Silver Futures Move in Sync with Gold
Although silver has a strong industrial base and demand in its own regard, investors at this time are considering it a haven of safety similar to gold, and consequently what is happening with gold is what is happening with silver, as far as price movements go.
Again, what that tells us is silver isn't being acquired for its industrial demand and use, but rather for its resistance to tough economic conditions and uncertainty in a similar way gold is.
Until that changes, we'll probably see the two move together as they have so many times in the past.
Silver Futures Move in Sync with Gold
Showing posts with label Silver Reports. Show all posts
Showing posts with label Silver Reports. Show all posts
Wednesday, March 10, 2010
Tuesday, March 9, 2010
Silver Wheaton (NYSE:SLW) Growing Long Term
Silver Wheaton Growth
No matter which way you look at Silver Wheaton (NYSE:SLW), short term, mid-term or long term, the company has positioned itself for solid growth for a long time to come, and it looks like it'll successfully deliver on that strategy.
Even after the extraordinary growth of 46 percent in 2009, the company looks like they'll continue on in 2010, although at a slightly subdued growth range of 35 percent.
In 2010 Silver Wheaton projects an increase of 23.5 million silver equivalent ounces, eventually reaching as high as 40 million equivalent ounces by 2013.
The strong cash position of the company has them right where they can take advantage of any opportunity which comes there way, with it all added together being over $600 million in available capital to tap, not including its cash flow.
Silver Wheaton Growth
No matter which way you look at Silver Wheaton (NYSE:SLW), short term, mid-term or long term, the company has positioned itself for solid growth for a long time to come, and it looks like it'll successfully deliver on that strategy.
Even after the extraordinary growth of 46 percent in 2009, the company looks like they'll continue on in 2010, although at a slightly subdued growth range of 35 percent.
In 2010 Silver Wheaton projects an increase of 23.5 million silver equivalent ounces, eventually reaching as high as 40 million equivalent ounces by 2013.
The strong cash position of the company has them right where they can take advantage of any opportunity which comes there way, with it all added together being over $600 million in available capital to tap, not including its cash flow.
Silver Wheaton Growth
Monday, April 20, 2009
Silver Companies | Silver Wheaton in Tough Economic Times
Silver Wheaton
There has been a lot of significance attached to the price of silver and the price ratio of silver to gold, which usually stands historically at about 20 to 1. For some time now it has hovered at around 70 ounces of silver for every ounce of gold, and that has many silver investors thinking there is an inevitable rise that is bound to come.
An number of silver industry and silver stock watchers believe Silver Wheaton may be in a strong position to take advantage of this expected move, as its business practices lend themselves to being strong as a silver investment.
One such practice of the silver miner is to buy a percentage of silver that comes from other silver mines, and has significant reserves that are up 24 percent year over year.
So the Silver Corp has a record amount of silver in reserve, standing at 429.7 million ounces. If Silver Wheaton could have even more ounces on hand, with increases possibly being as high as 33 percent and attributable measured and indicated silver resources increased to 213.5 million ounces.
With the endless, careless government spending, there are increasing inflationary pressures that are expected and sure to push up the prices of silver and gold, and more than likely Silver wheaton will climb with it.
Another postive factor for the company is investors are expected to remain actively in pursuit of the metal, and should be net buyers of silver this year, with projections of about 182 million ounces exchanging hands. Global record sales of silver stands at 222.2 million ounces which were acquired in 1980.
As far as industrial demand, it fell in 2008 to 701.2 million ounces, a decline of 3.1 percent from the 724 ounces in 2007. Higher silver prices and a tougher economic climate were a major part of the fall in fabrication demand in 2008.
In 2009, projections are silver demand will plunge to 641 million ounces because of countries and companies cutting back on buying.
Much of the product demand for items using silver like photography, silverweare, batteries, jewelry and electronics are expected to continue to be slow, putting downward pressure on demand.
Taking all of that into account, it seems its more the investors that will decide silver prices this year, more than industrial demand. If tough economic times and uncertainty remain for some time, investors will continually look for safety in both silver and gold. That should remain for the rest of 2009 and into next year.
For last year, overall silver supply is estimated to have risen to over 800 million ounces.
Last year silver mining production increased by around 14 million ounces over the year before, while secondary supply rose by about 11 million ounces. That could rise even more under the present conditions. As of 2008, silver investors were net buyers for the third straight year, and that should continue. In 2008 net buyers of silver were at the highest levels since the early part of the 1980s.
Again, all of this should play well to the positioning of Silver Wheaton and its usual practices to take advantage of this. They and other silver stocks should do well over the next year or so.
