Santacruz Silver Mining reports fatality at Tres Amigos mine in Bolivia
Tres Amigos mine, a part of the Caballo Blanco Group of mines, has resumed operations after it was shut down following the incident.
In the last month Bear Creek Mining’s stock (CVE:BCM) has gained 23% to $5.06 a share in anticipation of the company’s feasibility study for the Corani silver-lead-zinc deposit.
The company says that the study will be released in early November.
The pre-feasibility study said that the Corani project could produce up to 10 million ounces of silver per year.
“Additionally, the Corani project is well endowed with both lead and zinc, so by-product credits will result in low or negative cash costs per ounce of silver,” stated the company.
Brad Humphrey, analyst at Raymond James Ltd., was reported in the Globe and Mail as saying that Corani is one of the world’s largest undeveloped silver projects not already in the hands of a major producer. On Oct. 31 at the Stocks 2011 conference, Chris Thompson said Bear Creek was one stock that worked for him. He said the stock was pushed down too far after losing its Santa Ana project.
In the spring Bear Creek lost nearly 50% after locals started violent protests against the Santa Ana project. The Peruvian government then cancelled the company’s mineral concession. The company has since filed legal action to overturn the government’s ruling.
The company completed a feasibility study for Santa Ana project in the fall of 2010. It showed a low-cost pure silver mine producing five million ounces annually in the first six years of an estimated 11-year mine life.
Comments
Serminesincusa
I am glad that a foreigner company playing within the existing mining laws of the country has the “cojones to file a legal action in a country that is historically a constitutionally a democracy and with a legal system favorable to investments!!!.
To the agitators a “hill of gold is just a hill needs another hill of sockers with MONEY”
Locals agitators started violent protests against there mining project. Then Peru was in the middle of a political campain for president then cancelled the company’s legal mineral concession just to favor “agitators tranquility and votes!!!So make good in the country Mr. Ollanta Humala NOW!! you are the president and the country should be above of any personal gains.
Sergio Pastor, Geologist