Aurcana Corp Quarterly Report and more...
First, I have to give thanks to Sinch for my current holidng in this junior silver miner as I would not have foudn them without him. And I have to say I really like this company! Now, as you read this report and the link, bear in mind it is an unaudited fianancial report, so I am not sure how different it would be ifit was audited. Having written that, check this:
The most significant highlights for the quarter ended March 31, 2011 were:
140% increase in net revenues to $10.9 million compared to $4.5 million for the first quarter of 2010;
Earnings from mining operations to $5.4 million compared to $0.7 million for the first quarter of 2010;
Operating cash flow before movements in working capital items, to $4.7 million (2010: deficit of $0.5 million);
A total of 127,231 milled tons compared to 79,007 tons for the first quarter of 2010. Of 127,231 tons, 14% (17,619 tons) were from NI 43-101 measured and indicated; 86% (109,612 tons) were from new discoveries. Increased production from 154,095 sliver ounces for the first quarter of 2010 to 240,275 silver ounces in 2011, an increase of 56%.
61% increase in tons milled to 127,231 tons compared to 79,007 tons for the first quarter of 2010;
46% increase in copper concentrate produced to 2,994 tonnes compared to 2,053 tonnes for the first quarter of 2010;
56% increase in silver concentrate produced to 240,275 ounces compared to 154,095 ounces for the first quarter of 2010;70% increase in zinc concentrate produced to 1,582 tonnes compared to 933 tonnes for the first quarter of 2010.
The Company started construction of the Shafter Silver mine project, 100% owned by the Company, after completing the equity financing on December 7, 2010. The Shafter feasibility study shows an estimated pay back of 1.9 years based on $15.53 per ounce of Silver and the construction is estimated to be completed by May 2012. (emphasis mine)
The Company wishes to advise its Technical Report dated November filed on SEDAR November 12, 2010 was revised on June 23, 2011 to correct the presentation of Table 18.2 wherein the table now reflects Measured, Indicated, Proven and Probable in separate columns with no changes to the summary totals. The Report may be found on www.sedar.com and the Company's website www.aurcana.com.
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My bold emphasis of the shafter mine is meant to draw attention to the fact tha silver is now trading at/around mid-30's, meaning that Aurcana can pay off the mine in 1/2 the time as they originally thought. Plus, they bought back their rights from SLW, so their mines are 100% theirs! The actual financials can be found at the hyperlink in the beginning of the post. One thign missing is the cash csot of the extraction, and overall operting costs for the quarter. Guess I have to dig deeper for that one.
In other news, EXk has been downgraded by The Street. So, in the time-honored tradition of doing the exact opposite as the market says, it's time to double down.
Rubicon just entered into an agreement with West Kirckland Mining whereby West Kirckland willput up a large chunk of change to explore the Long Canyon region in Nevada that is currently owned by RBY. This is the same area where the former Fronteer Gold (now part of Newmont) made a name for itself. This agreement allows RBY to focus on the Red Lake project while their other property explored at someone else's expense. RBY will still hold onto a 49% chunk of the place as a result.
You'd think that these miners were botching something up good by the way Mr. Market is treating them. Well, if it goes on for a little while longer, it'll be cheapr for me to double down. I like me these sales!