Just recently Silver Wheaton President and CEO John Shanahan, who was accepted in that position after serving an interim stint with the company since September 10, announced they have exercised a participation right to acquire 3,855,558 common shares of Revett Minerals, bringing its total percentage of shares owned in Revett to 16.4 percent.
Shanahan says he looks at it as a solid bakcing of Revett and a commitment over the long haul to increase production at the Troy Mine, while increasing the exploration stage at the Rock Creek project.
Silver Wheaton
There has been a lot of significance attached to the price of silver and the price ratio of silver to gold, which usually stands historically at about 20 to 1. For some time now it has hovered at around 70 ounces of silver for every ounce of gold, and that has many silver investors thinking there is an inevitable rise that is bound to come.
An number of silver industry and silver stock watchers believe Silver Wheaton may be in a strong position to take advantage of this expected move, as its business practices lend themselves to being strong as a silver investment.
One such practice of the silver miner is to buy a percentage of silver that comes from other silver mines, and has significant reserves that are up 24 percent year over year.
So the Silver Corp has a record amount of silver in reserve, standing at 429.7 million ounces. If Silver Wheaton could have even more ounces on hand, with increases possibly being as high as 33 percent and attributable measured and indicated silver resources increased to 213.5 million ounces.
With the endless, careless government spending, there are increasing inflationary pressures that are expected and sure to push up the prices of silver and gold, and more than likely Silver wheaton will climb with it.
Another postive factor for the company is investors are expected to remain actively in pursuit of the metal, and should be net buyers of silver this year, with projections of about 182 million ounces exchanging hands. Global record sales of silver stands at 222.2 million ounces which were acquired in 1980.
As far as industrial demand, it fell in 2008 to 701.2 million ounces, a decline of 3.1 percent from the 724 ounces in 2007. Higher silver prices and a tougher economic climate were a major part of the fall in fabrication demand in 2008.
In 2009, projections are silver demand will plunge to 641 million ounces because of countries and companies cutting back on buying.
Much of the product demand for items using silver like photography, silverweare, batteries, jewelry and electronics are expected to continue to be slow, putting downward pressure on demand.
Taking all of that into account, it seems its more the investors that will decide silver prices this year, more than industrial demand. If tough economic times and uncertainty remain for some time, investors will continually look for safety in both silver and gold. That should remain for the rest of 2009 and into next year.
For last year, overall silver supply is estimated to have risen to over 800 million ounces.
Last year silver mining production increased by around 14 million ounces over the year before, while secondary supply rose by about 11 million ounces. That could rise even more under the present conditions. As of 2008, silver investors were net buyers for the third straight year, and that should continue. In 2008 net buyers of silver were at the highest levels since the early part of the 1980s.
Again, all of this should play well to the positioning of Silver Wheaton and its usual practices to take advantage of this. They and other silver stocks should do well over the next year or so.
Just recently Silver Wheaton President and CEO John Shanahan, who was accepted in that position after serving an interim stint with the company since September 10, announced they have exercised a participation right to acquire 3,855,558 common shares of Revett Minerals, bringing its total percentage of shares owned in Revett to 16.4 percent.
Shanahan says he looks at it as a solid bakcing of Revett and a commitment over the long haul to increase production at the Troy Mine, while increasing the exploration stage at the Rock Creek project.
Silver Wheaton
Friday, November 21, 2008
Why Silver is Experiencing Such a Crisis
Adam Hamilton talks on why silver is in crisis:
Silver, an asset which many investors thought would thrive during a financial-market panic, has been scourged mercilessly. After briefly surging above $20 in March, it nonchalantly traded between $16 and $19 or so for the next 5 months. Silver was on top of the world, consolidating high, and all looked well.
Rest of story...
Silver futures for December delivery today dropped to 16 cents, or 1.7 percent, to $9.33 an ounce.
Silver, an asset which many investors thought would thrive during a financial-market panic, has been scourged mercilessly. After briefly surging above $20 in March, it nonchalantly traded between $16 and $19 or so for the next 5 months. Silver was on top of the world, consolidating high, and all looked well.
Rest of story...
Silver futures for December delivery today dropped to 16 cents, or 1.7 percent, to $9.33 an ounce.
Friday, November 14, 2008
Silver Shield Reports on Exploration in Elk Lake, Ontario
BURLINGTON, ONTARIO, Nov 14, 2008 (MARKET WIRE via COMTEX) -- Silver Shield Resources Corp. (CA:SSR) ("Silver Shield" or "the Company") today reported on its exploration activities in Elk Lake, Ontario.
