Permitting delays impact British Columbia projects valued at C$38 billion, AME says
British Columbia's exploration sector has over 60 critical mineral projects waiting for permits.
Minera Andes (TSX:MAI), an exploration company looking for gold, silver and copper in Argentina, announced net income of $6.8 million in Q3 compared to a $5.6 million loss during the same period a year ago.
The company also reported that it has US$45 million in cash as at September 30, 2011 with no debt.
The company, which has a 49% ownership interest of the San José Mine, attributed the gain to high gold and silver prices.
“The average weighted gross sale price for silver increased from $21.31 per oz in Q3 2010 to $35.82 per oz in Q3 2011, a 68% increase; the average weighted gross sale price for gold increased
from $1,270 per oz to $1,726 per oz over the same period, a 36% increase,” said the company in a statement.
“Comparing Q3 2010 to Q3 2011, silver ounces sold at MSC increased from 1,220,000 oz to 1,410,000 oz reflecting an increase of 16% while gold oz sold decreased slightly from 20,000 oz to 18,000 oz, a decrease of 10%.”
