | 860 | 3159 |
II – 6 | 1.65 | 1.300 | 571 | 5543 |
II – 7 | 1.85 | 0.729 | 383 | 3134 |
II – 8 | 2.45 | 1.471 | 630 | 5297 |
II – 9 | 2.35 | 4.053 | 717 | 15022 |
II – 10 | 1.60 | 0.975 | 697 | 5755 |
II – 11 | 1.70 | 0.415 | 564 | 5533 |
II – 12 | 1.75 | 0.586 | 227 | 4745 |
II – 13 | 2.05 | 0.676 | 360 | 11671 |
II – 14 | 2.40 | 1.112 | 276 | 12173 |
II – 15 | 2.50 | 0.536 | 331 | 7402 |
II – 16 | 2.30 | 0.696 | 212 | 3942 |
II – 17 | 2.35 | 0.474 | 278 | 4962 |
II – 18 | 1.55 | 0.514 | 352 | 4139 |
II – 19 | 2.10 | 0.900 | 270 | 3921 |
II – 20 | 2.15 | 0.573 | 340 | 1865 |
II – 21 | 2.35 | 0.781 | 358 | 2035 |
II – 22 | 2.50 | 0.448 | 185 | 3666 |
II – 23 | 3.05 | 0.588 | 222 | 4820 |
II – 24 | 2.05 | 0.724 | 287 | 3725 |
II – 25 | 1.85 | 0.431 | 127 | 2875 |
II – 26 | 1.25 | 0.705 | 201 | 1973 |
II – 27 | 1.05 | 0.973 | 654 | 3039 |
II – 28 | 1.45 | 0.818 | 316 | 3196 |
II – 29 | 1.50 | 0.767 | 278 | 2375 |
II – 30 | 1.55 | 0.859 | 349 | 1525 |
II – 31 | 1.45 | 0.956 | 441 | 3583 |
II – 32 | 1.60 | 1.526 | 340 | 2716 |
Average | 1.84 | 0.987 | 397 | 5307 |
Total sampled length along vein 58.80m.
The sampling encountered gold values as high as 9.09 g/t over a 0.45m width and 7.77 g/t (Series II Line 9 samples 156762 and 156763) Silver values as high as 1570 g/t over 0.6m width (sample 156746 series II, line 5) 4576 g/t over 0.65 m width (sample 156757 series II, line 8) and 4262 g/t over 0.45m width (sample 156762 series II line 9) were encountered.
In accordance with geostatistical conclusions in Resource estimate on the San Gonzalo vein by David Gunning P.Eng August 31, 2009, a 43101 compliant report these silver values were cut to 1500 grams per tonne.
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 Reno, NV 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.
ON BEHALF OF THE BOARD
“David Wolfin”
______________________________
David Wolfin
President
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This release contains statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading “Risk Factors” and elsewhere in the Company’s periodic filings with Canadian securities regulators. Such information contained herein represents management’s best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
Copper Creek To Commence Work On Santa Lucia Property
Recently we bought shares of Copper Creek Gold. In a joint venture with Kootenay Gold work will commence at the Santa Lucia Property. Today the stock is up 2.5 cents (27,7%) to CA$0.115 we bought @ CA$0.075 meaning a 53,3% gain. We think both the Santa Lucia Project and the Bonsai Project are very promising, but still this investment will remain a very high risk one until drill results confirm the data we expect. These ground samples from the Santa Lucia Property look very promising.
Copper Creek Gold News Release:
VANCOUVER, BRITISH COLUMBIA – January 6, 2011 – Copper Creek Gold Corp. (“Copper Creek” or the “Company”; TSX VENTURE: CPV) is pleased to announce that it plans to commence the exploration of its Santa Lucia property in Sonora, Mexico in early February 2011. Initially the exploration will consist of trenching, sampling and detailed geological mapping with a focus on the silver rich La Fortuna zone. This area is the site of numerous high grade gold and silver samples taken from surface outcrop, just west of a number of old artisanal mining pits.
Subsequent to the sampling program, 2200m of drilling is planned in approximately 10 holes. These holes will test the La Fortuna zone at depth, and will also penetrate untested resistivity anomalies along the 4km strike length of the La Fortuna North property.
These resistivity anomalies can be seen in both IP and CSAMT surveys done by Cominco Ltd.’s Mexican subsidiary in the 1990’s. The anomalies underlie over 4km of surface gold mineralization, and parallel a regional range-bounding fault that is interpreted to control mineralization on the property. These resistivity anomalies remain largely untested by drilling.