The Company is pleased to announce it has completed a stripping program at its 100% owned Welsh Silver Mine property in the area between holes WS-08-02 and WS-08-13, (190 metres apart) to trace the vein system identified in those holes, to the surface. This stripping program has uncovered an extensive area of intense mineralized vein swarms in the area of the prime targets for the Company's proposed winter 2008 drilling program. The company continues to be encouraged by results from the Welsh Mine Property.
As previously reported by Silver Shield in May of this year, hole WS-08-02 intersected 2,659.5 g/t silver over 0.15 metres, and 1,230 g/t silver over 0.15 metres was intersected in hole WS-08-13. (Check assaying of the former sample using pulp and metallic testing returned 2,104.68 g/t silver over 0.15 metres).
Additionally, hole WS-08-09 intersected 2,589 g/t silver at 111.3 metres to 111.5 metres, and 286 g/t silver at 82.15 metres to 82.35, located 100 metres to the immediate south of hole WS-08-02.
The Company also reported that phase one drilling of 1,500 metres in 13 holes on the Wilder Duggan property in Elk Lake returned low silver/cobalt values. The program successfully identified a network of quartz-carbonate veins averaging 5 to 20 centimetres in width over a span of 20 metres wide, over a length of roughly 300 metres. The data on the Wilder property will be reviewed by geological staff to determine a follow up Program for the spring of 2009.
About Silver Shield Resources Corp.
Silver Shield Resources Corp. is an exploration and development company of mineral resource properties focusing on advanced-stage silver properties in Northern Ontario and Mexico that the Company can take into production. Its portfolio holds varying option interests in five different properties, including the Welsh Mine Property in the historically-prolific silver producing Elk Lake-Gowganda area of Ontario and the La Cumbre Property in Guerrero, Mexico. Experienced Management have listed the Company on the TSX Venture Exchange upon executing its RTO Qualifying Transaction with Gemini Acquisitions Inc. on December 19th 2007 (CA:SSR: news, chart, profile) .
To receive Company press releases, please email lindsay@chfir.com and mention "Silver Shield" on the subject line.
Forward-Looking Statements
This press release contains certain "Forward-Looking Statements". All statements, other than statements of historical fact included herein, including without limitation, statements regarding exploration results, future plans and objectives of the Company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with The TSX Venture Exchange and the Canadian Securities Commissions. Not to be construed as an offer to buy or sell securities of this Company. Readers are advised to discuss all of their stock purchases with a registered securities broker or personal finance professional prior to investing.
Contacts:
Silver Shield Resources Corp.
Tim D. Towers
President and CEO
(905) 319-3033
Email: silvershield@cogeco.net
Website: www.silvershieldresources.com
CHF Investor Relations
Lindsay Carpenter
Account Manager
(416) 868-1079 ext. 239
Email: lindsay@chfir.com
SOURCE: Silver Shield Resources Corp.
mailto:silvershield@cogeco.net
http://www.silvershieldresources.com
mailto:lindsay@chfir.com
Copyright 2008 Market Wire, All rights reserved.
The Company is pleased to announce it has completed a stripping program at its 100% owned Welsh Silver Mine property in the area between holes WS-08-02 and WS-08-13, (190 metres apart) to trace the vein system identified in those holes, to the surface. This stripping program has uncovered an extensive area of intense mineralized vein swarms in the area of the prime targets for the Company's proposed winter 2008 drilling program. The company continues to be encouraged by results from the Welsh Mine Property.
As previously reported by Silver Shield in May of this year, hole WS-08-02 intersected 2,659.5 g/t silver over 0.15 metres, and 1,230 g/t silver over 0.15 metres was intersected in hole WS-08-13. (Check assaying of the former sample using pulp and metallic testing returned 2,104.68 g/t silver over 0.15 metres).
Additionally, hole WS-08-09 intersected 2,589 g/t silver at 111.3 metres to 111.5 metres, and 286 g/t silver at 82.15 metres to 82.35, located 100 metres to the immediate south of hole WS-08-02.
The Company also reported that phase one drilling of 1,500 metres in 13 holes on the Wilder Duggan property in Elk Lake returned low silver/cobalt values. The program successfully identified a network of quartz-carbonate veins averaging 5 to 20 centimetres in width over a span of 20 metres wide, over a length of roughly 300 metres. The data on the Wilder property will be reviewed by geological staff to determine a follow up Program for the spring of 2009.
About Silver Shield Resources Corp.
