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.
Fresh off the press from Vancouver, Endeavour Silver Corporation (EXK) has announced that its silver and gold production for the third quarter, 2010, from the Company’s two operating silver mines in Mexico, have achieved silver production totaling 797,054 ounces (oz) and gold production totaling 4,607 oz.
An increase of 20% and 28% respectively compared to the same period last year. Its a pity that this news coincided with a bad hair day for silver which experienced a bout of profit taking as the above chart shows silver producers took it on the chin today.
Godfrey Walton, President and COO, had this to say:
“Endeavour delivered yet another strong quarter of silver and gold production in Q3, 2010, comparable to our production in Q2, 2010, as forecast. With our 2010 mine and plant expansion programs now complete or nearing completion, we expect production to rise again in Q4, 2010. The Company is well on track to beat our 2010 production forecast of 3.1 million oz silver and 15,000 oz gold.”
The team at Endeavour have a record of achieving their schedules in the past so we have every confidence in them hitting this forecast of 3.1 million ounces of silver.
Endeavour Silver is also on the acquisition trail, which is good to see, with an offer of C$0.12 per Share for Cream Minerals Limited (TSX V: CMA) which represents a premium of 76% over the average closing price of the Shares of $0.068 for the ten trading days ended September 24, 2010, a premium of 62.5% over the closing trading price of $0.075 on September 24, 2010, the last trading day prior to the announcement of the Offer, and a significant premium over the average trading price of the Shares over the past two years. We now wait and see if this offer will be acceptable to the shareholders.
Endeavour Silver Corporation is set up well to benefit from the silver bull market which has in our very humble opinion a long way to run, so keep an eye on them as this company offers good exposure to silver prices.
Endeavour Silver Corporation is appearing on a screen near you as the company trades on three stock exchanges as follows:
(TSX: EDR)
(NYSE-AMEX: EXK)
(DB-Frankfurt: EJD)
Over in our options trading den they were stopped out of one trade last night for a profit of 33%, having closed a trade the night before with a profit of 82% which follows the recent success of closing a trade which generated a profit of 50% in 30 days on GLD Call Options, so they now need update their progress chart, yet again, which will probably be done this weekend as things are a little hectic at the moment. However, to see exactly how it is going, please click this link.
Stay on your toes and have a good one.
Got a comment then please add it to this article, all opinions are welcome and very much appreciated by both our readership and the team here.
On Friday, 27th August 2010, we closed another successful trade banking a profit of 79.46% on Call Options on Silver Wheaton.
The latest trade from our options team was slightly more sophisticated in that we shorted a PUT as follows:
On Friday 7th May our premium options trading service OPTIONTRADER opened a speculative short term trade on GLD Puts, signalling to short sell the $105 May-10 Puts series at $0.09. On Tuesday the 11th May we bought back the puts for just $0.05, making a 44.44% profit in just 4 days, with more positions opened yesterday. Drop by and take a look.
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