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Aurcana snags near-production Texas silver mine. Vancouver-based junior miner Arcana has agreed to buy the historic Shafter silver mine, in south-west Texas, from Silver Standard Resources, the firm announced on Thursday. The Shafter mine produced silver from 1883 to 1942, and most of the...
I don't know if that is in Troy ounces and if the information from Aurcana is in Troy ounces or not.
Aurcana snags near-production Texas silver mineText Size By: Liezel HillPublished on 3rd April 2008 Vancouver-based junior miner Aurcana has agreed to buy the historic Shafter silver mine, in south-west Texas, from Silver Standard Resources, the firm announced on Thursday.Aurcana will pay Silver Standard approximately $42,6-million, comprising $23-million in cash; 15-million in Aurcana shares; and a $10-million convertible debenture, paying a 3% coupon with a three-year term and convertible into 6,62-million Aurcana common shares.The Shafter mine produced silver from 1883 to 1942, and most of the necessary infrastructure remains place, including a major power line and paved highway crossing the property, an electrical substation on site, a 320-m shaft serviced by a 80-t/h hoist, 1 555 m of underground development and an 800-t/d conventional mill that was moved to Shafter in 2003.Aurcana, which plans to assemble the mill and restart production as soon as possible, estimates that output could resume at Shafter in little more than 15 months' time.The price of silver, which has both industrial and fabrication uses, has risen significantly over the last couple of years, and touched $21,35/oz, its highest point since March 1980, last month.The Shafter mine has an estimated measured and indicated resource of 21-million ounces of silver and an inferred resource of 20,2-million ounces, Aurcana said.The company plans to commission a NI 43-101 compliant technical report to confirm the resource estimate, it said on Thursday.Editor: Liezel Hill
Anyway... if a Canadian firm comes in with the idea of recovering silver due due a spike in price, there a considerable chance that their goal is a spike in stock price and little concern about actually running an appropriate or profitable mining operation.
posted a net loss of C$962 thousand after non-cash items, or C$162 thousand before non-cash items, for the second quarter.
Aurcana said that its current development project is the Shafter Silver mine. Shafter is located in Presidio County, southwest Texas. Silver was mined in the region from 1883 until 1942, when the mine was closed by the War Act. Production during that period was 2.3 million tons of ore containing 35 million ounces of silver at an average grade of 15.24 ounces per ton.AUN.V closed Thursday's trading at C$0.27, down C$0.04 on volume of about 109 thousand shares.
an unemployment rate of 18% for Presidio.
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