Silver Shield Resources Corp. is an exploration and development company of mineral resource properties focusing on advanced-stage silver properties in Northern Ontario and Mexico that the Company can take into production. Its portfolio holds varying option interests in five different properties, including the Welsh Mine Property in the historically-prolific silver producing Elk Lake-Gowganda area of Ontario and the La Cumbre Property in Guerrero, Mexico. Experienced Management have listed the Company on the TSX Venture Exchange upon executing its RTO Qualifying Transaction with Gemini Acquisitions Inc. on December 19th 2007 (CA:SSR: news, chart, profile) .
To receive Company press releases, please email lindsay@chfir.com and mention "Silver Shield" on the subject line.
Forward-Looking Statements
This press release contains certain "Forward-Looking Statements". All statements, other than statements of historical fact included herein, including without limitation, statements regarding exploration results, future plans and objectives of the Company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with The TSX Venture Exchange and the Canadian Securities Commissions. Not to be construed as an offer to buy or sell securities of this Company. Readers are advised to discuss all of their stock purchases with a registered securities broker or personal finance professional prior to investing.
Contacts:
Silver Shield Resources Corp.
Tim D. Towers
President and CEO
(905) 319-3033
Email: silvershield@cogeco.net
Website: www.silvershieldresources.com
CHF Investor Relations
Lindsay Carpenter
Account Manager
(416) 868-1079 ext. 239
Email: lindsay@chfir.com
SOURCE: Silver Shield Resources Corp.
mailto:silvershield@cogeco.net
http://www.silvershieldresources.com
mailto:lindsay@chfir.com
Copyright 2008 Market Wire, All rights reserved.
Thursday, November 13, 2008
South American Silver Corp. Files Third Quarter 2008 Financial Statements
VANCOUVER, BRITISH COLUMBIA, Nov 13, 2008 (MARKET WIRE via COMTEX) -- South American Silver Corp. ("SASC" or the "Company")(TSX: SAC) reports that it has released its unaudited consolidated financial statements for the nine months ended September 30, 2008 and the related management's discussion and analysis of financial position and results of operations ("MD&A").
As at September 30, 2008, the Company had cash and cash equivalents of US$8.7 million and working capital of US$8.3 million. With this funding in place, the Company is in a strong financial position to pursue its current exploration and property acquisition strategy.
An updated NI 43-101 compliant resource report in respect of the Malku Khota project will be filed on SEDAR shortly, using results from 75 drill holes. The Company intends to follow this with a preliminary economic assessment in the fourth quarter. The Company will also continue a low level exploration program at Laurani and reconnaissance to develop new targets and acquire new properties. At Escalones, the Company has presently put exploration on hold and may look for a partner.
At Malku Khota, the Company's exploration plan involves completion of an additional 1,000 metres of drilling for a total of approximately 31,000 metres of diamond drilling. In addition to the ongoing drill program at Malku Khota, an aggressive program of metallurgical work to examine metallurgical recoveries of silver, indium, gold and associated metals is underway. The metallurgical testing is being carried out at the SGS Mineral Services, Canada, Lakefield Metallurgical Laboratory. The latest metallurgical results have been reported in the press release dated October 16, 2008. These results indicate that the indium can be precipitated to form potentially saleable products from the acid chloride leach solutions as well as the silver. 99.2% of the indium was extracted from the leach solution. The Company also reported that acid chloride leach test work on 10 mesh material achieved recoveries of 62%-97% for silver and 61%-77% for indium. A flotation test on a lead-silver rich sample achieved a 97.5% silver and 97.3% lead recovery into a low-grade bulk concentrate.
Community relations are an important part of doing business in Bolivia and the Company has a Community Relations Manager who speaks both Aymara and Quechua to maintain good relations with the communities in which the Company operates. The Company has signed agreements of cooperation with each of the eleven communities in the area and has an excellent working relationship with each of these groups. The Company, through a consulting group, has completed a series of lectures to each community to make them better informed about mining development.
Copies of the unaudited consolidated financial statements and related MD&A can be found on SEDAR at www.SEDAR.com.
Certain statements contained herein constitute "forward-looking statements". These forward-looking statements are based on current expectations. The nature, timing and extent of the exploration programs may materially change from current intentions for a number of reasons. Additionally, "forward looking statements" look into the future and provide an opinion as to the effect of certain events and trends on the business. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Subject to applicable laws, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason.
SASC is a mineral exploration company that acquires, explores and develops mineral properties, primarily silver, gold and copper in South America. The Company presently holds interests in three properties: the flagship Malku Khota silver-gold and the Laurani gold-silver properties in Bolivia and the Escalones copper-gold-molybdenum property in Chile.
Contacts:
South American Silver Corp.
William Filtness
Chief Financial Officer
(604) 684-0693
(604) 684-0642 (FAX)
SOURCE: South American Silver Corp.