In late November 2010 the Santa Lucia North area was visited by a joint team of Kootenay Gold and Copper Creek geologists and managers. Six grab samples were collected from the Santa Lucia North area by Kristian Whitehead, Copper Creek’s consulting geologist, and were delivered to ALS Chemex Labs in North Vancouver, British Columbia for analysis. The samples verified the existence of strong gold-silver mineralization, with gold values ranging from 31 ppb Au to 1670 ppb Au and silver ranging from <5 ppm Ag to 64.9 ppm Ag. Analytical results are shown below.
Sample | Area | Description | Au (ppb) |
Ag (ppm) |
As (ppm) |
Sb (ppm) |
H540836 | La Fortuna | tuff w/drusy quartz & hematite | 321 | 5.5 | 5 | 5 |
H540837 | West pit | quartz vein | 1670 | 44.5 | 12 | 5 |
H540838 | La Fortuna | silicified rhyolite w/ quartz vein | 1065 | 32.4 | 17 | 5 |
H540839 | Federico zone | sil. rhyolite w/stockwork qtz veins | 359 | 2.4 | <5 | 5 |
H540840 | East pit | rhyolite w/minor silicification | 449 | 64.9 | 6 | <5 |
H540841 | trench | mottled silicified rhyolite | 31 | 3.0 | 45 | 7 |
The Company has commissioned Robert G. Cuffney, P.Geo., of Reno, Nevada to produce an N1 43-101 compliant report on the property. This will be available to be viewed on Copper Creek Gold Corp.’s web site, and on SEDAR, upon acceptance by the TSX Venture Exchange.
Copper Creek can earn a 60% interest in the Santa Lucia project from Kootenay Gold Inc. by spending $2,000,000 in exploration expenses and by making various cash and share payments to Kootenay over a 4 year period. This agreement remains subject to Exchange approval.
About Copper Creek
Copper Creek Gold Corp. is a Canadian based mineral exploration company actively exploring in Northern British Columbia and Mexico. The Company holds two exploration projects, the Bonsai Property located in the Eskay Creek region of Northwest British Columbia, Canada, and the Santa Lucia Gold Property located at Sonora, Mexico. The Company may earn up to a 70% interest in the Bonsai property from Teuton Resources Corp. and a 60% interest in the Santa Lucia property from Kootenay Gold Inc. subject to approval by the TSX Venture Exchange.
FOR FURTHER INFORMATION CONTACT
James Anderson, President Phone: (604) 662-3004 extension #105 Email: james@coppercreekgold.com
Bing Jung, CEO Phone: (604) 662-3004 extension # 101 Email: bjung@coppercreekgold.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada (IIROC) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of Copper Creek 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. Important factors that could cause actual results to differ materially from Copper Creek’s plans or expectations include availability of capital and financing, general economic, market or business conditions, regulatory changes, timelines of government or regulatory approvals and other risks inherent in the oil and gas and mineral exploration industries and from the time to time in the filings made by Copper Creek. Copper Creek makes all reasonable efforts to update its corporate material, documentation and forward-looking information on a timely basis.
Minera Andes Added to the S&P/TSX Global Mining Index
News Release:
TORONTO, ONTARIO, Dec. 23, 2010 (Marketwire) — Minera Andes Inc. (TSX:MAI)(OTCBB:MNEAF) is pleased to announce that as a result of the Quarterly S&P/TSX index review, Standard & Poor’s Canadian Index Operations added Minera Andes to the S&P/TSX Global Mining Index effective December 20, 2010.
Also, further to the Company’s news release of November 22, 2010 an updated technical report on the San Jose Mine was filed on SEDAR today.
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 Jose 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 $10 million USD in cash as at September 30, 2010 with no bank debt. Rob McEwen, Chairman and CEO, owns 33% of the company.
This news release has been submitted by Perry Ing, Chief Financial Officer of the Corporation. For further information, please contact Jim Duff or visit our Website: www.minandes.com.
Caution Concerning Forward-Looking Statements:
This press release contains certain forward-looking statements and information. The forward-looking statements and information express, as at the date of this press release, the Corporation’s plans, estimates, forecasts, projections, expectations or beliefs as to future events and results and management’s understanding of proposed legislative changes. 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. 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, risks related to litigation, property title, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves and other risks.
Readers should not place undue reliance on forward-looking statements or information. The Corporation undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See the Corporation’s annual information form for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information. All forward-looking statements and information made in this news release are qualified by this cautionary statement.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.
Minera Andes Inc. Chief Financial Officer 647-258-0395 or Toll-Free: 1-866-441-0690 647-258-0408 (FAX) info@minandes.com www.minandes.com