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Silver America (OTCBB: SILA) $1.43. Announced on May 5th the Company's acquisition of the Guadalupe Property silver and gold project in Zacatecas State,
The property contains two historic mines and is located in one of
Roughly 6.8 miles to the southwest of Silver America's Guadalupe Property is the Juanicipio Joint Venture (JV) between MAG Silver Corp. (MAG) and Fresnillo plc. According to an NI-43-101 compliant resource estimate prepared for MAG, the JV has an indicated resource average grade of 879 g/t silver, or roughly two times the grade of Fresnillo's other producing mines in the region, making the project's Valdecañas Vein one of the world's highest grade undeveloped silver resources.(2)
Silver America can earn a 90% interest in the property by making escalating payments over four years totaling $900,000 and 1,000,000 shares; as well as spending $2 million in exploration expenditures.
PRODUCTION & NEIGHBORS
The Guadalupe Property is currently processing 3 to 4 tonnes of ore per day from one of five known veins on the property at a depth of only 30 meters, and this is expected to continue until the Company has completed the purchase of the property at a maximum of 1,500 tonnes per year (~4 tonnes per day). This ongoing work should greatly aid exploration by allowing Silver America to better understand the property's mineralization.
The property is completely surrounded by land controlled by Peñoles (either through Fresnillo plc or other subsidiaries and partners). Peñoles is the world's top producer of refined silver, and the leading Latin American producer of refined gold.(1) According to the Fresnillo website, ongoing exploration at the Fresnillo (Proaño) Mine, roughly 5 miles south of the Guadalupe Property, resulted in a 4.3% increase of the mine's resources in 2008, from 32.6 million tonnes at 486.5 g/t of silver, to 34.0 million tonnes at 538 g/t of silver.(3)
"The Guadalupe Property is ideal for our first international precious metals project," stated President of Silver America, Johannes Petersen. "Between being in a proven region, surrounded by major industry players, and having access to established infrastructure and local mining expertise, we feel very positive about this project and its location within the borders of one of America's closest trading partners."
What They Do: Silver America, Inc. is a precious metals exploration company focused on the aggressive, ongoing acquisition and exploration of holdings with rich silver and gold production potential. Based in Reno, Nevada, Silver America has developed a promising portfolio of international properties in regions marked by stable politics, sound economies and friendly business relations. For more information on the Guadalupe Property in
Gold Fields Limited (51%) (
Called the Canahuire deposit, it has a Mineral Resource estimate of 5.6 million gold equivalent ounces, with mineralisation potential beyond the extent of current drilling. The Inferred Mineral Resource for Canahuire is approximately 83.7 Mt at 1.9 g/t gold, 0.09% copper and 8.2 g/t silver for a total of 5.6 million gold equivalent (AuEq1) ounces.
What They Do: Gold Fields is one of the world's largest unhedged producers of gold with attributable production of 3.6 million ounces per annum from nine operating mines in South Africa, Ghana, Australia and Peru.
Silver Standard Resources (Nasdaq: SSRI) $19.37. Today announced the following updates on the Pirquitas Mine and principal development projects and reports on headline financial results from the company's first quarter of 2010. Effective January 1, 2009, the company adopted the U.S. dollar as its reporting currency and all figures are in U.S. dollars, unless otherwise noted.
Pirquitas Mine, Argentina
The Pirquitas Mine achieved production on December 1, 2009 on completion of the operational commissioning and testing phase. As expected, the mill completed processing oxide ores in December and began processing transitional ore at the beginning of the year as the mine continued to ramp-up.
During the first quarter the mill processed 276,375 tonnes of transitional ore at an average milling rate of 3,070 tonnes per day, producing 609,258 ounces of silver. Processing was impacted by a tertiary crusher screen failure which was successfully repaired in March. Open pit mining continued to operate very well with 3,876,000 tonnes or 43,000 tonnes per day mined.
San Luis Project, Peru
The feasibility study has been finalized and approved by the board of Silver Standard for submission to the joint venture. With the completion of the feasibility study, Silver Standard has now vested a 70% interest in the joint venture. The joint venture will meet to consider and approve the feasibility study no sooner than three months and no later than six months. See the news release dated May 10, 2010, for details on the San Luis Feasibility Study.
Pitarrilla Project
At Pitarrilla in
Brucejack and Snowfield Projects
On the Brucejack Project, which borders the Snowfield Project to the south, a 24,000-meter drill program is being planned. One goal of the drilling is the expansion of the newly-discovered Bridge Zone, which interpretation suggests may have the potential to be a gold-copper-molybdenum porphyry similar to the Snowfield Project six kilometers to the north. Other drill targets include the continued testing for expansion of the high-grade Galena Hill and West Zones, and new areas which have been defined by surface sampling and mapping.
What They Do: Silver Standard Resources Inc. engages in the exploration, development, and production of mineral resource properties in Argentina, Australia, Canada, Chile, Mexico, Peru, and the United States.
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