Copyright 2008 Market Wire, All rights reserved
As at September 30, 2008, the Company had cash and cash equivalents of US$8.7 million and working capital of US$8.3 million. With this funding in place, the Company is in a strong financial position to pursue its current exploration and property acquisition strategy.
An updated NI 43-101 compliant resource report in respect of the Malku Khota project will be filed on SEDAR shortly, using results from 75 drill holes. The Company intends to follow this with a preliminary economic assessment in the fourth quarter. The Company will also continue a low level exploration program at Laurani and reconnaissance to develop new targets and acquire new properties. At Escalones, the Company has presently put exploration on hold and may look for a partner.
At Malku Khota, the Company's exploration plan involves completion of an additional 1,000 metres of drilling for a total of approximately 31,000 metres of diamond drilling. In addition to the ongoing drill program at Malku Khota, an aggressive program of metallurgical work to examine metallurgical recoveries of silver, indium, gold and associated metals is underway. The metallurgical testing is being carried out at the SGS Mineral Services, Canada, Lakefield Metallurgical Laboratory. The latest metallurgical results have been reported in the press release dated October 16, 2008. These results indicate that the indium can be precipitated to form potentially saleable products from the acid chloride leach solutions as well as the silver. 99.2% of the indium was extracted from the leach solution. The Company also reported that acid chloride leach test work on 10 mesh material achieved recoveries of 62%-97% for silver and 61%-77% for indium. A flotation test on a lead-silver rich sample achieved a 97.5% silver and 97.3% lead recovery into a low-grade bulk concentrate.
Community relations are an important part of doing business in Bolivia and the Company has a Community Relations Manager who speaks both Aymara and Quechua to maintain good relations with the communities in which the Company operates. The Company has signed agreements of cooperation with each of the eleven communities in the area and has an excellent working relationship with each of these groups. The Company, through a consulting group, has completed a series of lectures to each community to make them better informed about mining development.
Copies of the unaudited consolidated financial statements and related MD&A can be found on SEDAR at www.SEDAR.com.
Certain statements contained herein constitute "forward-looking statements". These forward-looking statements are based on current expectations. The nature, timing and extent of the exploration programs may materially change from current intentions for a number of reasons. Additionally, "forward looking statements" look into the future and provide an opinion as to the effect of certain events and trends on the business. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Subject to applicable laws, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason.
SASC is a mineral exploration company that acquires, explores and develops mineral properties, primarily silver, gold and copper in South America. The Company presently holds interests in three properties: the flagship Malku Khota silver-gold and the Laurani gold-silver properties in Bolivia and the Escalones copper-gold-molybdenum property in Chile.
Contacts:
South American Silver Corp.
William Filtness
Chief Financial Officer
(604) 684-0693
(604) 684-0642 (FAX)
SOURCE: South American Silver Corp.
Copyright 2008 Market Wire, All rights reserved
Sunday, November 9, 2008
Silver Eagle Provides Financial and Operational Update
TORONTO, ONTARIO, Nov 07, 2008 (MARKET WIRE via COMTEX) -- Silver Eagle Mines Inc. (CA:SEG) ("Silver Eagle" or the "Company") announces that due to the steep decline in metal prices, it is reviewing and considering all options and strategic alternatives to enhance stakeholder value.
As a result of the significant downturn in silver, lead and zinc prices, the Company has experienced lower than planned cash flows from operations. These cash flows are insufficient to cover the operating and corporate costs of the Company and as a result, Silver Eagle has minimal available cash resources. Silver Eagle has taken and is continuing to take steps to reduce cash costs and expenses both at its operations and its corporate offices.
The Company had been engaged in extended negotiations in respect of an anticipated loan financing to stabilize the Company's cash position, which negotiations have now been terminated.
Silver Eagle has engaged Haywood Securities Inc. to act as its financial and strategic advisor, to perform a strategic review of the Company.
The Company is considering all potential alternatives, including potentially raising additional capital, completing a merger or acquisition transaction, selling assets, putting the mine on care and maintenance or ceasing operations at the mine.
There can be no assurance that the Company will complete any transaction that may arise in connection with any of the above.
Silver Eagle is a Canadian-based mining company, the primary asset of which is its wholly-owned Mexican subsidiary, San Pedro Resources, S.A. de C.V., which controls the fully-permitted Miguel Auza Mine and adjacent properties in Zacatecas, Mexico. Since the commissioning of the expanded mill in September, it has processed 18,613 tonnes of ore grading 1.82% Pb, 2.06% Zn and 205 gpt Ag, producing 467 tonnes of zinc concentrates, 460 tonnes of lead concentrates, with 89,302 ounces of Ag contained in the above mentioned concentrates. To date, November processing is averaging 513 tpd. Concentrates are being hauled to the Manzanillo port where they are being exported.
ON BEHALF OF THE BOARD OF DIRECTORS OF SILVER EAGLE MINES INC.
Terrence H. Byberg, President and CEO
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Silver Eagle Mines Inc.
Terrence H. Byberg
President and CEO
(416) 361-1101
(416) 361-9280 (FAX)
Email: info@silvereaglemines.com
Website: www.silvereaglemines.com
SOURCE: Silver Eagle Mines Inc.
mailto:info@silvereaglemines.com
http://www.silvereaglemines.com
Copyright 2008 Market Wire, All rights reserved.
As a result of the significant downturn in silver, lead and zinc prices, the Company has experienced lower than planned cash flows from operations. These cash flows are insufficient to cover the operating and corporate costs of the Company and as a result, Silver Eagle has minimal available cash resources. Silver Eagle has taken and is continuing to take steps to reduce cash costs and expenses both at its operations and its corporate offices.
The Company had been engaged in extended negotiations in respect of an anticipated loan financing to stabilize the Company's cash position, which negotiations have now been terminated.
Silver Eagle has engaged Haywood Securities Inc. to act as its financial and strategic advisor, to perform a strategic review of the Company.
The Company is considering all potential alternatives, including potentially raising additional capital, completing a merger or acquisition transaction, selling assets, putting the mine on care and maintenance or ceasing operations at the mine.
There can be no assurance that the Company will complete any transaction that may arise in connection with any of the above.
Silver Eagle is a Canadian-based mining company, the primary asset of which is its wholly-owned Mexican subsidiary, San Pedro Resources, S.A. de C.V., which controls the fully-permitted Miguel Auza Mine and adjacent properties in Zacatecas, Mexico. Since the commissioning of the expanded mill in September, it has processed 18,613 tonnes of ore grading 1.82% Pb, 2.06% Zn and 205 gpt Ag, producing 467 tonnes of zinc concentrates, 460 tonnes of lead concentrates, with 89,302 ounces of Ag contained in the above mentioned concentrates. To date, November processing is averaging 513 tpd. Concentrates are being hauled to the Manzanillo port where they are being exported.
ON BEHALF OF THE BOARD OF DIRECTORS OF SILVER EAGLE MINES INC.
Terrence H. Byberg, President and CEO
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Silver Eagle Mines Inc.
Terrence H. Byberg
President and CEO
(416) 361-1101
(416) 361-9280 (FAX)
Email: info@silvereaglemines.com
Website: www.silvereaglemines.com
SOURCE: Silver Eagle Mines Inc.
mailto:info@silvereaglemines.com
http://www.silvereaglemines.com
Copyright 2008 Market Wire, All rights reserved.
Wednesday, October 22, 2008
Pan American Silver President and CEO Geoff Burns Upbeat about Future Prospects
With no debt and an eighth mine about to be opened soon in Argentina, Pan American Silver president and CEO Geoff Burns is positive about the future of the company.
Burns acknowledges that profit margins have fallen as forced liquidity continues to pummel the commodity market, yet the company has positioned itself strongly in contrast to other debt-laden competitors.
In economic challenges like the one we're in, those companies with less debt and solid operations will far outperform those who will struggle just to survive, let alone thrive.
"We have no debt and have never had any significant quantity of debt. We make our investment decisions on our operating properties and in our new constructions activities based on fundamental rates of return," said Burns.
Once liquidity comes back into the overall market, the underlying fundamentals are the same as before the financial crisis, and consumers and investors will gravitate back toward the safety of gold and demand of silver.
Burns added the company will still be able to remain profitable at $11 silver and $850 gold.
While India and China are experiencing slower growth, they will still offset the contraction of Western countries, and maintain a demand for base metals, although a slower one.
Pan American Silver is looking to produce around 25 million ounces in 2009.
Burns acknowledges that profit margins have fallen as forced liquidity continues to pummel the commodity market, yet the company has positioned itself strongly in contrast to other debt-laden competitors.
In economic challenges like the one we're in, those companies with less debt and solid operations will far outperform those who will struggle just to survive, let alone thrive.
"We have no debt and have never had any significant quantity of debt. We make our investment decisions on our operating properties and in our new constructions activities based on fundamental rates of return," said Burns.
Once liquidity comes back into the overall market, the underlying fundamentals are the same as before the financial crisis, and consumers and investors will gravitate back toward the safety of gold and demand of silver.
Burns added the company will still be able to remain profitable at $11 silver and $850 gold.
While India and China are experiencing slower growth, they will still offset the contraction of Western countries, and maintain a demand for base metals, although a slower one.
Pan American Silver is looking to produce around 25 million ounces in 2009.
Wednesday, September 3, 2008
2Q Results for Sabina Silver
VANCOUVER, BRITISH COLUMBIA, Sep 03, 2008 (MARKET WIRE via COMTEX) -- Sabina Silver Corporation (the "Company") announced today the financial results for the period ended June 30, 2008. The Company ended the first half of 2008 with cash and security investment resources of $44,598,201.
"Although the first half of 2008 was a challenging one for Sabina," said Tony Walsh, President and CEO, "the Company is now poised to deliver on its commitments to create further shareholder wealth. A strategic plan has been created that both pushes the large Hackett River Project forward, while at the same time looking for opportunities to provide solid share performance and create further value during the interim."
Hackett River is the Company's flag ship project in Nunavut Canada. Not only is it one of the largest undeveloped silver projects around, but it is in one of the world's most appealing mining jurisdictions. As announced earlier this month, the Company has added some key team members; is focusing on preserving cash; has completed this year's required work to push Hackett River forward; and is evaluating other projects and companies for merger and acquisition opportunities.
"We believe all these things are adding value to the Company, and put us in a great position with a great message when we start our major marketing campaign this month," said Mr. Walsh, "I have no doubt that Sabina has the elements of an attractive investment and that we will be able to communicate that to the investment community."
Financial Results
For the three months ended June 30, 2008, the Company reported a net loss of $6,778 as compared to net earnings of $4,543,187 for the same period in 2007. The earnings in fiscal 2007 were a result of sales of securities during that period. The Company's earnings are primarily derived from the interest, sales and changes in fair value on investments held for trading and sale. Expenses in the period were nearly offset by earnings in the same period.
The Company had cash and security investment resources of $44,598,201 at June 30, 2008 as compared with $50,632,747 at December 31, 2007. All security investment resources are held in guaranteed investment certificates at Canadian banks and in marketable Canadian securities. The decrease in cash and investment resources is primarily due to exploration expenditures of $8,936,422 in the six month period which was partially offset by an increase in fair market value of marketable Canadian securities held for resale. The Company is fully financed to reach its feasibility and permitting objectives on the Hackett River Project.
Subsequent to the end of the quarter, Mr. John Wakeford and Ms. Elaine Bennett were appointed Senior Vice-President, Corporate Development and Vice-President, Finance & Chief Financial Officer respectively (see News release dated August 20, 2008 on the Company's website).
Mr. Wakeford has been granted 700,000 stock options exercisable at a price of $0.99 per share for a period of five years; Ms. Bennett has been granted 500,000 stock options exercisable at a price of $0.90 per share for a period of five years.
For the full June 30, 2008 financial statements and Management's Discussion and Analysis, please see the Company website at www.sabinasilver.com.
SABINA SILVER CORPORATION is a Canadian public mineral exploration and development company with assets at the Hackett River silver-zinc project in the Canadian Arctic, the Del Norte project in the Stewart-Eskay Creek Mining District and several projects in the Red Lake gold camp.
Forward Looking Statements
Statements relating to permitting, feasibility and exploration work at the Hackett River project and the expected results of this work are forward-looking statements within the meaning of securities legislation of certain Provinces in Canada. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in gold prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; uncertainties involved in the estimation of metal reserves and resources; the possibility that required permits may not be obtained on a timely manner or at all; the possibility that capital and operating costs may be higher than currently estimated and may preclude commercial development or render operations uneconomic; the possibility that the estimated recovery rates may not be achieved; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from Sabina's operations and other risks and uncertainties, including those described in Sabina's Annual Report for the year ended December 31, 2007.
Forward-looking statements are based on the beliefs, estimates and opinions of Sabina's management on the date the statements are made. Sabina undertakes no obligation to update these forward-looking statements should management's beliefs, estimates or opinions, or other factors, should change.
This news release has been authorized by the undersigned on behalf of Sabina Silver Corporation.
Tony Walsh, President and CEO
Contacts:
Sabina Silver Corporation
Nicole Hoeller
Director, IR
1-888-648-4218
Email: nhoeller@sabinasilver.com
Website: www.sabinasilver.com
SOURCE: Sabina Silver Corporation
mailto:nhoeller@sabinasilver.com
http://www.sabinasilver.com
"Although the first half of 2008 was a challenging one for Sabina," said Tony Walsh, President and CEO, "the Company is now poised to deliver on its commitments to create further shareholder wealth. A strategic plan has been created that both pushes the large Hackett River Project forward, while at the same time looking for opportunities to provide solid share performance and create further value during the interim."
Hackett River is the Company's flag ship project in Nunavut Canada. Not only is it one of the largest undeveloped silver projects around, but it is in one of the world's most appealing mining jurisdictions. As announced earlier this month, the Company has added some key team members; is focusing on preserving cash; has completed this year's required work to push Hackett River forward; and is evaluating other projects and companies for merger and acquisition opportunities.
"We believe all these things are adding value to the Company, and put us in a great position with a great message when we start our major marketing campaign this month," said Mr. Walsh, "I have no doubt that Sabina has the elements of an attractive investment and that we will be able to communicate that to the investment community."
Financial Results
For the three months ended June 30, 2008, the Company reported a net loss of $6,778 as compared to net earnings of $4,543,187 for the same period in 2007. The earnings in fiscal 2007 were a result of sales of securities during that period. The Company's earnings are primarily derived from the interest, sales and changes in fair value on investments held for trading and sale. Expenses in the period were nearly offset by earnings in the same period.
The Company had cash and security investment resources of $44,598,201 at June 30, 2008 as compared with $50,632,747 at December 31, 2007. All security investment resources are held in guaranteed investment certificates at Canadian banks and in marketable Canadian securities. The decrease in cash and investment resources is primarily due to exploration expenditures of $8,936,422 in the six month period which was partially offset by an increase in fair market value of marketable Canadian securities held for resale. The Company is fully financed to reach its feasibility and permitting objectives on the Hackett River Project.
Subsequent to the end of the quarter, Mr. John Wakeford and Ms. Elaine Bennett were appointed Senior Vice-President, Corporate Development and Vice-President, Finance & Chief Financial Officer respectively (see News release dated August 20, 2008 on the Company's website).
Mr. Wakeford has been granted 700,000 stock options exercisable at a price of $0.99 per share for a period of five years; Ms. Bennett has been granted 500,000 stock options exercisable at a price of $0.90 per share for a period of five years.
For the full June 30, 2008 financial statements and Management's Discussion and Analysis, please see the Company website at www.sabinasilver.com.
SABINA SILVER CORPORATION is a Canadian public mineral exploration and development company with assets at the Hackett River silver-zinc project in the Canadian Arctic, the Del Norte project in the Stewart-Eskay Creek Mining District and several projects in the Red Lake gold camp.
Forward Looking Statements
Statements relating to permitting, feasibility and exploration work at the Hackett River project and the expected results of this work are forward-looking statements within the meaning of securities legislation of certain Provinces in Canada. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in gold prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; uncertainties involved in the estimation of metal reserves and resources; the possibility that required permits may not be obtained on a timely manner or at all; the possibility that capital and operating costs may be higher than currently estimated and may preclude commercial development or render operations uneconomic; the possibility that the estimated recovery rates may not be achieved; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from Sabina's operations and other risks and uncertainties, including those described in Sabina's Annual Report for the year ended December 31, 2007.
Forward-looking statements are based on the beliefs, estimates and opinions of Sabina's management on the date the statements are made. Sabina undertakes no obligation to update these forward-looking statements should management's beliefs, estimates or opinions, or other factors, should change.
This news release has been authorized by the undersigned on behalf of Sabina Silver Corporation.
Tony Walsh, President and CEO
Contacts:
Sabina Silver Corporation
Nicole Hoeller
Director, IR
1-888-648-4218
Email: nhoeller@sabinasilver.com
Website: www.sabinasilver.com
SOURCE: Sabina Silver Corporation
mailto:nhoeller@sabinasilver.com
http://www.sabinasilver.com
Tuesday, August 19, 2008
Silver News and Reports
Coeur Announces Management Changes at Its San Bartolome Silver Mine in Bolivia
General Metals Management Discusses Results Identified in Interim Report and Continues on the Path to Near Term Production
Silver price boosts profits at miner Fresnillo
Klondike Silver Corp. -- Concentrate Shipments Begin
Pan American Silver (PAAS) NewsBite - PAAS Rises on Higher Silver Futures
Gold and silver bullion mystery
Silver stocks trashed with metal price more volatile than gold
General Metals Management Discusses Results Identified in Interim Report and Continues on the Path to Near Term Production
Silver price boosts profits at miner Fresnillo
Klondike Silver Corp. -- Concentrate Shipments Begin
Pan American Silver (PAAS) NewsBite - PAAS Rises on Higher Silver Futures
Gold and silver bullion mystery
Silver stocks trashed with metal price more volatile than gold
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